By Zinnia B. Dela Peña (The Philippine Star) Updated November 18, 2010 12:00 AM
MANILA, Philippines - Philippine Realty Corp. registered a net income of P35.66 million in the nine months ending September this year, up 31.9 percent from the same period a year ago.
PhilRealty attributed the profit hike to dividend income from investor company A.Brown Co. Inc. of P19.1 million, a reversal of the allowance for the decline in value of a lot in Bonifacio Global City of P55.64 million made last year.
Revenues amounted to P387.19 million or more than three times the P107.29 million recorded the previous year on strong sales of condominium lots. The company booked new sales of P141.22 million from its Andrea North Skyline project this year.
The 32-story Andrea Skyline tower was 75.32 percent complete as of September this year with a total of 6,071 square meters already committed. Turnover of units, which range from 45 to 206 square meters, is slated in December this year.
In the third quarter, though, PhilRealty incurred a net loss of P12.27 million as against net earnings of P7.55 million a year earlier.
PhilRealty president Amador Bacani said the completion of the first tower signals the start of the development of the second of five towers of the Andrea North Complex, and another, Ivy League Square project near De La Salle University-Taft.
The Andrea Skyline boasts of the only condominium building in the country that has a magnificent roofdeck with a unique design built with tempered glass all around which provides a breathta-king panoramic view of Metro Manila
With its expected completion PhilRealty is aiming to exit a court-assisted rehabilitation program this year.
PhilRealty’s subsidiaries PRHC Property Managers Inc., Meridian Assurance Corp. and Tektite Insurance Brokers Inc. contributed P2 million, P2.05 million and P2.07 million in net income, respectively.
About 63.86 percent of total assets are its real estate held for sale and development. Land stood at P997.07 million while completed units are valued at P251.95 million, most of which were leased out.