LISTED leasing firm PTFC Redevelopment Corp. saw a 14.89-percent rise in net income, to P31.25 million from P26.92 million, during the first quarter of its fiscal year that ended in Nov. 2024.
This followed a 16-percent rise in revenues to P59.46 million from P54.05 million a year earlier, which PTFC attributed to higher occupancy and average lease rates.
Gross income increased to P39.2 million from P35.2 million, while cost of services also climbed to P20.22 million from P18.84 million.
PTFC’s Baesa warehouse was said to have earned P34.25 million from lease transactions, up from P29.15 million, while its Balintawak warehouse lease revenue also rose to P11.58 million from P11.14 million.
However, the company’s Baesa Town Center saw a decline in earnings to P8.42 million from P8.9 million.
PTFC currently has P150.1-million in leases due within a year, P112.18 million due beyond that but within five years, and P1.11 million due beyond five years.
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.
On Monday, PTFC’s share price was unchanged at P50.05 apiece.
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