Monday, January 25, 2021

IDC income jumps 28% in 9 months


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Listed Italpinas Development Corp. (IDC) reported on Friday that its net income grew by 28 percent to P46.7 million in the first nine months of 2020 from P36.5 million in the same period last year. In a disclosure, the green real-estate developer credited its two ongoing projects as its main source of sales revenues during the period. Sales of its mixed-used residential condominium Primavera City in Cagayan de Oro City and its Miramonti Green Residences in Santo Tomas, Batangas province both performed well, IDC Chairman and Chief Executive Officer Romolo Nati said. “We would attribute these projects’ remarkable performance, despite the [coronavirus] pandemic, to the high market acceptance for IDC’s trademark combination of Italian design, green lifestyle, and well-chosen locations” he added, thankful for “the positive response from our clients and [we] look forward to delivering excellent finished products in keeping with IDC’s design philosophies.” IDC shares added 8 centavos or 2.73 percent to close at P3.01 on Friday.



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