MANILA, Philippines - Companies under Independent Realty Corp. (IRC Group) posted a net income of P47.6 million in 2011, a 52.6% jump from the P31.19 million it reported in 2010.

IRC Group also showed its gross revenues increased to P79.4 million last year from P71.84 million in 2010.

In its 2011 accomplishment report, General Manager Luis Quiogue attributed the positive financial results to the reforms introduced by the company's new directors and officers.

He said IRC officers have been able to slash administrative expenses by 40% to P19.65 million, resulting in P7 million in savings.

Despite the continuing challenge posed by the non-paying tenants in the 18.5 hectare Payanig sa Pasig property, Quiogue said the IRC Group’s revenues grew by 10.5% in 2011.

This year, the IRC Group's new management team is confident in sustaining growth. The company is also looking at developing new new income streams, to ensure its value is enhanced in preparation for its eventual privatization, the report said.

The IRC Group was surrendered to the government through the Presidential Commission on Good Government (PCGG) by Marcos business associate Jose Yao Campos in 1986.

To date, the IRC Group has remitted to the PCGG a total amount of P531 million, which has been turned over to the Bureau of Treasury.