Landco net income soars four-fold in 2009

MANILA, Philippines - High-end leisure developer Landco Pacific Corp. reported a nearly four-fold jump in its net earnings last year to P166 million from only P42 million in 2008.

The significant increase in net profit was attributed to gains on the sale of Landco’s share in NE Pacific Shopping Centers Corp. The divestment was part of the company’s thrust to simplify operations.

Landco is now majority owned by the Xerez-Burgos family, through AB Holdings Co. Inc., following the acquisition of a third of the 51-percent shareholdings by Metro Pacific Investments Corp. in the property developer. The transaction was valued at P203.3 million.

Prior to the sale, AB Holdings held 49 percent of Landco. With the sale, its stake increased to a controlling 66 percent.

“We consciously set out to consolidate Landco’s operations last year after a period of high growth. Landco did not launch any new project. Instead, we focused our resources on substantially completing our existing projects and fulfilling our buyers’ expectations,” said Alfred Xerez-Burgos III, president and chief executive officer of Landco.

“We are confident that with the dawn of a new administration, real estate prospects remain bright in 2010. Landco will continue to do what it does best – delivering projects with premium quality that our select clientele can be proud of,” he added.

Landco’s prime projects in the Visayas-Mindanao area include Monterazzas de Cebu, a premier mountainside residential community in Guadalupe, Cebu City; Playa Azalea, a seaside commercial and residential enclave in Samal Island, Davao del Norte; and Woodridge Garden Village in Zamboanga City, a resort-like residential subdivision. Its memorial parks are Forest Lake Parks in Iloilo, Zamboanga, Davao, General Santos, Cagayan de Oro, San Fernando, La Union and Biñan, Laguna.

Landco is a leading developer of high-end leisure, urban and hometown communities. For 20 years, the company has made its mark in Philippine real estate and is widely acknowledged the leader in leisure development.