Businessman Antonio Tiu-led Philippine Infradev Holdings Inc. faced a challenging year in 2022, as the company’s net income took a nosedive by 58 percent to P2.98 billion.
According to a filing with the Philippine Stock Exchange, the company’s revenues plummeted by 52 percent to P4.21 billion.
While the company saw higher revenues from real estate sales, which reached P170.86 million, unrealized fair value gain on investment properties dropped dramatically to P4.02 billion.
The Casas Carlina project was the primary contributor to sales last year. Expenses surged to P213 million, more than double the P93.54 million recorded in the previous year.
The clearing of the company’s Binangonan property is still the focus of Infradev’s operations with
the goal of completely freeing from third party claims 500 hectares of the 2,200-hectare property.
Due to a number of factors, including the recognition of Supreme Court’s recognition of the superior rights of the bonafide occupants as well as potential challenges in clearing and re-titling of this large area of land, management has estimated that only 1,513 hectares are expected to be recovered/cleared and re-titled in the name of the parent Company as of December 31, 2022 and 2021.
