Philippine Racing Club Inc., which discontinued its horse racing operations to focus on its property development business, projects better operating results this year on an expected rebound in the real estate operations.
PRCI said construction activities are expected to continue to stabilize similar to the scale before pandemic began in early 2020. It said its retail business operation inside Circuit Makati—the former site of its Sta. Ana Racetrack–is also back and expected to be more upbeat compared to 2023.
“New retail shops are expected to open and those shops that temporarily closed due to the pandemic are expected to re-open this year 2024,” the company said in its report..
PRCI said it generated a net income from continuing operations of P290.6 million for 2023 compared with net income of P124.9 million for 2022. Horseracing operations was discontinued to stop the losses that started when the COVID pandemic hit.
The company resumed selling its inventory of condominium and parking units in Astela, its latest residential project inside the Circuit Makati. Last year, three condominium units and seven parking units have qualified for revenue recognition. For same period in 2022, there were no new sales of condominium and parking units.
It completed the Stiles East Condominium project was in the third quarter of 2022, so PRC didn’t recognize any revenue from that project in 2023.
PRCI said gross profit from continuing operations amounted to P384.1 million last year compared with P249.2 million for 2022. Other operating expenses for 2023 amounted to P214.9 million compared with P178.4 million for 2022 while other income, net of other charges, for 2023 amounted to P299.9 million versus net other income of P110.1 million.
