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AbaCore income surges nearly 98%

LISTED holding firm AbaCore Capital Holdings, Inc. logged a 97.6% increase in its third-quarter net income amid growth from its various business interests as well as gains from the disposal of properties.

In a regulatory filing on Tuesday, AbaCore said its net income for the July-to-September period improved to P74.9 million from P37.9 million last year.

“This growth is primarily attributed to gains of P95.2 million from the disposal of investment properties,” AbaCore said.

The company’s expenses also grew on a year-over-year basis to P21.1 million from P3.1 million.

Meanwhile, AbaCore said its nine-month net income surged to P383.3 million from P22.4 million a year ago.

“The growth is primarily attributed to gains of P374.05 million from the sale of various investment properties in Batangas — such as in Pagkilatan, Calingatan, Mataas na Kahoy, San Salvador, Lipa, and Inosloban,” AbaCore said.

As of September, AbaCore invested in properties across Cavite and Batangas to replenish its asset portfolio after the sale of various properties.

AbaCore said it also generated P75.75 million in income from the sale of 1,000 shares of Montemaria Asia Pilgrims Inc., as well as P8.05 million from its lottery subsidiary Pacific Online Systems Corp.

AbaCore has a 4.89% stake in Pacific Online.

“The company’s financial results for the third quarter reflect the strength of our investment portfolio, the potential of our business ventures with various partners, and enhanced governance practices implemented across the board,” AbaCore Vice Chairman and Head of Investor Relations Antonio Victoriano F. Gregorio III said.

“Our expenses continue to grow, but this is because we are continuously investing in our organization so that everyone can fully reach their potential — which in return will fuel the growth of our businesses across various markets,” Mr. Gregorio said.

AbaCore is a holding company that has business interests in tourism, real estate, financial services, and energy.

On Tuesday, shares of AbaCore climbed one centavo or 0.94% to P1.07 apiece. — Revin Mikhael D. Ochave 

Neil Banzuelo

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