Prime Orion H1 profit falls to P27.8M from P432M

AYALA-LED Prime Orion Philippines Inc. (POPI) posted net income of P27.8 million in the six months to December 2016, down million, in the absence of a one-time gain from the sale of property assets the year before.

“Income last year was mainly attributable to the gain on the sale of investment properties in Man - terly report released .

The company said consolidated revenue for the six months to December--which corresponds to June 2017—fell 34 percent yearon-year to P360.4 million due to lower real estate sales.

income of P16 million from a net loss of P62.1 million the year before.

percent to P186.6 million from P201.9 million in the previous year due to lower specialty leas decrease was offset by the increase in insurance premiums and commissions,” it said.

The company is currently working on the redevelopment of the Divisoria, Manila into a mixed-use development which will offer expanded mall spaces, dormitories, school, hospital, logistics, parking

redevelop the complex to increase its gross leasable space to 200,000 meters at present.

The master plan for the development will be coordinated with the plans for the North South Railway which will have one of its stations

developer but also has interests in manufacturing and retailing/ distribution, and non- life insurance through subsidiaries Tutuban Properties Inc., Lepanto - cent held by property giant Ayala Land Inc.