SOCResources swings to net loss on lower sales - News Summed Up

SOCResources swings to net loss on lower sales


LISTED holding firm SOCResources, Inc. saw a net loss of P8.1 million for the first half of the year from a net income of P7.8 million last year as costs and expenses, although smaller than the previous period, outpaced sharply lower revenues. It currently has a wholly-owned subsidiary, SOC Land Development Corp. (SOC Land), which is engaged in the real estate business. SOC Land has two projects — Anuva Residences in Parañaque City and Althea Residences in Biñan City, Laguna. Unit SOC Land booked a net loss of P7.9 million in the first half, reversing the net income of P10.8 million in the same period last year, as Anala posted sharply lower sales of P13.3 million, down 85 percent from last year’s P92.9 million. Althea’s sales also shrank to P3 million from 2016’s P8 million, or a decrease of 62.5 percent year-on-year.


Source: Manila Times August 21, 2017 17:03 UTC


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