Read this in The Manila Times digital edition.
A BROWN Co. Inc. (BRN) announced that its net income for the second quarter of 2022 jumped by 332 percent from P53.88 million during the second quarter of 2021 to P232.94 million in 2022 of the same period.
Consolidated revenues for the April-June period of 2022 amounted to P361.44 million, also up 332 percent year on year, with gross profit totaling P210.71 million.
The company's real estate revenues in the second quarter of 2022 increased to P307.90 million, up 379 percent from P64.31 million recorded in the same span in 2021. The increase was due to the higher percentage of completion and number of units sold in this quarter as compared to the percentage of completion of units sold for the same quarter last year.
Revenues from the agricultural business unit in the second portion of 2022 also rose by 261 percent year on year to P46.98 million.
Crude palm oil revenues increased by P11.2 million on higher sales volume, which also increased by 920 percent from 50.70 metric tons (MT) in the second quarter of 2021 to 517.05 MT in the second quarter of 2022.
The average selling price per metric ton also increased in the second term of 2022 from P32,053 per MT for the second quarter last year to P81,419 per MT for the same period this year.
Palm olein revenues, on the other hand, decreased by P8.1 million because of the decrease in quantity sold which fell 100 percent from a volume of 127.06 MT in the second quarter of last year to only 0.15 MT for the same period this year.
Revenues from palm kernel, palm acid oil, palm fatty acid distillate, and refined, bleached and deodorized coconut oil also contributed to the decline in the olein segment in the second quarter of 2022 as there was zero sale for the same products during the same quarter last year.
Water service revenues also increased by P222,000 on the second term of 2022 due to buyers moving into their units resulting in an increased number of water connections for this quarter compared to the same quarter last year.