Empire East Hikes 9 Months Earnings

November 16, 1999 PSE CIRCULAR FOR BROKERS NO. 2919-99 Empire East Hikes 9 Months Earnings Housing developer Empire East Land Holdings, Inc. posted a positive turnaround in earnings with net income for the first nine months of the year increasing 1.1 percent to P257.8 million from P255.09 million in the same period last year. LexLib Total revenue increased by 80 percent on the back of a 90 percent rise in the company's realized gross profit, the amount derived from core property development and the completion of projects. The company's latest income figures reflect earnings from ongoing and recently completed projects namely: Laguna BelAir in Sta. Rosa Laguna, San Francisco Gardens and Governor's Place in Mandaluyong City and Gilmore Heights in Greenhills, San Juan. Laguna BelAir is now on its third expansion stage. San Francisco Gardens and Gilmore Heights are now undergoing finishing works. Governor's Place has been turned over to buyers early this year. LexLib This year, Empire East has already completely presold two new Metro Manila residential developments, the Greenhills Garden Square and Xavier Hills, both located near Greenhills. Sales from these projects, made highly affordable through innovations in pricing schemes and design, are expected to further boost Empire East's income in the near term. The company also fared well in terms of other key financial indicators. Stockholders' equity grew by 31 percent to P14.6 billion by end-September 1999 from P11.14 billion by end-1998 while total assets for the same period reached P21.6 billion from P17.95 billion. LexLib The net debt-to-equity ratio improved at 0.11:1 as against the 0.2:1 recorded last year, indicating the company's continued prudence and flexibility in managing its financial resources. Empire East Land President Anthony Charlemagne Yu said the company's performance tracks the path towards full recovery of the local property market, especially the mid-cost housing segment. cdlex