Arthaland Corporation, a developer of sustainable and green properties, recorded a 65 percent surge in net income to P917.17 million in the first half of 2020 from P556.79 million in the same period last year.
Data disclosed to the Philippine Stock Exchange to show, the jump in earnings was due to a spike in non-operating income to P1.19 billion in the first semester this year from P633.42 million in the same period of 2019.
Revenues actually fell 18 percent to P886 million from the P1.08 billion recorded during the same period last year.
“The drop in revenues is substantially aligned with management’s expectation following the temporary impact of the COVID-19 pandemic on operations,” the firm said.
In June, the company completed the sale of 40 percent of its interest in the North Tower of Savya Land
Development Corporation to Mitsubishi Estate Corporation.
“We are extremely pleased to have finalized our strategic partnership with Mitsubishi Estate as it will allow us to benefit from their vast expertise in real estate development,” said Arthaland Vice Chairman and President Jaime C. González.
He added, “We expect recovery in the following periods and we continue to retain project target delivery dates as we have built-in sufficient flexibility in our timelines and because we have chosen to work with the top tier general contractors.”
In particular, Gonzalez said the handover to buyers of Phase 1 of Cebu Exchange is on track by the fourth quarter of this year.
“Similarly, for the Savya Financial Center and Sevina Park, we have worked closely with our contractors to recover from any delays resulting from the temporary closure of the construction site following the ECQ,” said González.
Meanwhile, The Arthaland Century Pacific Tower continued to be the main source of Arthaland’s recurring income and delivered valuation gains in the first half of 2020.