Empire East posts 37% profit hike

Manila, Philippines -  The Andrew Tan-led Empire East Land Holdings Inc. grew its first semester earnings 36.65 percent to P66.29 million on higher real estate sales and finance income.

Consolidated revenues, composed of real estate sales, finance income, commissions and other revenues, increased 21 percent to P1.15 billion.

Real estate sales climbed 51 percent to  P712.3 million,  mainly coming from various projects such as  California Gardens Square, Greenhills Garden Square, Little Baguio Terraces, Pioneer Woodlands, The Cambridge Village, San Lorenzo Place, Laguna Bel Air and The Sonoma.

Empire East  is setting aside P15 billion-P20 billion over the next five years to accelerate product launches.  It plans to roll out 5,000 new residential units this year in line with its goal to double its reservation sales to P15 billion.

Empire East remains optimistic on the real estate sector given strong overseas remittances, increased revenues from the BPO sector, and a booming tourism industry.