MRC Allied widens net loss to P65.8 M

MANILA, Philippines - MRC Allied Inc. widened its net loss by 60 percent in 2016 due to higher operational expenses.

In a financial report to the Philippine Stock Exchange, MRC said its net loss grew to P65.8 million, largely attributable to operating expenses particularly on the accrual of interest and penalties on the remaining loans and overhead expenses.”

Total expenses climbed 23 percent to P66.3 million while trade and other payables, consisting of Interest and penalties incurred on outstanding loans, grew to P318.15 million.

“These are transactions made from a stockholder for working capital advances and acquisition of licenses for Menlo Renewable Corp.” the company said.

In May 2015, MRC incorporated a wholly-owned subsidiary, Menlo Renewable Energy Corp., to carry out its renewable energy projects.

Total assets of the company amounted to P1.08 billion as of Dec. 31, 2016.

MRC Allied is primarily engaged in the property development business. Its principal assets consist of two land banks, particularly a 160-hectare industrial estate in Naga City, Cebu and 700 hectares of raw land in San Isidro, Leyte.