PrimeTime posts healthy profit despite market depression

While the final results published are for the year ended 31 August 2008 and incorporate rentals for the full year, they effectively only reflect the profits for the period since the listing date of 20 December 2007, being the date from which the company was able to benefit from the profits earned on the properties acquired.

The results, which were released this week, show a Rental Income of P27.9 million, Operating Expenses of P12.1 million and net profit of P81.5 million. On the balance sheet, Total Assets were P239.6 million.