A. Brown nets P225.9 million in H1, up 5.7%

Listed real estate developer A. Brown Company Inc. saw its bottom line grow by 5.7% in the first half of 2021 to P225.9 million from P213.6 million reported for the same period in 2020.

In a disclosure to the Philippine Stock Exchange, A. Brown said resilient real estate sales and a higher contribution of equity in net earnings of associates contributed to the higher net income.

The company’s consolidated revenues, however, slipped by 11.7% to P289.4 million in the first six months of the year compared to P327.7 million posted in the same period in 2020 on the back of 11% decline in real estate booked sales of P259.9 million.

The decrease can be attributed to  stricter community quarantine restrictions affecting permitting activities, A. Brown said.

According to the company, its investments in the utilities sector contributed P167.9 million to its bottom line, a 15.5% increase compared to P145.4 million 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, it said.

A. Brown reiterated its commitment to pursue its other pipelined projects.

“One of these is the proposed Integrated Natural-Gas Fired Power Plant and LNG Storage and Regasification Project in Batangas by fully-owned subsidiary Vires Energy Corporation,” it said.

“Another is the development of a Tanay Commercial Electron Beam Facility by Irradiation Solutions Inc., another fully owned subsidiary. The project is envisioned to be the first Commercial E-Beam Facility to be built in the Philippines,” it added.

Permitting and detailed engineering design for the Tanay facility is expected to be completed by December 2021, the company said, adding that construction is targeted to commence by 2022 and commercial operations to start by the second half of 2023.—LDF, GMA News