Third quarter net loss drags down nine-month earnings of Po bros’ real estate unit

The Po family’s upscale property unit Arthaland Corp. incurred a net loss in the third quarter of the year, dragging down its net income in the nine months through September.

Arthaland saw its profit decline by 12 percent to P658.7 million from January to September . Revenues fell 21 percent to P1.52 billion, largely due to lower incremental change in percentage of completion of Cebu Lavana Land Corp.’s Cebu Exchange due to its substantial completion in the first half of 2022.

For the third quarter alone, the company swung to a net loss of P137.7 million due to a 41 percent plunge in revenues to P403.5 million.

Recession in US ‘not inevitable’: Yellen

A recession in the US is “not inevitable,” Treasury Secretary Janet Yellen said Thursday, adding that she believes the world’s biggest economy is on the right track in lowering inflation.