Eisa Mercado’s IPM takes a hit, Q1 earnings plunge on declining revenue streams

Waste management service company IPM Holdings of bilyonaryo Eisa P. Mercado saw its profit plunge by 70 percent in the first quarter of 2023 on lower hauling and waste collection revenue.

In its financial report submitted to securities regulators, IPM said net income plummeted to P2.48 million from P8.16 million last year.

Revenues for the three-month period also took a hit, falling by 35 percent to P50.19 million. The decrease in income from the company’s joint venture in hauling and waste collection in Cagayan de Oro City contributed to a 35 percent year-on-year decline in service income, which amounted to P49.02 million.

Furthermore, rental income experienced a 33 percent decline to P0.81 million, largely attributed to the decrease in rental income from equipment and trucks, which are now being utilized for the company’s own hauling activities.

General and administrative costs went up by six percent to P6.14 million, primarily driven by higher professional fees. The rise in expenses added to the financial challenges faced by IPM Holdings during the period.

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