Premiere Horizon cuts net loss in Q1 on strong real estate sales

Premier Horizon Alliance Corp. trimmed its net loss by 68.5 percent to P12.39 million in the first quarter on the back of robust real estate sales and belt-tightening measures implemented to survive the pandemic.

Revenues jumped by 68.7 percent to P102.84 million. Bulk of the total came from real estate sales, which accounted for P93.12 million or more than four times the previous year’s P19 million.

Other costs and expenses declined to P29.61 million from P34.11 million.

PHA expects its financial position to improve by the second half as it is set to resume the mining activities of its subsidiary Premiere Georesources and Development Inc.

The company’s real estate unit in North Luzon, Goshen Land Capital will launch a vertical project in Baguio City’s commercial business district.

Tourism unit West Palawan Premiere is also scheduled to launch a beachside residential project in Puerto Princesa City in Palawan.

The company saw its share price plummet from a high of P3.45 on March 3, 2021 to P1.83 as of Tuesday.

Bilyonaryo.com/ June 1, 2021

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