[ bworldonline ]
Ayala-led Prime Orion Philippines, Inc. (POPI) almost tripled
its attributable profit during the second quarter of 2018, lifted by its
expansion into the industrial park and logistics businesses.
In a regulatory filing, the listed company reported a net income
attributable to the parent of P47.7 million, 188% higher than the P16.5
million it posted in the same period a year ago. Revenues surged 547% to
P745.8 million.
This pushed POPI’s attributable profit for the first half of the year
to P55.4 million, more than double the P25.8 million it generated in
the first six months of 2017. The company’s revenues also jumped 240% to
P925 million.
“We are very happy with our first half result. With the recent
acquisition of a majority stake in Laguna Technopark, Inc., we continue
to evolve and transform POPI into a real estate logistics-focused
business,” POPI President and Chief Executive Officer Maria Rowena
Tomeldan said in a statement. — Arra B. Francia
