GOLDEN Bria Holdings, Inc. nearly doubled its profits in the third quarter as both its real estate and death care service business recorded higher revenues.
The listed firm of the Villar family reported a 93% jump in net income to P615.28 million in July to September. Total revenues stood at P2.09 billion, a 47% rise from last year.
Real estate sales, under Bria Homes, comprised P2.05 billion of the company’s top line, growing 48% year on year. A 22% decline to P18.22 million in interest income from contract receivables was offset by a 28% jump in chapel services income to P11.31 million and a 23% rise in interment income to P10.28 million.
Expenses during the July to September period grew 40% to P1.37 billion, coming mostly from land and construction and development costs for Golden Bria’s real estate business.
On a nine-month basis, the company’s net income rose 83% to P1.67 billion. Total revenues jumped 45% to P5.88 billion as expenses grew 42% to P3.98 billion.
By business segment, real estate sales added P5.76 billion of the nine-month figure or 47% up from last year, which the company attributed to “significant increases in memorial lot sales of Golden Haven and residential unit sales of Bria Homes,” it said in its regulatory filing.
Chapel services generated P32.3 million or an increase of 19% year on year, which Golden Bria traced to the “significant growth” in number of memorial services in the past nine months of 2019.
Interment services contributed P27.7 million, 14% up from last year, again due to the higher volume of services during the nine-month period this year.
Bria Homes, the company’s mass housing unit, is ramping up expansion in key areas in Visayas and Mindanao where it sees sustained demand for affordable homes.
It has over 50 housing projects covering 700 hectares in more than 40 towns and cities around the country.
Shares in Golden Bria climbed 5.80 points or 1.38% to close at P425 each on Monday. — Denise A. Valdez