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Manila Bulletin devider Business devider BDO Leasing posts turnaround in Q1

BDO Leasing posts turnaround in Q1

Published Apr 20, 2020 12:00 am
By James A. Loyola BDO Leasing and Finance, Inc. (BDO Leasing) recorded a sharp turnaround in the first quarter of 2020 to a net income to ₱83 million from the ₱24 million loss in the comparative period last year. In a disclosure to the Philip¬pine Stock Exchange, the firm said the results reflect successful measures undertaken to address margin compres¬sion, which dragged down its financial results in 2019. For the first quarter of 2020, gross revenues amounted to ₱696 million, while total expenses dropped by 30 per cent to ₱569 million, largely due to the 52 per cent drop in interest and financing charges as funding costs normalized. Earlier this year, BDO Leasing’s Parent Company, BDO Unibank, Inc. (BDO) announced that it entered into an agreement to sell a controlling stake in BDO Leasing to a third party as part of the Bank’s restructuring of its leasing business. The sale transaction is subject to closing conditions and approval by regulatory authorities.
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