Premiere Horizon losses triple in H1 on dwindling real estate, mining revenues

Lower real estate sales and revenues from mining resulted in the tripling of Premiere Horizon Alliance Corp. (PHA)’s losses in the six months to June.

PHA saw its net loss widen to P121.64 million from January to June compared to only P43.41 million in the same period a year ago.

Revenues plunged by 52 percent to P88.38 million.

PHA’s revenue from real estate sales reached P43.69 million, 56.6 percent lower than the P100.77 million recorded in the same period in 2021.

The decrease was attributed to lower percentage of completion-based revenues.

The company’s mining related services revenue declined by 46.5 percent to P44.69 million due to lower tonnages hauled during the period as a result of inclement weather.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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