Boutique property developer Arthaland Corp. posted a 19 percent year-on-year decline in its net income for the first half of the year due to a decrease in real estate sales.
In the disclosure posted on the Philippine Stock Exchange website on Tuesday, Arthaland said that its net income for the first half of 2015 was at P103.4 million, 19 percent lower than the P128.1 million recorded in the same period last year.
The decline in net income was due to the decrease in real estate sales, the company said. It noted that part of the revenues gained from its top development were already included in the previous periods.
“The revenue for the first half of 2015 is lower compared with the same period last year since the significant portion of Arya Residences revenues were already recognized in prior periods,” the firm explained.
Real estate sales for the first half of the year were P897.8 million, a 20 percent decline from P1.1 billion in real estate sales in the same period last year.
The company noted however, that its net income for the second quarter of the year increased by 448 percent to P94.7 million, a massive gain from the P17.3 million recorded in the same quarter of last year.
Total assets of the company for the first half of the year increased to P5.8 billion, five percent higher than the P5.5 billion registered at the end of 2014.
Arthaland Corporation is a property developer that engages in residential, commercial, leisure and industrial projects. Its flagship project is the Arya Residences in Bonifacio Global City in Taguig. Catherine C. Talavera