Green developer Italpinas records 29% income growth despite lockdown

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ITALPINAS DEVELOPMENT CORP. (IDC) continued posting a double-digit income growth in the second quarter despite the strict quarantine rules to contain the coronavirus disease 2019 (COVID-19) outbreak.

In a regulatory filing sent to reporters on Tuesday, IDC said its net income stood at P19.59 million, higher by 29% from the same period a year ago. Its net sales jumped 48% to P144.23 million.

On a six-month basis, IDC’s net income is up 44% to P35.31 million, and its net sales stood 36% higher to P278.69 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,” IDC Chairman and CEO Romolo Nati said in a statement.

Among the projects it sold during the first half were Miramonti in Sto. Tomas, Batangas and the second phase of Primavera City in Cagayan de Oro.

“During the lockdown, people understood more than ever how important [it] is to live in a comfortable and sustainable environment that can offer easy and direct access to open spaces,” Mr. Nati said.

He added many believe COVID-19 spreads faster in environments with poor ventilation, so IDC’s products became viable living options and continued selling during the pandemic.

IDC prides itself as a green real estate developer with condominium projects that are certified green buildings.

“[W]e see that the market is more and more discerning about what it means to be truly ‘green.’ We respond with innovation and sustainability which is accessible in terms of price,” IDC President Jose D. Leviste III said in the statement.

Shares in IDC at the stock exchange inched up five centavos or 2.81% to P1.83 each on Tuesday. — Denise A. Valdez