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Villar-led Golden Bria income rises 87% in H1 on higher sales.

VILLAR-LED Golden Bria Holdings Inc. reported a record 87-percent growth in net income for the first half of the year to P596 million, from last year's P319 million.

This growth was fueled by a 55-percent increase in total revenues to P2.6 billion from P1.7 billion in the first half of 2017, the company said.

Real-estate sales of the combined death-care services provider Golden Haven Inc. and mass-housing developer Bria Homes Inc. increased by 55 percent due to the record numbers in real-estate sales for both residential units and memorial lots.

Income from memorial chapels, which began operations in March 2017, quadrupled to P18 million, from P4 million in the previous period. Both of these contributed to the company's first-half performance, sustaining its upward trend since its listing in mid-2016, it said. 'For the second half of the year, the company is looking to focus mainly on the development and aggressive expansion of current projects done in parallel with continued efforts in active land acquisition for both Golden Haven and Bria Homes,' it said.

The company is looking at a capital expenditure budget of about P5.9 billion, which is more than double last year's of P2.8 billion.

'Growing the nationwide presence of both Golden Haven and Bria Homes is our focus for this year,' Golden Bria Chairman Manuel B. Villar Jr. said.

'Expanding our business to over 50 locations within the past year is an incredible feat which has allowed us to fulfill our promises to our shareholders, establish Golden Haven as the country's largest integrated memorial park developer, and incorporate the Philippines's fastest-growing mass-housing developer, Bria Homes, into the company.'

Total assets of the company grew by 23 percent during the period to P16.2 billion, a P3-billion increase compared to the same period the previous year. This was mainly driven by positive expansion-related growth as shown by significant increases in real-estate inventories, which grew by P1.4 billion, and contracts receivable from sales, which grew by P1.1 billion.

The company remains bullish in the specific sectors of the real-estate development industry it currently operates in.

As of the first half of the year, Golden Haven has over 130 hectares of properties all over the country allotted for its death-care business development, while Bria Homes has over 550 hectares in 37 cities and municipalities allocated for its mass-housing projects, showing the company's confidence in achieving the strong sustained growth it is aiming for this year.

The company currently has 40 residential projects and 18 memorial-park developments all over the Philippines.

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Publication:Business Mirror (Makati City, Philippines)
Date:Aug 16, 2018
Words:489
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