PHILIPPINE Infradev Holdings, Inc. recorded a P8.30 million attributable net loss in the first quarter, up from P5.27 million the previous quarter, as real estate sales fell despite a public health crisis.

The company’s overall sales in the first three months of the year were P1.37 million, an 88.7 percent decline from P12.17 million in the same timeframe last year, according to Philippine Infradev’s quarterly report published on May 18.

Sales of real estate fell 89.5 percent to P1.25 million from P11.94 million previously. Costs and losses fell 44.6 percent to P9.66 million from P17.44 million the previous year.

Philippine Infradev’s primary business is the purchase, reclamation, construction, or mining of property for the purpose of transforming and expanding it into integrated residential or commercial communities.

Its attributable net profits fell to P463.76 million in 2020, down from P3.14 billion in 2019.

The Makati City subway project is managed by the company’s fully owned subsidiary Makati City Subway, Inc.

Philippine Infradev got the first tunnel boring unit for the subway network on Friday. It intends to complete underground civil works at the project’s key location in two years.

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