LISTED PTFC Redevelopment Corp. reported a P10.99 million rise in net income for its 2024 fiscal year that ended in August 2024 to P110.20 million from P99.33 million last year.
Higher average leases and increased occupancy were cited in the company’s annual report that was filed with the stock exchange olastn Friday.
Revenues were said to have increased by 8.42 percent, from P208.24 million to P225.77 million, leading to gross income of P147.2 million from P137.96 million a year earlier.
“The company’s net income this year was higher by P10.99 million due to the higher revenues and other income,” the company said in the report.
PTFC, formerly known as Philippine Tobacco Flue-Curing and Redrying Corp., ceased its tobacco business in 2002 and now operates as a real estate firm.
Rental income from investment properties surged 10 percent to P176.93 million from P160.19 million while the total cost of services also grew from P59.7 million to P67.04 million.
Wholly-owned subsidiary Baesa Redevelopment Corp., however, was said to have posted a 26.62-percent slump in net income, to P22.13 million from P30.16 million, despite a 3.6-percent rise in revenue to P43.46 million from P41.96 million last year.
PTFC shares on Friday were unchanged at P45.00 apiece.
Be the first to comment