BDO LEASING and Finance, Inc. recorded a net income of P9.5 million in the first quarter, purely from gains from its investments after the company’s restructuring.
“The company’s first quarter performance is not comparable to the P83.3-million profit recorded a year ago, given that last year’s results reflected business operations prior to the full implementation of the group’s restructuring of its leasing business,” the firm said in a filing with the Philippine Stock Exchange.
In the first three months of 2021, BDOLF’s investments had a fair value gain of P13.6 million. Meanwhile, total expenses hit P4.5 million.
BDOLF said it has stopped operating as a leasing company and has not been engaged in new leasing transactions since October 2020.
“The restructuring entailed the full transition of BDOLF operations to BDO Finance Corp., established in 2019 to offer customers continued access to lease products and services. BDO Finance likewise assumed the lease transactions booked in BDOLF to ensure continuity to the latter’s existing clients,” it said.
BDOLF’s book value per common share increased by 5.7% to P2.76 in the first quarter from P2.61% in the same period of 2020.
The company booked a net income of P252.3 million in 2020, surging from the P46.8 million seen in 2019 as it saw lower funding costs. — LWTN