Landco posts P 166 M Net Income

Amidst an improving real estate environment, upscale property developer, Landco Pacific Corporation, reported a 400% increase in net income, from P 42 Mn in 2008 to P 166 Mn in 2009.

“We consciously set out to consolidate Landco’s operations last year after a period of high growth.  Landco did not launch any new project.  Instead, we focused our resources on substantially completing our existing projects and fulfilling our buyers’ expectations,” said Alfred Xerez-Burgos III, Landco President and CEO.

Xerez-Burgos added that as part of the company’s thrust to simplify operations, certain non-core businesses were sold, among which were its shopping centers and memorial parks. The gain on the sale of its shares in NE Pacific Shopping Centers Corporation contributed to the increase in net income.

Landco is now majority owned by the Xerez-Burgoses’ AB Holding Company (ABHC) following the partial divestment of Metro Pacific Investment Corporation’s shares in Landco in favor of ABHC in 2009. Landco is considered the leading developer of leisure estates.

“We are confident that with the dawn of a new administration, real estate prospects remain bright in 2010.  Landco will continue to do what it does best – delivering projects with premium quality that our select clientele can be proud of,” concluded Xerez-Burgos.

Posted on : July 16,2010