VILLAR-LED property developer Golden MV Holdings, Inc.’s net income surged to P999.72 billion last year from P1.46 billion a year earlier, spurred by fair value gains on its properties.
Fair value gains on investment properties ballooned to P1.33 trillion from P59 million in 2023, the company told the Philippine Stock Exchange in a disclosure.
Revenue dropped 25% to P3.58 billion as real estate sales dropped 26% to P3.31 billion on the back of lower residential unit sales, it added.
Operating profit fell 29% to P1.22 billion on weaker residential sales, while cost and expenses dropped 23% to P2.36 billion.
Total assets rose to P1.37 trillion from P28.64 billion in 2023 due to higher property values. Total liabilities also rose to P355 billion from P14.03 billion due to increased deferred tax liabilities from fair value gains.
In September last year, Golden MV acquired Althorp Land Holdings, Inc., Chalgrove Properties, Inc. and Los Valores Corp., which collectively owns 366 hectares of prime land within the 3,500-hectare Villar City development.
The company earlier said the acquired companies would allow it to concentrate on the development of Villar City, a legacy project of businessman Manuel B. Villar, Jr.
Golden MV also announced in November last year that it would change its corporate name to Villar Land Holdings Corp. to reflect is diversifying business interests.
Villar Land Holdings will use the VLC stock symbol on the local bourse once the name change is finalized.
Golden MV has interests in the development and sale of memorial lots and columbarium facilities. It is also engaged in the residential development business.
Shares of Golden MV fell 2.5% or P60 to P2,340 each. – Revin Mikhael D. Ochave
