Premiere Horizon Alliance Corporation (PHA) posted a record P149.9 million consolidated net profit in its third quarter, bolstered by a partial recognition of one-time gain from the sale of the gaming assets of its subsidiary, Digiwave Solutions Inc. (DSI).
This was further buoyed by a 99% increase in the net profit of subsidiary Redstone Construction and Development Corporation (RCDC). The gain has effectively wiped out PHA’s retained earnings deficit from the previous period.
Premiere Horizon’s finances, together with intended fund raising activities, will support these projects in the fields of food security, natural resources development, shelter and communities and tourism development, helping facilitate the country’s competitiveness in the looming ASEAN Economic Community integration next year. For the three quarters, cash increased to P204.3 million and receivables is at P319.2 million. The third quarter results confirm the availability of cash in pursuing the company’s new direction of investing in innovative countryside projects similar to PHA’s recently announced investment agreement with Concepts Unplugged Business Environment Solutions Inc. (CUBES), a provider of refrigeration technology to cold storage facilities.