Citicore REIT declares P301-million income

Citicore Energy REIT Corp. (CREIT) reported a net income of P300.84 million in the second quarter of the year, more than four times higher than the P65.68 million posted in the same period last year,  according to a report by BusinessWorld.

In a disclosure to the stock exchange, CREIT said its year-to-date net income hit P601.14 million, or more than six times higher compared with the P89.2 million registered a year ago.

The profit surge comes as the company’s gross revenues rose to P331.79 million for the second quarter, compared to P72.5 million a year earlier.

Year to date, CREIT posted gross revenues of P663.58 million, which mainly consisted of lease income from the guaranteed base lease from various solar plant companies.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew to P643 million with a margin of 97%.

CREIT also declared a cash dividend of P0.044 per share for the second quarter, payable on Sept. 14 to shareholders on record as of Aug. 19.

The amount represents 107% of the distributable income for the second quarter, which also indicated an annual yield of 7.33%, excluding special dividends based on the July 20 closing price of P2.38 per share.

Oliver Y. Tan, CREIT president and chief executive officer, said in a press release that as the country’s first publicly listed renewable energy REIT, “we are now seeing the recurring rental revenue stream from our green asset portfolio.”

He added that as detailed in the company’s REIT plan, it is committed to paying “a steady dividend stream, with strong upside potential” from new asset infusion from its sponsor company.

On Wednesday, CREIT shares slipped by 0.81% or two centavos to close at P2.44 apiece.