Property

Po family’s Arthaland hit hard by COVID lockdown, Q1 profit falters to P10.3M

Property developer Arthaland Corp. of the Po family saw its net income plunge to P10.3 million in the first quarter from P201.8 million a year ago, reflecting the impact of the coronavirus pandemic and the lockdown imposed in both Luzon and Cebu.

The community quarantine implemented in the second week of March halted construction activities, limited economic and travel activities of workers, suppliers, and other stakeholders, and affected sales reservations and bookings.

Revenues, however, rose 24% to P577.2 million. Gross income grew 42% to P267.06 million.

Only 1 unit was booked under the Savya office project in the first quarter odue to the impact of COVID-19.

Finance costs surged to P67.3 million from only P7.34 million, largely due to the interest from ACPT loans which were no longer capitalized since the building was already completed in 2019, and interests from ASEAN green bonds, term loan and other working capital loans.

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