PHILIPPINE Infradev Holdings Inc.’s (IRC) net income rose to P2.99 billion in 2018 from P22.9 million the year before, thanks to the increased value of its property in Binangonan town, Rizal province.

In a filing on Tuesday, the listed holding company said the improved profit came from the spike in the unrealized fair value gain on its investment property, which reached P4.14 billion.