Boutique developer Italpinas Development Corp. (IDC) said it expects continued growth this year, even as global tensions such as the Middle East war put pressure on the property market.
The company plans to expand into new locations across the Philippines, including Palawan, Boracay, Bataan, and Bukidnon. It aims to bring its eco-friendly and sustainable developments to these areas.
IDC reported a 27% drop in net income last year to P250.9 million, down from P345.4 million. The decline was mainly due to higher interest expenses and lower gains from property revaluations. The company said these were non-operational factors.
Despite the profit drop, IDC’s core business performed well. Sales rose 30% to P784.7 million, driven by strong demand for ongoing projects such as Primavera City–Città Bella in Cagayan de Oro and Miramonti in Sto. Tomas, Batangas.
New contributions also came from its units IDC Homes and IDC Prime, which began recognizing revenues from projects like Verona Green Residences and Primavera City–Città Grande.
The company said its strategy of investing early in emerging provincial markets is paying off, as more buyers shift away from Metro Manila.
IDC also reported improved financial health, with total assets increasing to P4.5 billion from P4.3 billion the previous year, along with better liquidity.
