BDO Leasing and Finance Inc. said profit in the first quarter of the year reached P83 million, a reversal from a P24 million loss last year.
Revenues reached P696 million.
The company in a statement said the results “reflect successful measures undertaken to address margin compression, which dragged down its financial results in 2019.”
BDO Leasing said these “measures” led to total expenses to drop 30 percent to P569 million, “largely due to the 52 percent drop in interest and financing charges as funding costs normalized.”
Earlier this year, BDO Leasing’s Parent Company, BDO Unibank, Inc. (BDO) announced that it entered into an agreement to sell a controlling stake in BDO Leasing to a third party as part of the Bank’s restructuring of its leasing business. The sale transaction is subject to closing conditions and approval by regulatory authorities.
