PREMIERE Horizon Alliance Corp. (PHA) reported on Monday a second-quarter net loss of P31.03 million, more than three times higher than its P8.99-million loss incurred in the same period last year.
In a regulatory filing, it said its topline declined by 29% to P81.4 million from P115.4 million, with mining-related activities contributing more than the company’s real estate business.
Revenues from mining services contributed P73.75 million, but lower by nearly 13% from P84.61 million last year. Meanwhile, real estate sales dipped by 75% to P7.65 million from P30.79 million.
For the first half of the year, the company trimmed its net loss by 10% to P43.41 million from P48.39 million year on year. Revenues inched up by 4.5% to P184.23 million from P176.34 million.
“In June 2020, mining services revenue accounted for 72% of the revenue with more than P120 million. This year, mining services [contributed] only 43% at P83 million due to limited operations because of the COVID-19 (coronavirus disease 2019) restrictions in Dinagat Island,” Premiere Horizon told the stock exchange.
While some of its mining projects are delayed because of lockdown restrictions, the company said it is confident that subsidiary Premiere Georesources and Development, Inc. will continue normal mining operations by the second half of the year.
Meanwhile, real estate sales in the six-month period doubled to P100.77 million from last year’s P49.79 million, “signaling an improvement in the real estate sector.”
The company said its North Luzon-based property unit Goshen Land Capital, Inc. will be launching a vertical project within Baguio City’s commercial business district this month, while its tourism development subsidiary West Palawan Premiere will begin working on a residential beachside development in Puerto Princesa City.
“It is important to note that PHA’s financial position has greatly improved in the first half of 2021 despite the losses with the equity infusion from the new investor group,” the company said.
Premiere Horizon’s total equity stood at P1.48 billion as of end-June, 22% higher than its end-December figure at P1.21 billion. Its debt-to-equity ratio improved to 1.54x from 2.21x in December last year, as current ratio also improved to 0.83 from 0.76.
The company anticipates its financial position to further pick up in the coming quarters with a P378.7-million debt-to-equity conversion, the fold-in of SquidPay Technology, Inc., and the equity infusion from the put option agreement with LDA Capital Ltd.
Premiere Horizon shares at the stock market closed unchanged on Monday at P1.10 apiece. — Keren Concepcion G. Valmonte