PHILIPPINE Infradev Holdings, Inc. posted a net loss of P779.527 for the third quarter on Tuesday, reversed net earnings of P2.27 billion a year earlier.
In the filing to the stock exchange, the business announced sales totalling P17.29 million for the third quarter, down 99.5 per cent from P3.26 billion recorded in the same time last year.
The company’s gross spending for the year decreased by 10.8% to P18.54 million from P20.78 million.
Philippine Infradev’s non-operating revenue fell to P234,338 by 49.2 percent. Its non-operating expenditure also decreased to P24,531 by 32.3 per cent.
These took the company’s overall sales to P32.44 million over the nine-month period, 99 per cent lower than last year’s P3.32 billion. The net loss for the same period was P27.26 million, a reversal of last year’s attributable net profits of P2.27 billion.
The overall business expenditure for the nine months of September was P59.70 million, 23.6 per cent lower than last year’s figure.
Nine-month, non-operating revenue was P1.16 million, down 28.3 per cent from last year’s P1.62 million. Non-operating expenditures decreased to P82,613 by 42.7% over the year.
Philippine Infradev is constructing a $3.5-billion subway that will run through the central business district of Makati City. The network would have 10 stations around a 10 kilometer grid.
It had formed a $1.21 billion engineering, acquisition and development deal with China Construction Second Infrastructure Bureau Co. Ltd. for the project on the subway.