Filipino listed firm A. Brown Company Inc. has logged a modest 5.7-percent rise in its net income to P225.9 million in the first half of this year from the year-ago level of P213.6 million.
The company, which has business interests in real estate, power generation as well as in the oil and gas industry, stated that earnings in the first semester mainly come from its real estate sales.
“Resilient real estate sales and a higher contribution of equity in net earnings of associates contributed to the higher net income,” the company specified.
Overall though, the company indicated that its revenues had still been lower by 11.7-percent within January to June this year – and that hovered at P289.4 million from last year’s heftier P327.7 million.
It qualified that there was still decrease in real estate booked sales because of the imposition of stricter community quarantine restrictions due to the Covid-19 pandemic, although A. Brown emphasized that its real estate offerings in its niche market areas – primarily in Cagayan de Oro, Bukidnon, Butuan, Mindanao and Misamis Oriental, remained to have bullish uptake.
In the power generation segment, the company stated that its net earnings went up by 15.5-percent to P167.9 million from P145.4 million on a comparative period last year.
“Operating associates Palm Concepcion Power Corporation and Peakpower Energy Inc. delivered better results for the first half of the year compared to the same period last year,” the company emphasized.
Beyond the firm’s current business portfolio, A. Brown noted that its subsidiary Vires Energy Corporation is now advancing on its liquefied natural gas (LNG) import terminal project that it is targeting to bring to commercial operation by 2023.
The firm disclosed that a consortium of Seanergy Singapore and London Marine Consultants already started on the pre-FEED or front-end engineering design of the floating power plant component of the project.
The other ongoing project of the company is its proposed commercial electron beam venture that will be set up in Tanay province, which is being undertaken by its other subsidiary-firm Irradiation Solutions Inc., and this will be the first e-beam facility in the country upon its completion in 2023.