Prime Orion earnings almost triple in Q2

Ayala-led Prime Orion Philippines, Inc. (POPI) almost tripled its attributable profit during the second quarter of 2018, lifted by its expansion into the industrial park and logistics businesses.
In a regulatory filing, the listed company reported a net income attributable to the parent of P47.7 million, 188% higher than the P16.5 million it posted in the same period a year ago. Revenues surged 547% to P745.8 million.
This pushed POPI’s attributable profit for the first half of the year to P55.4 million, more than double the P25.8 million it generated in the first six months of 2017. The company’s revenues also jumped 240% to P925 million.
“We are very happy with our first half result. With the recent acquisition of a majority stake in Laguna Technopark, Inc., we continue to evolve and transform POPI into a real estate logistics-focused business,” POPI President and Chief Executive Officer Maria Rowena Tomeldan said in a statement. — Arra B. Francia