Consolidated revenue stood atP2.8 billion during the period, flat compared to the
said the first quarter numbers were within expectations amid the challenging business environment brought about by the coronavirus disease 2019 or COVID-19 pandemic. "The lower net income in the first quarter was not totally unexpected considering the three major shocks during the period: the Taal eruption in January, the coronavirus pandemic declaration in February, and the enhanced community quarantine declared in March, coupled with the company's beefing up its cash war chest," he said.
Nevertheless, he said, the company managed to sustain the level of revenues with a better mix in favor of affordable housing business and leasing portfolio which now contributed a combined revenue of
The net income contribution of urban vertical projects is down to only
This brought the balance sheet to healthier levels with debt-to-equity down to 0.8x from 1.
0x while the current ratio is up at 2.4x from 2.
1x from last year. Carreon said that despite the challenging environment, CPG's strong 2019 performance and the company's first quarter balance sheet provided a solid foundation for the group.
"We expect our high-margin affordable housing and leasing revenues to further grow and boost our bottom-line margins," Carreon said.
© Pakistan Press International, source