IRC’s net income surges to P2.99Bhome/Business/Top Business/IRC’s net income surges to P2.99BPHILIPPINE Infradev Holdings Inc.’s (IRC) net income rose to P2.99 billion in 2018 from P22.9 million the year before, thanks to the increased value of its property in Binangonan town, Rizal province. In a filing on Tuesday, the listed holding company said the improved profit came from the spike in the unrealized fair value gain on its investment property, which reached P4.14 billion. That property, measuring 1,513 hectares and purchased four decades ago, had a fair value gain of only P31.76 million in 2017. The company’s real estate sales dropped by 23 percent to P125.6 million last year from 2017’s P163.46 million. Rental income also dropped to P118, 864 from P350, 721 a year earlier.
Source: Manila Times April 17, 2019 16:07 UTC