Araneta Properties names Luis Araneta as new president

February 22, 2024

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LISTED property developer Araneta Properties, Inc. has elected Luis M. Araneta as its new president.

Mr. Araneta is the company’s new president effective Thursday, replacing Crisanto Roy B. Alcid, according to a regulatory filing by Araneta Properties.

Mr. Alcid has been elected as the company’s treasurer, which was previously held by Mr. Araneta.

“We wish to inform you that due to the vast amount of work associated with Gregorio Araneta, Inc. and the Gregorio Araneta III Group of Companies, Mr. Alcid has tendered his resignation as the president of Araneta Properties, which the board of directors has accepted,” the listed property developer said.

In the first nine months of 2023, Araneta Properties posted a P19.68-million net loss, a turnaround from the P2.9 million net income in 2022.

The company’s nine-month revenue dropped by 42% to P27.45 million from P51.22 million in 2022.

On Thursday, shares of Araneta Properties fell 0.97% or one centavo to P1.02 apiece. — Revin Mikhael D. Ochave