AbaCore Capital Holdings Inc., a holding company with interests in sectors as tourism, real estate, financial services, and energy, reports strong earnings growth in the third quarter amid continued expansion in its various business ventures.
The company reported a net income of P74.9 million, or P0.0174 per share, in the third quarter, an increase from P37.9 million, or P0.0089 per share, in the year-ago period. This was attributed to gains of P95.2 million from the disposal of investment properties.
Expenses also grew on a year-over-year to P21.1 million from P13.1 million. Management and directors’ fees grew to P5.4 million from P1.5 million, professional and other services expenses increased to P4.0 million from P 2.3 million, while salaries and wages remained relatively unchanged at P4.5 million.
For the period nine months ending September 30, ABA’s net income grew year over year to P383.3 million from P22.4 million. The growth is primarily attributed to gains of P374.05 million from the sale of various investment properties in Batangas — such as in Pagkilatan, Calingatan, Mataas na Kahoy, San Salvador, Lipa, and Inosloban.
During this period, ABA replenished its portfolio by investing in properties in key areas throughout the country, such as Cavite and Batangas.
ABA also generated income of P75.75 million from the sale of 1,000 shares of Montemaria Asia Pilgrims Inc. It also earned P8.05 million from its subsidiary Pacific Online Systems Corporation (PSE: LOTO).
Recently, LOTO entered into a memorandum of agreement with the Philippine Charity Sweepstakes Office to create a web-based betting platform. Under the MOA, as the exclusive agent, LOTO will earn 14 percent of gross revenues generated from the platform.
“ABA’s financial results for the third quarter reflect the strength of our investment portfolio, the potential of our business ventures with various partners, and enhanced governance practices implemented across the board,” Antonio Victoriano F. Gregorio III, Vice Chairman and Head of Investor Relations, said. “Moving forward, we will further strengthen our balance sheet so that we can continue capitalizing on the growth opportunities that lie ahead of us.”
