LISTED property developer Philippine Realty and Holdings Corporation (Philrealty) swung to a net loss of P156.7 million in 2015 from a net income of P109 million in the previous year as higher total expenses weighed on earnings.
In a financial report to the Philippine Stock Exchange (PSE), Philrealty noted that its property management firm, PRHC Property Managers Inc., (PPMI) registered a net loss of P0.20 million last year, reversing a net income of P2.8 million in the previous year, due to higher expenses.
PPMI currently manages 11 buildings located in various cities in Metro Manila.
In contrast, the firm’s other subsidiary, Tektite Insurance Brokers Inc., (TIBI), rebounded from its P575,000 net loss in 2014 to post a net income of P1.5 million last year due to an increase in total commission revenue.
Meanwhile, it said gross profit from the sale of condominium units rose to P268 million from the P180.7 million posted in the previous year.
The profit growth happened despite slower sales of the firm’s Skyline Tower project located in New Manila, Quezon City as there are fewer units still available to buyers.
Philrealty said it booked more sales during the year from the Icon Plaza project in Bonifacio Global City and the Sky Villas in New Manila, Quezon City as the completion rate for the two projects advanced to 98.10 percent and 70.85 percent, respectively.
Meanwhile, it said consolidated general and administrative expenses rose to P389.50 million in 2015 from P208.17 million in the previous year due to “additional manpower hired by the Parent company, expenses incurred by Sultan Powers Inc., and decrease in market value of Sinophil shares.”