AbaCore returns to profitability

MANILA, Philippines — Listed holding company AbaCore Capital Holdings Inc. with interests in sectors such as real estate, finance, and tourism, returned to profitability with a net income of P307.6 million in the first quarter of the year.

This was a reversal of the net loss of P13.2 million in the same quarter last year.

AbaCore said the strong performance from January to March this year was primarily driven by a gain of P249.96 million from the sale of investment properties.

The holding company also gained P75.6 million from the sale of investment in subsidiaries and P4.4 million in interest income.

The company’s board of directors approved the sale of a 30,000-square meter property in Barangay Inosluban in Lipa City, Batangas.

The land, owned by AbaCore subsidiary Asean Publishers Inc., is being sold for P210 million or P7,000 per square meter.

“We are happy for our strong start in 2023. This is the result of the company’s efforts to monetize its assets through property sales and joint ventures,” Antonio Gregorio III, vice chairman and head of investor relations of AbaCore, said.

Gregorio said the company hopes to sustain the momentum in the succeeding quarters.

The diversified firm is also pursuing several business ventures across different markets.

These include the development of Montemaria Shrine, a pilgrimage center in Batangas, as a lifestyle destination. Amenities that are envisioned to be built include restaurants and a hotel.

Another plan is the sale of its coal assets in Surigao del Sur as well as the development of ABA Energy Hub, which will provide clean energy to residents of Batangas.

The company will also leveraging its land bank to serve as an investment gateway to Batangas for local and foreign business partners

“Since its inception, ABA’s biggest strength has always been the expertise of its management in the various markets it operates in,” Gregorio said.