LISTED property developer Primex Corp. said consolidated net income for the first nine months of the year fell 34.8 percent to P37.7 million on slower property sales.
Primex told the Philippine Stock Exchange on Wednesday that consolidated real estate sales in the period dropped 30 percent to P101.7 million from P145.3 million last year.
Realized gross profit from sales was lower by 32.7 percent at P59.3 million while total expenditures were flat at P24.52 million.
With the 30 percent drop in property sales, net income from operations amounted to P53.888 million for the first nine months, nearly 35 percent lower than a year ago.
In September this year, the developer announced it has formed a new property firm as part of a plan to make a foray into mass housing. Primex formed Primex Housing Development Corp. and subscribed to nearly 42 million common shares in the company at a price P1 per share.
It said construction of four new residential projects in Metro Manila and Tagaytay City are ongoing.
Primex is a property firm engaged in the purchase, lease and development of properties. Its projects include two high-end residential developments—Goldendale Village in Malabon and The Richdale along Sumulong Highway, Antipolo City—as well as the Goldendale II and Tresor Residences also in Malabon.