REAL estate developer A Brown Co. Inc.'s (ABCI) net income in the first quarter (Q1) of 2024 dropped 29 percent to P79.4 million from P112 million a year earlier as higher costs weighed on revenues.

Revenues for January to March improved 22 percent to P287.6 million from P236.1 million on the back of robust real estate sales, the firm said in a recent disclosure.The improvement in revenues, however, was offset by the cost of sales and services, which ballooned 81 percent to P133.2 million during the quarter from P73.4 million previously.ABCI said gross profit was 5 percent lower at P154.4 million from the P162.7 million recorded in the same period last year.The listed firm ended the first three months with total assets of P13 billion. Consolidated liabilities and equity stood at P4.5 billion and P8.5 billion, respectively.In February, ABCI successfully raised P1.44 billion from the offering of preferred shares, the proceeds of which would fund pipeline projects and land banking initiatives.The share sale represents the second tranche of the company's 50 million preferred shares under shelf registration.The company, which concentrates on horizontal real estate development, has since expanded its portfolio with investments in power generation, public utilities and agribusiness.ABCI shares on Wednesday closed 3.51 percent higher at 59 centavos each. Read The Rest at :