MANILA, Philippines - Highlands Prime Inc. reported a net income of P29.2 million in the first nine months of the year, a reversal of the P49.4-million loss incurred in the same period in 2011.
Highlands Prime said revenues more than doubled to P419.9 million from P195.8 million, of which 51 percent came from residential lot projects. Condominium and log cabin projects contributed 49 percent to the total.
Gross revenue jumped 124 percent to P180.1 million due to the contribution of the higher margin residential lot projects. Other income rose 36 percent to P21.9 million.
Total operating expenses rose by only four percent to P124.2 million.
Construction of Woodridge Place Phase 2, a condominium project at Tagaytay Highlands which boasts of a view of Taal Lake is in full swing.
Sierra Lago, a subdivision development launched in November 2010, is expected to be completed toward the third quarter of the year. Located at Tagaytay Midlands, Sierra Lago will offer 185 lots of approximately 200 to 300-square meter cuts.
Highlands Prime has earmarked P800 million for capital expenditures this year, mainly to develop the 27-hectare Aspenhills at the Tagaytay Highlands and phase 2 of Woodridge Place.
The company expects to generate around P1.3 billion from the sale of 182 lots at Aspenhills which offer a breathtaking view of the mountains of Batangas and Laguna and the Canlubang Valley. The lots, with sizes ranging from 350,000 to 400,000 square meters, are priced at P14,000 to P15,000 per square meter.