Citicore Energy REIT Corp. (CREIT) registered an attributable net income of P316.08 million for the second quarter, 5.1% higher than the P300.81 million last year, boosted by higher revenues for the period.
In a stock exchange disclosure, the company said it saw its gross revenue for the second quarter expand by 27.7% to P423.53 million from P331.79 million last year.
Its gross expense for the April-to-June period fell by 4% to P26.83 million from P27.94 million in the same period last year.
Lease revenues for the second quarter went up to P799.98 million from P663.58 million a year ago, the company said in a separate media release.
Of these leases, about 17% came from the contribution of new leases after the company signed new contracts for land acquisition using proceeds from its ASEAN green bond issuance.
To recall, the company had received the approval of the Securities and Exchange Commission allowing it to sell its maiden P4.5-billion ASEAN green bond offering.
“We remain committed to CREIT’s vision of delivering a sustainable investment platform, both from a financial and environmental perspective. Rest assured that we will continue to focus on adding green and value-accretive assets to our portfolio to drive long-term growth and shareholder value creation,” Oliver Y. Tan, president and chief executive officer of CREIT, said in a stock exchange disclosure.
The company said the newly acquired properties in Batangas and Pampanga expanded the company’s land area to 5,960,000 square meters as of June, further growing its land holdings.
For the January-to-June period, the company’s attributable net income rose to P621.04 million, up by 3.3% from P601.14 million last year.
Its gross revenue for the period went up to P799.98 million, marking a 20.6% increase from P663.58 million previously.
For the first semester, however, the company’s gross expense increased by 26% to P60 million from P47.62 million year on year.
At the local bourse on Monday, shares in the company gained two centavos or 0.79% to end at P2.56 apiece. — Ashley Erika O. Jose