July 26, 2017, 2:44 am
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Premiere Horizon revenues up 570%

Premiere Horizon Alliance Corp.  (PHA) said profit for the first nine months of the year reached P105.45 million, a 20 percent drop from last year’s P131.55 million.

The company was quick to add however that last year’s figure include a “more than P100 million” one-time gain in the sale of gaming assets. 

Consolidated revenues reached P785.05 million, a 570 percent growth from last year’s P116.03 million.

Premiere Horizon said its earnings improvement was due to the substantial increase in revenue of Redstone Construction Development Corp., (Redstone), an 80 percent owned subsidiary, and the strong real estate sales of Goshen Land Capital, Inc.  (Goshen), a 55 percent owned subsidiary.

“Redstone posted total revenues of P252 million and hauled a total of 3.4 million WMT.  Goshen reported total revenues of P560 million with a net profit of P93.09 million,” it said. 

“On the other hand, Concepts Unplugged Business Environment Solutions (CUBES), a 51 percent owned subsidiary engaged in alternative refrigeration technology, can now start commercial operations for its Mamplasan site and has been granted a BOI accreditation with a 4-year income tax holiday incentive,” it added.

The company said operating income was at  P206.16 million, 15 times higher than last year’s P12.65 million.

Premier Horizon closed the period with assets of P2.97 billion, 236 percent higher than end-2014’s P885 million. Shareholders equity stood at P762 million, up 26 percent from end-2014’s P602.68 million.

“Retained earnings increased by 7 percent to P119.44 million from P111.64 million,” the company said.
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