EMPIRE East Land Holdings Inc. on Wednesday reported a 26.7-percent decline in consolidated net profit in the first nine months of 2026 as lower real estate sales and finance income weighed on earnings.
The property developer said net profit in the nine months reached P452.89 million, down from P618.05 million in the same period last year.
Consolidated revenues fell 18.1 percent year on year to P3.23 billion, reflecting weaker contributions from its real estate sales and finance income businesses.
Real estate sales, the company’s biggest revenue source, declined 26.9 percent to P2.06 billion from P2.82 billion a year earlier amid weaker demand.
Finance income — derived mainly from the financing component of buyers’ contracts, in-house financing, short-term placements and advances to related parties — also dropped 42.1 percent to P286.35 million from P494.10 million.
These partly offset a 40.2-percent increase in commissions and other income to P875.39 million from P624.27 million last year. The company attributed these revenues to commissions from a subsidiary, rentals of investment properties and other sources.
The company said cost of real estate sales decreased to P1.04 billion from P1.67 billion, while operating expenses increased to P1.34 billion from P1.17 billion.
Gross profit from real estate sales stood at P1.02 billion, down from last year’s P1.15 billion, but gross profit margin improved to 49.5 percent from 40.7 percent, with the improvement attributed to product mix and pricing competitiveness.
For the third quarter alone, net profit fell 41.3 percent to P114.34 million while revenues declined 15.2 percent to P969.74 million Total assets stood at P50.95 billion as of end-September, up from P49.93 billion at the end of 2025. But cash and cash equivalents decreased 43.7 percent to P1.28 billion from P2.28 billion, mainly due to full-scale construction activities across various projects.
The company said it continued to source most of its working capital requirements from internally generated funds, supplemented partly by borrowings.
It also said it remained liquid, with current assets totaling P44.12 billion, equivalent to 86.6 percent of total assets.
The company’s shares on Wednesday closed unchanged at P0.10 each.
