LISTED Araneta Properties Inc. posted a 13.47 percent drop in net income for the first nine months of the year from a year earlier as the company held on to a part of its inventory while waiting for land prices to go up.
In a financial report to the Philippine Stock Exchange, Araneta said its net income fell at P25.5 million from P29.5 million in the same comparable period. Gross revenue dropped 23.17 percent at P98 million from P127.6 million.
Araneta Properties reported last year that it held back from selling units at Colinas Verde in San Jose del Monte, Bulacan.
“This performance is a result of marketing strategies being implemented, specifically the holding of some inventory in line with the price watch which shows higher market rebound in the near future in real estate within the locality,” the company said.
Total expenses amounted to P61.6 million, down from P85.5 million. Total assets reached P2.06 billion, up from P1.8 billion.