PhilRealty 9-month earnings soar despite Q3 drop

EARNINGS of Philippine Realty & Holdings Corp. (RLT) soared in the first nine months of the year, even as profits slowed during the third quarter.

In a regulatory filing, the property firm said net income attributable to the parent dropped by 78% to P13.83 million in the July to September period, slipping from the P64.63 million posted in the same period a year ago.

Revenues for the quarter also went down by 12.24% to P379.88 million. Despite the overall drop in the company’s financials for the third quarter, attributable profit for the nine-month period climbed by 1,664% to P45.49 million. The company’s revenues also surged to P1 billion, 55% higher than the P647.37 million recorded in the same period a year ago.

The company attributed the higher real estate sales — which grew by 56% to P895.77 million for the first three quarters — to its luxury residential properties in Metro Manila, namely SkyVillas and SkyLine Towers in Quezon City and the Icon Plaza in Bonifacio Global City.

“The increase in sales in 2018 is due to the aggressive sales and market efforts of the parent company,” RLT said in a filing.

Rental income also expanded by 220%, rising to P68.1 million during the nine-month period, due to additional leasing agreements entered into by the company.

“We are very hopeful that the awareness and the momentum generated by our sales group will spill over to the fourth quarter,” RLT Chief Financial Officer and Treasurer Edmundo C. Medrano said in a statement. —