AbaCore Capital Holdings Inc., a holding company with interests in tourism, real estate, financial services and energy, reported earnings growth in the third quarter on sustained expansion of its various business ventures.
The company recorded a net income of P74.9 million, or P0.0174 per share, in the third quarter, an increase from P37.9 million, or P0.0089 per share, a year ago. It attributed the growth to gains of P95.2 million from the disposal of investment properties.
Expenses increased on a year-on-year basis to P21.1 million from P13.1 million. Management and directors’ fees grew to P5.4 million from P1.5 million, professional and other services expenses increased to P4.0 million from P2.3 million, while salaries and wages remained relatively unchanged at Php 4.5 million.
AbaCore’s net income in the first nine months went up to P383.3 million from P22.4 million, attributed to gains of P374.05 million from the sale of properties in Batangas such as in Pagkilatan, Calingatan, Mataas na Kahoy, San Salvador, Lipa and Inosloban.
The company replenished its portfolio by investing in properties in key areas throughout the country, such as Cavite and Batangas.
ABA also generated income of P75.75 million from the sale of 1,000 shares of Montemaria Asia Pilgrims Inc. and earned P8.05 million from its subsidiary Pacific Online Systems Corp. (LOTO)
LOTO signed a memorandum of agreement with the Philippine Charity Sweepstakes Office to create a web-based betting platform. Under the MOA, as the exclusive agent, LOTO will earn 14-percent of gross revenues generated from the platform.
“ABA’s financial results for the third quarter reflect the strength of our investment portfolio, the potential of our business ventures with various partners, and enhanced governance practices implemented across the board,” said Antonio Victoriano Gregorio III, vice chairman and head of investor relations.
“Moving forward, we will further strengthen our balance sheet so that we can continue capitalizing on the growth opportunities that lie ahead of us,” he said.
“Our expenses continue to grow, but this is because we are continuously investing in our organization so that everyone can fully reach their potential — which in return will fuel the growth of our businesses across various markets,” Gregorio said.
