ITALPINAS Development Corp’s (IDC) 2025 net income dropped 27.4 percent to P250.9 million despite higher revenues as higher interest expenses and lower gains from the appraisal of investment properties weighed on its bottom line.
In a statement on Monday, the developer said revenues surged 29.9 percent to P784.7 million on strong project sales, driven by ongoing developments such as Primavera City-Citta Bella in Cagayan de Oro and Miramonti in Sto. Tomas, Batangas.
Subsidiaries IDC Homes and IDC Prime also contributed to topline expansion after recognizing revenues from projects, including Verona Green Residences and Primavera City-Citta Grande.
Italpinas said its strategy of expanding early into emerging provincial markets continued to pay off as it observed a broader shift in real estate demand away from Metro Manila.
Due to the profit drop, basic earnings per share declined to P0.35 from P0.54 previously.
Nonetheless, Italpinas reported improved financial health, with total assets rising 3.5 percent to P4.5 billion while total liabilities fell 3.6 percent to P2.5 billion.
Liquidity was said to have strengthened as its current ratio increased to 1.74 from 1.51, while the debt-to-equity ratio improved to 1.29 from 1.53, reflecting reduced reliance on borrowings.
Total equity grew 14.3 percent to P1.9 billion, lifting book value per share to P2.70 from P2.36 in 2024.
The company said it was looking forward to continued growth as it expands into new locations, including Palawan, Boracay, Bataan and Bukidnon.
Italpinas shares slipped P0.01 or 1.25 percent to close at P0.79 each on Monday.
