VILLAR-led Premiere Island Power REIT Corp. (PREIT) saw a 4% decline in its second-quarter net profit to P127.74 million from P133.12 million last year due to higher rental costs.
Revenue for the second quarter was flat at P152.21 million, while rental costs surged by 19.7% to P20.88 million from P17.44 million last year, PREIT said in a regulatory filing.
For the first half, PREIT saw a 4.6% drop in net profit to P255.27 million from P267.44 million a year ago.
January-to-June revenue was unchanged at P304.42 million, while rental costs increased by 20% to P41.76 million from P34.89 million in 2023.
“(Higher rental costs) were mainly attributable to depreciation of generation assets amounting to P29.1 million and real property taxes amounting to P3.6 million. Depreciation in 2024 increased by P2.8 million due to the increase in the valuation of properties for the year 2023,” PREIT said.
PREIT is the real estate investment trust platform of the power and infrastructure groups of Villar-led Prime Asset Ventures, Inc. The company’s sponsors are S.I. Power Corp. (SIPCOR) and Camotes Island Power Generation Corp. (CAMPCOR).
SIPCOR operates bunker-fired generation units in Siquijor Island, while CAMPCOR operates two power plants in Camotes Island, Cebu.
On Thursday, PREIT shares rose by 1.05% or two centavos to P1.92 apiece. — Revin Mikhael D. Ochave