A Brown Company, Inc. (A Brown) reported an increase in net income for the first half of this year to P225.9M, up 5.7 percent from the P213.6M reported for the same period in 2020. Resilient real estate sales and a higher contribution of equity in net earnings of associates contributed to the higher net income, reported the company.
Despite the higher net income, A Brown’s consolidated revenues dipped 11.7 percent to P289.4 million in the first six months of the year compared to P327.7 milliom during the same period last year. According to the company, the 11 percent decrease of real estate booked sales of P259.9 million for the first half of the year can be attributed to the imposition of stricter community quarantine restrictions affecting permitting activities.
“The demand for A Brown’s real estate offerings remains strong in its niche areas of operations Cagayan de Oro, Bukidnon, Butuan, and Misamis Oriental posting real estate reservation sales of P669M for the first half. The company maintains its focus on delivering healthy, environment-friendly and low-density community concepts to cater to the middle and premium markets,” the real-estate company said.
According to A Brown, its investments in the utilities sector contributed P167.9 million to its bottom line, a 15.5 percent increase compared to P145.4M for the same period last year.
Additionally, its operating associates Palm Concepcion Power Corporation and Peakpower Energy Inc. delivered better results for the first half of the year compared to the same period last year.
