Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Premiere Island Power REIT profit slips 4% on higher costs

by
August 22, 2024
in Top News
0
Premiere Island Power REIT profit slips 4% on higher costs
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

VILLAR-led Premiere Island Power REIT Corp. (PREIT) saw a 4% decline in its second-quarter net profit to P127.74 million from P133.12 million last year due to higher rental costs.

Revenue for the second quarter was flat at P152.21 million, while rental costs surged by 19.7% to P20.88 million from P17.44 million last year, PREIT said in a regulatory filing.

For the first half, PREIT saw a 4.6% drop in net profit to P255.27 million from P267.44 million a year ago.

January-to-June revenue was unchanged at P304.42 million, while rental costs increased by 20% to P41.76 million from P34.89 million in 2023. 

“(Higher rental costs) were mainly attributable to depreciation of generation assets amounting to P29.1 million and real property taxes amounting to P3.6 million. Depreciation in 2024 increased by P2.8 million due to the increase in the valuation of properties for the year 2023,” PREIT said. 

PREIT is the real estate investment trust platform of the power and infrastructure groups of Villar-led Prime Asset Ventures, Inc. The company’s sponsors are S.I. Power Corp. (SIPCOR) and Camotes Island Power Generation Corp. (CAMPCOR). 

SIPCOR operates bunker-fired generation units in Siquijor Island, while CAMPCOR operates two power plants in Camotes Island, Cebu.

On Thursday, PREIT shares rose by 1.05% or two centavos to P1.92 apiece. — Revin Mikhael D. Ochave 

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
UP honors Eraserheads with Gawad Oblation

UP honors Eraserheads with Gawad Oblation

Recommended

How SMIC balances risk preparedness with community gains

How SMIC balances risk preparedness with community gains

September 23, 2024
BSP amends guidelines for participants of Peso Real-Time Gross Settlement system

BSP amends guidelines for participants of Peso Real-Time Gross Settlement system

December 16, 2024
Nearly half-million doses of ASF vaccine due by mid-Oct.

Nearly half-million doses of ASF vaccine due by mid-Oct.

October 1, 2024
Stocks in Focus: Three Stocks Primed for Explosive Growth

Stocks in Focus: Three Stocks Primed for Explosive Growth

March 16, 2025
Morrisons tests raising freezer temperatures to cut energy costs and emissions

Morrisons tests raising freezer temperatures to cut energy costs and emissions

August 2, 2024
Surveillance Audit Confirms ISO 9001 Compliance for Veritek Global Ltd

Surveillance Audit Confirms ISO 9001 Compliance for Veritek Global Ltd

October 15, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved