Haus Talk income triples to P15M on property sales

HAUS TALK, Inc. reported that its attributable net income nearly tripled to P15.25 million in the second quarter from P5.37 million last year driven by a surge in its real estate sales.

Its topline for the April-June period jumped by more than seven times to P193.63 million from P26.42 million a year ago.

Real estate sales became its revenue driver after the company acquired properties in Biñan and Bacoor, and developed its Celestis 1 and 2, and Mariveles projects, which pushed inventories by 14.3% to P411.21 million.

Real estate sales accounted for P189.52 million of revenues, higher by eight times than the previous year’s P23.41 million.

However, costs jumped to P107 million, more than 16 times higher than P6.64 million last year. Operating expenses also quadrupled to P34.21 million from P8.46 million year on year.

Year to date, the company’s attributable net income rose to P16.56 million, more than twice the P6.99 million recorded a year ago.

In the first half, its topline rose to P385.72 million, more than four times of last year’s P88.77 million.

Haus Talk’s primary purpose is to acquire land, engage in land and housing development and participate in the government’s mass housing program.

It completed its initial public offering on Jan. 17. Its subsidiaries include Tradition Homes, Inc. and Lifestyle Development Corp.

On Thursday, shares in Haus Talk declined by 2.06% or P0.02 to 95 centavos apiece. — Justine Irish D. Tabile