Philippine Realty and Holdings Corp. (Philrealty), led by business magnate Gerardo Lanuza, faced mounting challenges in the first quarter of 2023, as increased finance costs and tax expenses weighed on its financial performance.
The developer of The Alexandra and the Philippine Stock Exchange Centre, reported a wider loss of P31 million compared to last year’s P22 million.
Philrealty experienced a 15 percent surge in costs and expenses, reaching P118 million. Despite these hurdles, the company managed to generate a seven percent improvement in revenues, amounting to P88 million as against P82 million in the first quarter of 2022.
The growth in revenue was driven by a 14 percent jump in rental income, attributed to the origination of new lease contracts.
Additionally, management fees grew by 11 percent, reflecting the addition of a new client. Interest income also saw a significant surge of 225 percent, mainly due to higher interest collected from buyers as a result of delayed payments.
These positive developments helped offset the two percent decline in real estate sales during the period.
Philrealty reported a slight dip in sales of real estate units, encompassing properties such as Skyline and SkyVillas Towers in Quezon City, as well as the Icon Plaza in Bonifacio Global City.