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Altus income dips 66% as lockdown leads to mall closures

ALTUS Property Ventures, Inc.’s net income last year declined by 66% to P21.95 million as its revenues were hit when the pandemic health protocols led to mall closures, the company disclosed to the exchange on Wednesday.

Rental revenues went down to P69.98 million, decreasing by 47.8% from P133.97 million.

“The decrease was due to the temporary and partial closure of mall areas during the community quarantine period, except for areas occupied by tenants that provided essential services such as [supermarkets], banks and pharmacies,” Altus said.

The company generated an EBITDA (earnings before interest, tax, depreciation, and amortization) of P54.8 million, dropping by 47.4% last year from P104.4 million.

Altus’ total comprehensive income fell by 66.4% to P21.67 million from P64.48 million.

Altus engages in selling, acquiring, and developing real estate properties. It debuted on the local bourse in June last year.

JG Summit Holdings, Inc. owns around 60.97% of its total outstanding capital stock. Altus serves as “a new avenue for growth” for future ventures and investments.

On Wednesday, Altus stocks at the exchange went up by 0.51% or P0.10 to close at P19.64 apiece. — Keren Concepcion G. Valmonte

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