Premiere Horizon net loss narrows to P41M

PREMIERE Horizon Alliance Corp. on Wednesday reported that it had trimmed its attributable net loss during the first quarter to P41.19 million from P58.07 million in the same period last year due to higher revenues.

In the company’s financial statement filed at the local bourse, it recorded a top line of P102.91 million, more than three times higher than the P30.23 million in the previous year, mainly through the sale of real estate, which more than doubled.

The company did not report revenues from its mining-related services after it recorded P3.46 million a year ago.

Its total cost of sales and services went up by 70.9% to P70.41 million in the first quarter from P41.21 million recorded in the same period last year. This was mainly due to a more than five times surge in the costs of real estate sold during the period to P50.76 million from P9.26 million as more sales were reported.

Costs of services declined by 38.5% to P19.65 million from P31.95 million during the same period last year.

The company’s gross profits stood at P32.5 million during the January-to-March period, a reversal of the P10.98-million loss it incurred in the same period the prior year.

Meanwhile, The Philippine Stock Exchange, Inc. on Wednesday imposed a penalty on the listed company as it failed to submit its quarterly report for the period ending March 31, on or before the extended deadline on May 22.

Premiere Horizon, an investment holding company, says its projects “invigorate the countryside.” Its subsidiaries include Premiere Georesources and Development, Inc.; West Palawan Premiere Development Corp.; Goshen Land Capital, Inc.; and Concepts Unplugged Business Environment Solutions, Inc.

On Wednesday, Premiere Horizon said an auction on May 11 of delinquent shares representing 24.35% of the company’s outstanding shares was awarded to a private investor. Its shares closed unchanged at P0.26 each. — A. H. Halili

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