Araneta Properties 9-mth net income drops 13.47% to P25.5M

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.