ABACORE Capital Holdings Inc. said it rebounded to a P307.6 million profit in the first quarter of the year from a P13.2 million loss last year.
“AbaCore’s net income for the quarter primarily came from a gain of P249.96 million from the disposal of investment properties. The company also gained P75.6 million from the sale of investment in subsidiaries and P4.4 million in interest income,” the company said in a statement.
Revenues hit P325.72 million, up 7,027.35 percent from P4.57 million last year.
Abacore said its board of directors also approved the sale of a 30,000-square meter (sq.m.) property in Barangay Inosluban in Lipa City, Batangas for P210 million or at P7,000 per sq.m.
“We are happy for our strong start in 2023. This is the result of the company’s efforts to monetize its assets through property sales and joint ventures,” said Antonio Gregorio III, Abacore vice chairman.
“Our focus over the next quarters will not shift and we hope to sustain our momentum,” he added.
Abacore is currently pursuing various ventures across different markets that include the development of Montemaria Shrine, a pilgrimage center in Batangas, as a lifestyle destination.
It is also working to monetize its coal assets in Surigao del Sur.
The company is likewise working to develop a clean energy project for Batangas residents, while looking for ways to leverage its landbank in Batangas to attract investments.
“Abacore’s biggest strength has always been the expertise of its management in the various markets it operates in. (The company) leverages itself by working closely with our business partners to fully realize the growth potential of our assets. This will be a cornerstone of our long-term growth strategy moving forward to deliver value to our shareholders,” Gregorio said.
