Home Corporate Philippine Infradev net loss widens as real estate sales fall

Philippine Infradev net loss widens as real estate sales fall

PHILIPPINE Infradev Holdings, Inc. incurred a first-quarter attributable net loss of P8.30 million, wider than P5.27 million previously, as real estate sales dropped amid a public health crisis.

The company’s total revenues stood at P1.37 million in the first three months of the year, an 88.7% decrease from P12.17 million in the same period last year, Philippine Infradev said in its quarterly report released on May 18.

Real estate sales dropped 89.5% to P1.25 million from P11.94 million previously. Cost and expenses declined 44.6% to P9.66 million from P17.44 million last year.

Philippine Infradev is primarily involved in the acquisition, reclamation, development, or exploitation of lands for the purpose of converting and developing them into integrated residential or commercial neighborhoods.

In 2020, it saw its attributable net income fall to P463.76 million from P3.14 billion in 2019.

The company takes charge of the Makati City subway project through its wholly owned subsidiary Makati City Subway, Inc.

On Friday, Philippine Infradev received its first tunnel boring machine for the subway project. It aims to finish underground civil works at the main site of the project in two years.

Philippine Infradev Holdings shares closed 2.17% lower at P1.35 apiece on Wednesday. — Arjay L. Balinbin