LISTED Wellex Industries, Inc. reported a turnaround as posted earnings during the July-to-September period, reversing its net loss a year earlier, on the back of higher revenues from leasing its warehouse facilities.
In a stock exchange disclosure, the company said its net income reached P359,641 during in the third quarter, a reversal of the P1.13 million net loss last year.
Wellex said its total revenue for the third quarter rose 38.8% to P6.84 million from P4.87 million previously.
For the nine-month period, the company said it trimmed its net loss to P4.21 million from P7.1 million in the same period last year.
Wellex’s total revenues climbed 19% to P17.58 million compared with P14.81 million a year ago.
According to the company, 28 companies are leasing spaces inside the Plastic City Industrial Corp. in Valenzuela City.
Wellex said that as of the quarter ending Sept. 30, it leased out more areas in its warehouse facilities compared with a year earlier.
Wellex’s website said that the compound houses 44 industrial warehouses across 84 hectares of land. It has facilities such as roads, water, electricity, and security. The company is owned by the Gatchalian family.
As of Oct. 27, shares of Wellex at the local bourse closed unchanged at 25 centavos apiece. — Revin Mikhael D. Ochave
