ANGLO Philippine Holdings Corp. earned P113.87 million in net income from January to March, reversing a P20.9-million loss from the same period previous year due to the success of its several subsidiaries.
Its return to profitability occurred after sales increased from P9.76 million to P125.16 million.
The Philodrill Corp., in which the business owns 34.32 percent, turned a P6.3-million profit during the period, reversing a P18-million net loss the previous year. According to reports, the Galoc field produced 152,701 barrels in the first quarter.
Atlas Consolidated Mining and Development Corp., which owns 28.64 percent of the company, earned P120.4 million in net income over the three-month period, up from a loss of P36.8 million in the first quarter of 2020.
Meanwhile, United Paragon Mining Corp. reported a net loss of P15.6 million, an increase from the previous year’s loss of P11.3 million. The corporation owns 25.68 percent of United Paragon.
Losses at wholly owned subsidiary Bataan Aggregates Corp. increased to roughly P700,000 during the quarter, up from P600,000 the previous year. Another totally owned company, Anglo Philippine Power Corp., is currently in the planning phases.
Anglo Philippine Holdings said, “[It] is currently examining several renewable energy projects for future investment.”
Tipo Valley Realty, Inc., in which the business owns 97.59 percent, reduced its net loss from P1.5 million to P1.4 million.
The publicly traded holding company also controls 18.6 percent of MRT Holdings, Inc., which holds the majority of Metro Rail Transit Corp. It is estimated that it served 100,000 passengers per day as of the end of last year.
The corporation owns 15.79 percent of MRT Development Corp., which it says produces money through concessionaire leases and advertising fees at MRT stations without providing details.