A BROWN Co., Inc. said its second-quarter attributable net income to equity holders slid by 42% to P53.89 million on a year-on-year basis after registering lower property sales.
In its quarterly report filed with the local bourse on Thursday, the listed real estate firm said its total revenues from April to June inched down 1% to P83.64 million versus P84.85 million in the same period last year.
Property sales made up majority or around 77% of the firm’s total revenues. A Brown said that real estate revenues reached P64.32 million in the second quarter, lower by around 6% compared with P68.22 million previously.
Meanwhile, A Brown also that its noted general, administrative and selling expenses rose by 66% to P66.67 million in three months ending June.
In a separate press release, the company reported a net income of P225.9 million in the first half, up by 5.7% year on year, amid higher equity contributions from its utilities segment.
It added that its investments in the utility sector, or its equity in net earnings of associates, contributed P167.8 million to its bottom line in the six months ending June, up by 16% from P145.4 million in the same period last year.
A Brown also has interests in power generation and palm product manufacturing through its subsidiaries.
“Operating associates Palm Concepcion Power Corp. and Peakpower Energy, Inc. delivered better results for the first half of the year compared to the same period last year,” the company said.
In April, A Brown’s wholly owned unit Vires Energy Corp. received from the Energy department a notice to proceed for its proposed natural gas-fired power plant, and liquefied natural gas storage and regasification project in Batangas.
The company said that a consortium, which it identified as Seanergy Singapore and London Marine Consultants, had started the pre-front end engineering design of the project’s floating power plant component.
Meanwhile, another A Brown subsidiary Irradiation Solutions, Inc. is in the process of developing what it called the country’s first commercial electron beam facility in Tanay, Rizal.
“Permitting and detailed engineering design for the Tanay facility is expected to be completed by December 2021. Construction is targeted to commence by 2022 and commercial operations to start by the second half of 2023,” it said.
On Thursday, A Brown shares inched down by 1.15% or one centavo to finish at 86 centavos apiece in the local bourse. — Angelica Y. Yang
