ABACORE Capital Holdings, Inc. posted P74.8 million in first-quarter (Q1) net income attributable to parent firm equity holders, soaring from the P2.52-million profit logged in the same period last year.
The profit surge came despite an 89% decline in revenues to P112,819 from P1.04 million previously.
“For 2021, the company will be pursuing the implementation of its project involving its coal mining properties,” AbaCore Capital said.
Abacus Coal Exploration and Development Corp. is said to still be in its pre-operating stage completing post-approval requirements such as securing environmental compliance certificate for some projects and clearance from the National Commission on Indigenous Peoples for others.
“For its real estate portfolio, the company will be pursuing the completion of its project in Matuco and Pagkilatan, Batangas City,” AbaCore Capital said, adding that it will look into developing other properties.
In 2020, the company incurred P89.14-million net loss attributable to parent firm equity holders after revenues declined, reversing its previous year’s P618.41-million net income.
The company’s topline last year plunged to P824,048 from P414.34 million in 2019.
Shares of AbaCore Capital at the stock exchange went up by 1.89% or two centavos on Friday, closing at P1.08 each. — Keren Concepcion G. Valmonte
