Philippine Realty and Holdings Corp. (Philrealty) registered a net loss in the first half of this year.
Philrealty reported that it posted a net loss of P9.9 million for the first six months in 2013, which is a turnaround from the net income of P10 million in the same period in 2012. Philrealty’s profit before tax was also down to a net loss of P9.3 million from a net income of P10.4 million during the aforementioned periods.
For the second quarter of the year, the company’s earnings plunged from a net income of P1.9 million to a net loss of P8.6 million.
Moreover, Philrealty reported that its interest income dropped to P7.4 million in 2013 from P9.7 million in 2012 because of the usage of some invested funds for its Skybreeze Tower project. Miscellaneous income also decreased to P2.1 million in 2013 from P10.1 million in 2012.
Despite losses in earnings, Philrealty reported that the sales from its condominium units climbed by 11.5 percent from P108.1 million in 2012 to P120.5 million in 2013 from additional sales booking for its Skyline and Icon Plaza projects. The firm’s rent income also increased by 11.6 percent from P11.4 million in 2012 to P12.7 million in 2013 due to the escalation of contract prices.
In the prior month, Philrealty beefed up the capital of its non-life insurance subsidiary by P30 million to comply with the requirement imposed by insurance commission for non-life insurance companies.
Madelaine B. Miraflor