Revenues for January to March improved 22 percent to P287.6 million from P236.1 million on the back of robust real estate sales, the firm said in a recent disclosure.
REAL estate developer A Brown Co. Inc.'s net income in the first quarter of 2024 dropped 29 percent to P79.4 million from P112 million a year earlier as higher costs weighed on revenues.The improvement in revenues, however, was offset by the cost of sales and services, which ballooned 81 percent to P133.2 million during the quarter from P73.4 million previously.ABCI said gross profit was 5 percent lower at P154.4 million from the P162.7 million recorded in the same period last year.
Consolidated liabilities and equity stood at P4.5 billion and P8.5 billion, respectively.In February, ABCI successfully raised P1.44 billion from the offering of preferred shares, the proceeds of which would fund pipeline projects and land banking initiatives.The share sale represents the second tranche of the company's 50 million preferred shares under shelf registration.
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