ABACORE Capital Holdings, Inc. reported an attributable net income of P308.16 million in the first quarter, a reversal of the P12.65-million net loss it reported in the same period last year, due to a gain from the disposal of investment properties.
“We are happy for our strong start in 2023. This is the result of the company’s efforts to monetize its assets through property sales and joint ventures,” AbaCore Vice-Chairman and Head of Investor Relations Antonio VF Gregorio III said in a statement.
The company reported a topline of P325.72 million during the three-month period, mainly driven by a P249.96-million gain on the disposal of investment properties.
Its expenses for the first quarter likewise rose to P21.12 million, up 62.3% from the P13.01 million reported in the same period last year, due to an increase in salaries and wages, employee benefits, and repairs and maintenance, among other things.
“[AbaCore] leverages itself by working closely with our business partners to fully realize the growth potential of our assets. This will be a cornerstone of our long-term growth strategy moving forward to deliver value to our shareholders,” Mr. Gregorio added.
AbaCore shares were unchanged at P2.51 apiece on Friday. — Adrian H. Halili
