Anglo reverses net loss, earns P113.87 million
ANGLO Philippine Holdings Corp. generated a net income of P113.87 million in the January-to-March period, a reversal of the P20.9-million loss incurred for the same period last year on the back of the performance of its multiple subsidiaries.
Its return to profitability came after the company’s revenues soared to P125.16 million from P9.76 million.
The Philodrill Corp., wherein the company has a 34.32% stake in, reversed to a P6.3-million profit during the period from last year’s P18-million net loss. The Galoc field is said to have produced 152,701 barrels in the first quarter.
Its 28.64%-owned Atlas Consolidated Mining and Development Corp. posted a net income of P120.4 million during the three-month period, swinging from a loss of P36.8 million in the first quarter of 2020.
Meanwhile, United Paragon Mining Corp. recorded a net loss of P15.6 million, widening its P11.3-million loss from the same period last year. The company has a 25.68% stake in United Paragon.
Wholly owned subsidiary Bataan Aggregates Corp.’s losses inched up to around P700,000 during the quarter from last year’s P600,000. Anglo Philippine Power Corp., another wholly owned business, is still in its pre-operating stages.
“[It] is presently evaluating various renewable energy projects for future investment,” Anglo Philippine Holdings said.
Tipo Valley Realty, Inc., in which the company has a 97.59% ownership, narrowed its net loss to P1.4 million from P1.5 million.
The listed holding firm also has an 18.6% stake in MRT Holdings, Inc., which owns the majority of the Metro Rail Transit Corp. As of the end of last year, it is said to have been serving 100,000 passengers daily.
The company maintains a 15.79% interest in MRT Development Corp., which it said without disclosing figures “generates revenues from concessionaire rentals and advertising fees in MRT stations.”
Anglo Philippine Holdings’ stocks at the exchange went up by five centavos on Monday, closing at 78 centavos each. — Keren Concepcion G. Valmonte
