Cebu Holdings posts record net income

By Irene R. Sino Cruz |April 15,2019 - 02:00 PM

Cebu Holdings Inc. president Aniceto Bisnar Jr. says the company’s prospects remain bright as they continue to expand in Cebu. /Irene R. Sino Cruz

CEBU CITY, Philippines–Cebu Holdings Inc. registered a net income of P857 million, company president Aniceto Bisnar Jr. said during the stockholders’ meeting held on Monday, April 15.

“This is 14 percent higher than our income from the previous year and is the highest it has ever been in our company history,” Bisnar said.

He added that Cebu Holdings revenues reached P3.7 billion in 2018, 20 percent higher than the P3.1 billion revenues in 2017.

The company’s total assets also increased to P26.3 billion, which is 18 percent higher than that of 2017. According to Bisnar, leasing income remains ‘the most robust source of revenues for CHI.

“In 2018, the leasing activity contributed 59 percent or P2.2 billion to Cebu Holdings’ total revenue”, he reported.

Despite the Metro Gaisano fire in January 2018, Bisnar noted that foot traffic in Ayala Center Cebu remained ‘robust,’ with a daily average of 97,000 persons who visited the mall last year. The company’s office leasing business also performed well, he said.

“All four eBloc towers in Cebu I.T. Park, and Ayala Center Cebu Tower and Tech Tower in Cebu Business Park are fully leased out,” Bisnar said.

On the other hand, the commercial lots in Seagrove, residential lots in Amara and the residential condominiums in Cebu Business Park contributed 22 percent or P800.9 million to the company’s 2018 total income./dcb

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