Philippine Infradev swings to loss as revenues drop in third quarter

PHILIPPINE Infradev Holdings, Inc. on Tuesday reported a net loss attributable to parent equity holders of P779,527 for the third quarter, reversing net earnings of P2.27 billion a year ago.

In a disclosure to the stock exchange, the company said its revenues for the third quarter totaled P17.29 million, down 99.5% from the P3.26 billion it generated in the same period last year.

The company’s total expenses for the period declined 10.8% to P18.54 million from P20.78 million.

Philippine Infradev’s non-operating income dropped 49.2% to P234,338. Its non-operating expenses likewise declined 32.3% to P24,531.

These brought the company’s total revenues for the nine-month period to P32.44 million, 99% lower than last year’s P3.32 billion. It swung to a net loss of P27.26 million for the same period, a reversal from last year’s attributable net income of P2.27 billion.

The company’s total expenses for the nine months through September reached P59.70 million, 23.6% lower than last year’s figure.

It posted a nine-month, non-operating income of P1.16 million, a 28.3% decline from last year’s P1.62 million. Non-operating expenses for the period dropped 42.7% to P82,613.

Philippine Infradev is building a $3.5-billion subway that will traverse the central business district of Makati City. The project will have 10 stations across a 10-kilometer line.

It had signed a $1.21-billion engineering, procurement and construction contract with China Construction Second Engineering Bureau Co. Ltd. for the subway project.

Philippine Infradev shares closed 1.26% lower at P1.57 apiece on Tuesday. — Arjay L. Balinbin