• Supercity Realty H1 loss narrows

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    LISTED Supercity Realty Development Corporation (SRDC) reported a narower net loss in the first half of the year on the back of higher revenues.

    In a financial report to the Philippine Stock Exchange, the developer said its net loss narrowed to P685,242 in the first half from a loss of P1.13 million in the same period    last year.

    It said gross revenues improved to P8.09 million from P2.98 million a year ago, mainly generated by revenues from contracts in the second quarter of the year, which more than tripled to P7.66 million from P2.02 million in the same period last year.

    “The increase can be attributed to new awarded contract in 2016 for East Bellevue Residences. Moreover, contract revenues for the 2016Q2 were generated from the Housing project in Rodriguez, Rizal which were awarded in 2015,” SRDC said.

    SRDC has completed a number of housing projects in project sites such as Mabuhay City Subdivision in Cabuyao, Laguna; Jubilation New Biñan Subdivision in Biñan, Laguna; Eastwood Greenview Subdivision in San Isidro, Rodriguez, Rizal; Eastwind Homes also in San Isidro, Rodriguez, Rizal; Celebrity Place Walk-up Condominium in Quezon City; and Centella Homes Subdivision in San Isidro, Rodriguez, Rizal

    With the increase in revenues, SRDC said that its net loss ratio decreased to 0.57 from 26.57 percent in the first quarter of 2015.

    Total costs and expenses rose 202 percent to P7.70 million from the P2.55 million posted last year mainly due to the increase in cost of services, which accounts for 89 percent of the total cost and expenses.

    Cost of services rose 307 percent to P6.85 million from P1.68 million in the same period last year.

    “The increase was primarily brought about by construction activities pertaining to awarded contracts in 2016Q2 plus the remaining accomplishment in 2015,” the company said.

    Total assets of the company inched up by 1.71 percent to P41.30 million, while total liabilities increased by 3.85 percent to P37.18 million.

    It has completed a number of housing projects in project sites such as Mabuhay City Subdivision in Cabuyao, Laguna; Jubilation New Biñan Subdivision in Biñan, Laguna; Eastwood Greenview Subdivision in San Isidro, Rodriguez, Rizal; Eastwind Homes also in San Isidro, Rodriguez, Rizal; Celebrity Place Walk-up Condominium in Quezon City; and Centella Homes Subdivision in San Isidro, Rodriguez, Rizal.

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