We write with respect to various news articles posted on August 5, 2020. In the attached news article entitled “IDC income in H1 rises despite lockdowns” posted in BusinessMirror (Online Edition), it was reported in part that:
“Italpinas Development Corp. (IDC), a boutique property developer of mostly green buildings, said its income in the first half rose by 43 percent to P35.2 million, from last year’s P24.47 million, as sales rose despite the lockdowns.
Net sales jumped 36 percent to P278.68 million in the January-to-June period from last year’s P204.79 million, the company said.
Net income in the second quarter alone rose 28 percent to P19.58 million, from last year’s P15.21 million. Net sales, meanwhile, grew by almost half to P144.22 million, from last year’s P97.24 million.
‘The key factor behind this extraordinary performance despite the Covid-19 pandemic is the sustained positive market response to IDC’s new green projects, namely Miramonti in Sto. Tomas, Batangas and Primavera City phase 2 in Cagayan de Oro,’ Romolo Nati, the company’s CEO, said.
Both projects are strategically situated to grow with the decongestion of overcrowded areas. Miramonti is a 45-minute drive from Makati, while Citta Bella Primavera City Phase 2 is in uptown Cagayan de Oro City, one of its fastest growing areas in the country.
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IDC President Jose D. Leviste III said the company is targetting alternative locations for the development of sustainable buildings, anticipating the trend of greater growth outside Metro Manila and Metro Cebu.
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We confirm the accuracy of the figures stated on the said news article as it is consistent with the Company’s Quarterly Report as of end date June 30, 2020, as disclosed with the PSE. |