Altus Property net earnings fall 21% due to mall closure
EARNINGS of newly listed Altus Property Ventures, Inc. (APVI) fell 21% in the first quarter due to mall closure during the Luzon lockdown.
In a regulatory filing Thursday, the former subsidiary of Robinsons Land Corp. said its net income in the three-month period declined to P14.84 million from P18.67 million the same period last year.
Its revenues were flat at P33.62 million from last year’s P33.34 million due to the temporary and partial closure of its Robinsons Place Ilocos mall when lockdowns were implemented due to the coronavirus disease 2019 (COVID-19) pandemic.
Costs and rental services similarly fell 14% to P6.79 million because of depreciation of various fixed assets. Gross income during the period stood at P26.83 million, up 5% year on year.
However, general and administrative expenses rose 74% to P7.74 million because of higher professional fees, taxes and salaries, among others. The mall closure also resulted in lower billings of utilities, pulling APVI’s other income by 70% to P743,536 and weighing on its bottomline.
Despite the first quarter turnout and the ongoing COVID-19 pandemic, the company said its financial position remains healthy as its total assets stood at P708.18 million and its total equity at P600 million as of end March.
APVI listed its shares at the stock market last week by way of introduction, which is expected to help the company pursue new opportunities for future expansion. JG Summit Holdings, Inc. owns 60.97% of APVI’s outstanding capital stock.
Shares in APVI closed at P39.50 apiece on Thursday, down P2.60 or 6.18% from a day ago. — Denise A. Valdez