STRONGER condominium sales helped listed property developer Philippine Realty and Holdings Corporation (Philrealty) narrow its net loss by 22.8 percent in the first nine months of the year, the company reported last week.
In a financial disclosure to the Philippine Stock Exchange on Friday, Philrealty said its net loss in the nine-month period improved to P72.2 million from a P93.5 million net loss in the previous year.
The company attributed the financial improvement to the increase in condominium sales, which rose by 16.7 percent to P133.69 million from P114.6 million in the first three quarters of 2015.
This translated to higher total revenues in the January-September period, which jumped 86 percent to P297.62 million from P160.01 million a year ago.
However, the company noted a 4.03 percent decline in its rental income in the first nine months of the year.
“Rent income decreased by 4.03 percent from P15.69 million in 2016 to P15.05 million in 2016 due [to]contract termination of one major lessee,” Philrealty said.
Despite incurring a net loss during the period, Philrealty expressed its optimism for its future operations.
“The company remains confident it will post positive results throughout the year,” Philrealty said.
Philippine Realty and Holdings Corporation is engaged in various businesses such as property development, property management, insurance brokerage, travel services, and sale and leasing of managed buildings and real estate through its various subsidiaries.
Among its subsidiaries are PRHC Property Managers, Inc., Tektite Insurance Brokers, Inc., Universal Travel Corporation, and Sultan Power Inc.