A Brown Company Inc. on Thursday reported a 68-percent increase in third-quarter net income to P142 million from P84.6 million in the same period last year despite lower revenues.
ABCI said in a disclosure to the stock exchange third-quarter revenues declined 24 percent to P206 million from P270.7 million a year ago.
“Higher margins in the real estate segment due to lower development costs for the residential units sold contributed to the higher net income,” the company said.
The positive third-quarter performance boosted the company’s nine-month net income to P368 million, up 23.4 percent from P298.2 million in the same period in 2020. Nine-month revenues declined 17.2 percent to P495.5 million from P598.4 million.
Real estate sales accounted for 89 percent of the consolidated revenues at P441 million.
