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.