Real estate sales lift Empire East income

EMPIRE East Land Holdings Inc. posted a consolidated net profit of P254.21 million for the first three months of 2025, up 7.7 percent year-on-year.

In its quarterly report filed last May 2, Empire East said consolidated revenues grew by 11.6 percent to P1.55 billion.

The group's performance was driven by real estate sales, prudent cash management, ability to repay loan obligations, and continuous customer collections, the firm said in a statement.

"The group's marketing and development concepts, sales strategies, project location and flexible payment scheme remain to be its competitive advantages," it added.

High rise projects contributed P1.36 billion, offsetting the 82.6 percent slump in horizontal projects sales from P49.37 million to P8.57 million.

This resulted to 8 percent growth in real estate sales to P1.37 billion.

Gross profit for the quarter stood at P522.39 million, while cost of sales amounted to P682.79 million.

Empire East said that it continues to implement cost-saving measures and negotiate for longer payment terms with existing and new suppliers.

"The group continues to innovate and implement collection efficiency initiatives, some of which are the various online payment platforms that enable clients to continually make payments with ease," it said, along with partnerships with a wide network of banks to provide clients more payment options.

Empire East said it is allocating P25 billion for capital expenditures over the next 5 years, to be funded by collections, borrowings, and other sources.

Last Friday, Empire East shares closed at P0.116 apiece.