Golden Bria Holdings Inc., the listed memorial and mass housing unit of the Villar Group, said net income jumped 87 percent in the first half of the year to P596 million from P319 million year-on-year.
Golden Bria said in a disclosure to the stock exchange the growth was boosted by a 55-percent increase in total revenues to P2.6 billion from P1.7 billion in the first half of 2017.
The company said real estate sales, which accounted for 97 percent of the total revenues, increased 55 percent due to the record numbers in real estate sales from both residential units and memorial lots.
The income from memorial chapels, which began operations in March 2017, quadrupled to P18 million from P4 million on the year.
Golden Bria said it would focus mainly on the development and aggressive expansion of current projects in the second half of the year, as well as land acquisition for both death care and mass housing projects.
The company said it remained bullish in the specific sectors of the real estate development industry.
Golden Bria earlier allocated P5.9 billion in capital expenditures for 2018, or more than double last year’s P2.8 billion.
“Growing the nationwide presence of both Golden Haven and Bria Homes is our focus for this year,” said Golden Bria chairman Manuel Villar Jr.
“Expanding our business to over 50 locations within the past year is an incredible feat which has allowed us to fulfill our promises to our shareholders, establish Golden Haven as the country’s largest integrated memorial park developer, and incorporate the Philippines’ fastest growing mass housing developer, Bria Homes, into the company,” he added.
Golden Haven at the end of the first half of 2018 had over 130 hectares of properties allotted for its death care business development across the country, while Bria Homes had over 550 hectares in 37 cities and municipalities allocated for mass housing projects, showing the company’s confidence in achieving the strong sustained growth it is aiming this year.
The company currently has 40 residential projects and 18 memorial park developments across the Philippines.