LISTED property developer A. Brown Company Inc. reported a 4.5 percent increase in net income for the first six months of the year driven by higher real estate sales.
In a report to the Philippine Stock Exchange on Monday, the company said it made a net income of P17.9 million in the first half versus last year’s P17.2 million, on consolidated revenues of P331.9 million, up 8.3 percent from the previous year.
It said real estate sales accounted for bulk of the revenues at P309.1 million, an increase of 20 percent from a year ago.
Rental income dipped 4 percent to P7.2 million, while total cost and expenses grew 8.9 percent to P309 million.
Based in Cagayan de Oro, A. Brown Company caters to the Mindanao property market and is also engaged in palm oil plantation, milling and power generation.