Shuttered Malls caused Altus Property Ventures, Inc. to incur losses in the second quarter, although the newly listed company managed to end the first semester with a positive bottom line.
In a regulatory filing, the real estate firm recorded a 55.7% decrease in earnings before interest and taxes to P18.92 million in the first semester. Rental revenues were lower by 38.3% to P41.93 million from P67.95 million in the same period a year ago.
The company recorded a loss of P972,109 in the April-June period, affecting its first-half profits, which stood at P13.87 million, a contraction of about 57% from P32.56 million previously.
“The significant decrease was due to the temporary and partial closure of the mall except those areas that are occupied by tenants providing essential services such as the supermarkets, bank and pharmacies; and waived rental for non-operational tenants during the community quarantine period,” it said.
It saw a 17.1% uptick in costs of rental services in the first half to P13.34 million as newly acquired fixed assets depreciated. General and administrative expenses and income expenses were both down by 30% and 35.7%, respectively, to P13.45 million and P4.64 million.
The company said its financial footing “remains solid” with total assets at P691.13 million and total equity at P599.04 million by end-June.
The former unit of Robinsons Land Corp. debuted on the local bourse by way of introduction on June 26. JG Summit Holding, Inc. holds 60.97% of its outstanding capital stocks.
Shares in Altus Property increased by 1.51% to close at P13.42 each on Tuesday.
— Adam J. Ang|BusinessWorld
Source: Peso Economics
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