Italpinas doubles sales, profit

Real estate firm Italpinas Development Corp. (IDC) more than doubled its net income to P376.8 million last year, reflecting a 102.2-percent increase from the P186.3 million earned in 2023, due to cost reduction and increase in land values.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its higher profit was “the result of combined efforts to increase gross margin and reduction of certain fixed cost such as project management, administrative and marketing cost and interest expense.”