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Philippines
Friday, March 29, 2024

Philrealty netted P44.5 million in Q3

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Premium property development company Philippine Realty and Holdings Corp. said net income after tax soared 1,725 percent in the third quarter to P44.5 million in the same period last year.

RLT said gross revenues hit P1.004 billion in the third quarter, up by 55 percent from a year ago, on the back of buoyant sales of real estate and higher rent income.

“We are very hopeful that the awareness and the momentum generated by our sales group will spill over to the fourth quarter. Since our real estate inventory is of the truly premium variety, our market is not affected by increases in interest rates,” said Philrealty chief financial officer and treasurer Edmundo Medrano.

“On the contrary, the currently high inflation rates tend to induce high-end property purchases as we have seen in our property sales. Given that bank deposits now are lower than the inflation rate, premium properties become a good hedge against inflation,” he said.

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