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Profriends 6 months net profit P1.9B; IPO on track

AFFORDABLE housing developer Profriends Group, Inc. said net profit for the first six months of the year rose to P1.9 billion from P1.49 billion a year earlier on the back of stronger revenues, and added that it is also on track to launch its P7.7-billion initial public offering (IPO) by mid-November.

First-half revenue from real estate sales rose 13.3% to P5.36 billion, mostly from the Lancaster New City in Cavite -- the company's largest project outside Metro Manila, Profriends Chairman, President and Chief Executive Officer Guillermo Choa said during a media roundtable on Thursday at the Tower Club in Makati City.

The company already completed the development of 300-400 hectares of the 1,435-hectare Lancaster New City -- which is envisioned to be a 20-year project, Mr. Choa said.

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