MANILA, Philippines - Alphaland Corp., the property firm led by former trade minister and the country's 11th richest man, Roberto Ongpin, announced that its net income grew 5% in 2012.
Alphaland posted a record P2 billion net income during the year despite being P125 million higher in costs and expenses compared to the previous year this was up from P1.92 billion in 2011.
Revenues for 2012 were P306.66 million up from P257.73 million in 201.
Its asset base grew by 54% in 2012 to P52 billion an increase of P18.2 billion from the previous year. Total equity increased by 46% to P35.5 billion from the previous years P24.4 billion.
Chief Finance Officer Marriana Yulo said that Alphaland has budgeted P5.8 billion for capital expenditure this 2013, up from the P4.4 billion capex in 2012 (previously at P10 billion).
“For this year we expect to spend another P4.8 billion to maintain the fast pace of our developments,” she said.
The shares of Alphaland, soared 50% to P29.25 when it resumed trading on March 1 after being suspended for 3 months for failing to meet the 10% minimum public ownership rule, which is part of capital market reforms.
The company's portfolio includes a range of high-end developments: