Landco sales grows 23% in Q1
Landco Pacific Corporation (Landco), one of the country’s leading luxury property developers, has reached Php699 million in first-quarter sales, 23% higher than the Php568 million it made in the same period last year.
Sales from four developments in the company’s Urban and Visayas-Mindanao Communities segment grew by 58% to Php354 million from Php225 million in 2011.
Five developments in Landco’s Leisure segment posted a 41% increase from Php125 million to Php176 million. Its Hometown segment, which is composed of six projects, brought in Php169 million.
“The upscale property market remains upbeat thanks to a stable economy and strong interest from investors,” said Alfred Xerez-Burgos III, Landco president and CEO. “Given the good sales performance and capex for 2012, our revenue and profit outlook remains positive for the rest of the year.”
Units from Tribeca Private Residences in Muntinlupa City remain the company’s top seller in quarter one with Php212 million, driven by uptake of inventory from its newly-launched Hudson Place (Tower 5).
Early this year, Landco reported a total of Php2.6 billion in total sales in 2011, 20% higher than 2010’s Php2.1 billion. The company posted a net income of Php60 million and a comprehensive net income of Php213 million in 2011.
Xerez-Burgos said Landco will launch new residential and commercial projects and expand on current developments this year, capitalizing on its robust growth in 2011. The company expects to spend Php 900Mn in capital expenditures in 2012.