LISTED Keppel Philippines Properties, Inc. recorded a P136.17-million net income for the second quarter (Q2), an improvement from the P2.68-million net loss last year.

Second-quarter gross revenue climbed by 359% to P55 million compared with P12 million last year, Keppel Philippines Properties said in a recent regulatory filing.

For the first half, Keppel Philippines Properties saw a 279% increase in net income to P215.49 million from P56.92 million a year ago.

“This increase was mainly due to the interest income earned from the proceeds of the sale of investment in a joint venture that was placed in short-term time deposits,” the company said.

Gross revenue increased by 501% to P145.82 million from P24.27 million last year.

Keppel Philippines Properties also grew its other income to P125.8 million from P2.63 million in 2023 due to a realized foreign exchange gain on its dollar-denominated short-term time deposits.

The company also saw a 5.6% decline in general and administrative expenses to P25.2 million due to lower salaries, wages, and benefits from a reduced payroll headcount and lower depreciation from fully depreciated assets.

The lower general and administrative expenses were partly offset by the payment of a one-time remuneration director’s fee and the payment of assessed tax from the tax audit in 2022.

Keppel Philippines Properties holds investments in associates involved in property holding and development and provides property management consultancy services to these associates.

Its completed residential and commercial projects include Palmdale Heights in Pasig City and The Podium Complex mixed-use development in Ortigas.

Keppel Philippines Properties’ ultimate parent company is Singapore-based Keppel Ltd.

On Monday, Keppel Philippines Properties shares rose by 0.33% or one centavo to P3.05 apiece. — Revin Mikhael D. Ochave