AbaCore returns to profitability in first quarter

ABACORE Capital Holdings, Inc. posted P107.3 million in net income in the first quarter, a turnaround from its P15.3-million net loss a year earlier, led by a gain from the disposal of investment properties.

“The results for the first quarter were primarily impacted by a gain of P140.6 million from the… disposal of investment properties,” the listed holding company said in an e-mail statement on Thursday.

Expenses rose 30.3% to P33.1 million after adjustments in government-mandated employee benefits, as well as higher office supplies and fuel consumption costs. Interest income climbed 15.6% to P20.8 million.

“AbaCore’s results for the first quarter reflect our continued success in managing our investment and land portfolio, allowing us to take advantage of prevailing market conditions to maximize our profitability,” AbaCore President Antonio Victoriano F. Gregorio III said in the statement.

Meanwhile, AbaCore said it plans to build a resort and villa complex, waterpark, snow and ice world, and marine biodiversity center at the Montemaria Shrine in Batangas.

The company is also preparing for the implementation of a coal-mining project under unit Abacus Coal Exploration Development Corp.

It will also develop the ABA Energy Hub in Batangas City and consummate existing land transactions with entities such as A Brown, Pelican Group and Eternal Gardens.

AbaCore will also boost its financial service portfolio under unit Philippine Regional Development Corp.

“We will continue to pursue this strategy over the long term, as well as… expansion plans across our various subsidiaries to increase our bottom line and continuously enhance shareholder value,” Mr. Gregorio said.

AbaCore has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services.

Its shares fell 1.64% or a centavo to 60 centavos each at the close of trading. — Revin Mikhael D. Ochave