Cityland Q3 net profit up 12.7% yr/yr
Property developer Cityland Development Corp. said on Friday its third-quarter net profit rose 12.7 percent from a year earlier, helped by stronger sales of its condominium projects.
The firm builds and operates the Cityland chain of condominiums, most of which are situated in the business districts of Ortigas and Makati.
In a statement, Cityland said it had a third-quarter net profit of P123.79 million versus P109.84 million a year earlier.
This brought its nine-month net profit to P336.45 million, 65.74 percent from a year earlier.
"Increase in sales can be attributed to the company's on-going projects which were well received by the market. Higher sales and increase in percentage of completion have increased total revenues, expenses and provision for income tax," Cityland said.
Realized gross profit on sales of real estate for January-September rose 44.56 percent to P329.40 million from P476.18 million a year earlier. - GMANews.TV
The firm builds and operates the Cityland chain of condominiums, most of which are situated in the business districts of Ortigas and Makati.
In a statement, Cityland said it had a third-quarter net profit of P123.79 million versus P109.84 million a year earlier.
This brought its nine-month net profit to P336.45 million, 65.74 percent from a year earlier.
"Increase in sales can be attributed to the company's on-going projects which were well received by the market. Higher sales and increase in percentage of completion have increased total revenues, expenses and provision for income tax," Cityland said.
Realized gross profit on sales of real estate for January-September rose 44.56 percent to P329.40 million from P476.18 million a year earlier. - GMANews.TV
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