Lease contracts boost CREIT’s net income to P305M

Citicore Energy REIT Corp. (CREIT) recorded a third-quarter net income of P305.32 million, more than 10 times the P29.39 million posted in the same period last year, due to the start of its lease contracts. 

In a disclosure to the stock exchange on Monday, CREIT saw its revenues for the quarter increase by more than five times to P333.26 million from P59.95 million in the same period last year.  

For the third quarter, the company’s gross expenses increased by 8.3% to P19.83 million from P18.31 million a year ago. 

In the nine months to September, CREIT’s net income surged to P906.46 million, up by P787.87 million or more than seven times higher than the P118.59 million recorded a year ago.  

The company attributed the profit rise to its lease contracts on freehold properties in Armenia in Tarlac City and San Ildefonso in Bulacan, its leasehold properties in Toledo City in Cebu, Silay City in Negros Occidental, and Dalayap in Tarlac City, and its solar farm in Clark Freeport Zone, Pampanga. 

For the nine-month period, CREIT posted gross revenues of P996.84 million, more than five times higher than the P190.68 million logged a year ago, which mainly consist of income from its freehold and leasehold properties and solar plant.  

Meanwhile, its gross expense from January to September increased by 30.3% to P67.45 million from P51.76 million a year ago.   

CREIT declared a cash dividend of four centavos per outstanding common share for the third quarter, payable on Jan. 5 next year to shareholders on record as of Dec. 9. 

On Monday, shares in the company closed unchanged at P2.12 apiece. — Ashley Erika O. Jose