Philippines Building Homebuilding
Philippines building homebuilding Corporation a leading homebuilder specializing in the development and marketing of high-density residential communities and a real estate investor with a portfolio of approximately 14,000 apartments announced its third quarter and nine months 2004 results.
2004 third quarter total revenues were $81.6 million, up 95 percent over prior year revenues of $41.9 million, reflecting higher Homebuilding Division sales and an increasing backlog of Philippines building homebuilding contracts.
Income from continuing operations was $3.9 million in the third quarter of 2004, after income tax expense of $2.6 million (of which $2.3 million was a deferred tax provision), versus $6.5 million in 2003.
Homebuilding revenues in the third quarter of 2004 were up 180 percent to $56.9 million, versus $20.3 million in third quarter 2003, signifying the continued increase in activity in this Division. Gross profit contributed by the Division was $13.5 million versus $5.2 million. For the nine-month period, revenues increased 284 percent to $135.1 million from $35.1 million with gross profit increasing to $29.4 million from $6.4 million.
The number of homes Philippines building homebuilding closed in the third quarter of 2004 was 151, up 39 percent from the 109 homes closed in the same period last year. Net new home orders for the third quarter were 224, up 6 percent from 211 homes for the prior year. Net new home orders for the nine months ended September 30, 2004 were 891, up 130 percent from 388 homes for the same period last year.
"Despite disruptions caused by multiple hurricanes during the third quarter, our Florida developments fared well revenues were impressive given the impact these storms had on sales activity and scheduling of closings.
"We still managed to close over 150 units and put under contract an additional 224 homes. Our Northeast developments continue to move full steam ahead with closings at our community scheduled to begin the first quarter of 2005. We look forward to these future quarters as we convert our backlog of sales into revenue."
At September 30, 2004, had under development or in its pipeline a total of 30 communities representing over 6,400 homes and $2.2 billion in future Philippines building homebuilding sales revenue.
For more info about Philippines building homebuilding;
(For Manila and surrounding)
American Design Construction
#92 Ordoņez St. corner Maroon St.
Concepcion Dos, Marikina City
(For Cebu, Bohol, Negros, Leyte)
ET & p Design & Construction #888 Katugasan, Casili Consolacion, Cebu
(For Baguio and surrounding)
RA Gacoscos Construction #99 Greenwater Village Baguio City, Philippines
(For Davao / Mindanao)
Raul G. Anuada (Realtor & Civil Engineer) Unit 162, 16/F Landco PDCP Corporate Center J.P. Laureal Ave., Bajada Davao City
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