Italpinas Development Corp., a boutique property developer led by Italian architect Romolo Nati, saw its earnings fall by 31 percent in the nine months ended September due to lower net sales and higher expenses.
The company’s net income reached P19.53 million, down from P28.28 million last year. Net sales were 25 percent lower at P185.68 million.
Italpinas said the decrease in sales was partly due to the company’s compliance with the accounting principles on the recognition of sales.
Despite the control measures which were implemented by the company to reduce the costs and expenses, Italpinas said general and administrative expenses for the nine-month period surged due to the company’s continuous expansion of its operations.
“New employees were hired and the remunerations of some of the existing employees were increased as a result of exemplary performance,” the property firm said.