Greenergy Holdings Inc., the listed company owned by businessman Antonio Tiu, posted a consolidated net income of P2.8 billion in 2018 from just P21.3 million in 2017, boosted by one-time gains and reclassification of investments.
Greenergy said in a filing with the Philippine Stock Exchange the significant increase in the company’s net income was largely due to “the results of gain on reclassification of investment in associate... amounting to P2.6 billion, gain on deemed disposal of investment in an associate of P186.42 million and gain on sale of investment in associate amounting to P78.97 million.”
Greenergy’s gross income stood at P1 million net of the gains from a loss of P1.49 million in 2017.
The group’s revenue in 2018 amounted to P3.45 million, up from P0.52 million in the previous year. The company attributed the increase to agri-tourism revenue and rental income from its nine-hectare property in Rosario, Batangas.