PHILIPPINE Infradev Holdings, Inc. posted an attributable net income of around P6 billion in the second quarter of the year, owing primarily to a fair value gain on investment property.
This was a reversal of the P20.9-million attributable net loss the company incurred in the same period a year ago, its second-quarter results showed.
Philippine Infradev’s total revenues for the quarter ballooned to almost P8 billion from P2.9 million in the previous year.
The company’s expenses for the second quarter dropped 48.5% to P12.2 million.
For the first half, Philippine Infradev posted an almost P6-billion attributable net income, compared to a loss of P26.1 million in the same period in 2020.
First-half total revenues soared to almost P8 billion from P15 million in the previous year.
Total expenses for the first six months went down 46.8% to P21.8 million.
“The significant increase of P7.95 billion in total revenue(s) was mainly due to the fair value gain on investment property,” the company said.
Total cost and expenses decreased “mainly because of the lower cost of sales,” it noted.
Philippine Infradev shares closed 6.4% higher at P1.33 apiece on Tuesday. — Arjay L. Balinbin
