Manny Villar’s memorial park firm ekes out profit even as interment, chapel services declined

Ultra bilyonaryo Manny Villar’s Golden MV Holdings stayed profitable in the nine months through September despite a dip in revenues.

Golden MV recorded a six percent jump in its net income during the first three quarters of the year to P1.14 billion despite a five percent decline in revenues to P3.85 billion.

The lower revenue was due to the decrease in real estate sales, interest income on contract receivables, interment income, and income from chapel services.

Due to a drop in sales of memorial lots and residential units, real estate sales decreased by five percent to P3.65 billion.

Interest income on contract receivables slipped by six percent to P127.8 million as a result of lower in-house finance sales.

Interment income slipped eight percent to P48.8 million.

Chapel services income likewise fell by 19 percent to P23 million due to lower number of memorial chapel and cremation services.

Panguil Bay bridge now 61% complete

Construction of the 3.17-kilometer bridge that will reduce travel time between Lanao del Norte and Misamis Occidental is now 61 percent complete, according to the Department of Public Works and Highways (DPWH).