Philippine Realty and Holdings Corporation (PhilRealty) has suffered greater loss in the first half of 2016 compared with the previous year due to condominium unit sales falling to P65.2 million from last year’s P87.4 million.
The company’s rental income also dropped to P10.26 million from the P11.33 million last year, due to the contract termination of one major lessee.
The company reported that its net loss in the first half of 2016 increased to P75.8 million compared with P58.5 million net loss in the previous year.
The total revenue of the firm in the first six months of the year fell by 19.84 percent to P95.59 million from the P119.25 posted in the previous year.
“Unearned income dropped by 8.76 percent since additional sold units for Icon Plaza and Skyvillas Towers were recognized as revenues base on the percentage of completion as of June 2016,” the company said.
At the same time, general and administrative expense increased to P115.4 million in the first half of 2016 from the P112.1 million posted in the previous year. This was due to the management fees incurred by the company’s subsidiary, Sultan Power’s Inc. during the year.
Total expenses, however, posted a 5 percent decline to P168.8 million from P177.5 million posted in the previous year.