Listed leasing firm PTFC Redevelopment Corporation saw a 69 percent rise in its net income for the first three months of its fiscal year, driven by revenues from its wholly owned subsidiary’s commercial leasing business in Quezon City’s Baesa Town Center, the company said in a disclosure to the Philippine Stock Exchange on Monday.
PTFC said its net income for the three-month period ending November jumped to P16.3 million from the P9.6 million in the same period a year ago.
“The bulk of the increase was due primarily to the higher average lease and occupancy rate” of the Baesa Town Center, which is managed by PTFC subsidiary Baesa Redevelopment Corporation (BRC), the company said.
The Baesa Town Center is a two-building complex located on 2.2 hectares in Baesa, Quezon City. The location offers nearly 11,000 square meters of office, retail, commercial, mini- and self-storage facilities.
In addition to the Baesa Town Center, PTFC also owns the Baesa Industrial Terminal, a four-building warehouse complex offering 51,000 square meters of space; a two-building warehouse site in Balintawak, Quezon City, which has 14,000 square meters of leasable area; and a 10,500-square meter warehouse facility in Candon, Ilocos Sur.
PTFC was formerly Philippine Tobacco and Flue-curing and Redrying Corp., and now engages in leasing properties, including warehouses.
In other financial details, PTFC said its total revenues grew by 10.57 percent to P41.4 million from the P37.5 million posted in the previous year. Total assets of the company grew to P391.6 million from the P360 million registered at end of the previous quarter.