Villar holding firm’s profit rocked by COVID-19

Villar holding firm’s profit rocked by COVID-19

Mass housing developer Golden MV Holdings of bilyonaryo Manny Villar reported a 28 percent decline in its first quarter profit to P380.19 million as disruptions from COVID-19 throttled real estate sales.

Total revenues amounted to P1.54 billion, down 15% from the previous year as sales decreased due to limited selling activities and restricted construction activities.

Real estate sales decreased by 17 percent to P1.47 billion, largely due to a decline in completion of sold projects for the periodin residential units for Bria Homes as well as a decrease in the sale of memorial lots and columbarium vaults for Golden Haven.

Construction activities were temporarily suspended during the community quarantine period.

Income from interest on contract receivables, on the other hand, nearly doubled to P39.7 million due to the increase on in-house financed transactions.

Interment income jumped by 56% to P14.9 million due to increase in the number of services rendered. Income from chapel services rose 8%, to P8.4 million.

Othe charges soared to 69.9 million from P3 million as finance costs on bank loans surged.

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