IP Converge posts 76% profit hike

MANILA, Philippines - IP Converge Data Center, part of the 8990 Group of Companies, the first publicly listed property development company focusing primarily on low-cost mass housing, reported unprecedented financial growth for the first half of 2013 boosted by outstanding sales representing a take-out of some 3,800 housing units thus far.

The company’s unaudited gross revenues for the said period significantly climbed by 56 percent to P3.003 billion over last year, while net income surpassed last year’s figures by 76 percent to more than P1.6 billion.

The numbers generated in the first six months of the year are practically equal to that of the company’s full year 2012 financial performance that reached P3.037 and P1.525 billion, respectively.

“We achieved in six months what took us 12 months last year to make,” said president and chief executive JJ Atencio at the IP Converge annual stockholders meeting.

“With two more quarters to go, we remain bullish not only with the housing sector but also with our country’s macro-economic and political environment,” he added.

Atencio went on to say that the “the need for low-cost housing remains strong with 4.1 million units of unserved demand, growing at five percent per annum” adding that “interest rates remain low and conducive to affordable housing finance.”

He expressed optimism on the continued inflow of OFW remittances to support housing purchases and monthly amortization payments.

Atencio cited the liquidity of the financial sector as its chief driver for strengthening its “credit lines and widening development financing options, as [they] can now implement new and alternative ways for housing finance.”

The company’s top executive declared that they are ready to “take advantage of opportunities, confident that [their] dream of attaining this year’s annual performance target of 7,808 units valued at P6.6 billion, is becoming a tangible reality.”