Villar firms suffer losses in January-June half
The weak property market and shifting consumer behavior did not spare Manuel Villar-led AllHome Corp. and AllDay Marts Inc. in the first half of the year. Both registered significant declines in their profit.
In a disclosure on Friday, retail firm AllHome said its earnings in the January to June period plunged by 60 percent to P113.8 million.
Its sales had likewise slipped by 29 percent to P4 billion, citing a “subdued” property market. This has always been a “significant driver” of construction and furnishing-related spending.
Support, fees, rentals and other revenues likewise fell by 21.2 percent to P72 million. This was due to weaker sales, which AllHome said were the basis in determining “the level of vendor’s support.”
This, as the Philippine property market remained relatively weak in the first six months of the year.
Real estate broker Colliers Philippines reported that residential vacancy in Metro Manila had reached 24.5 percent as of the second quarter. This is projected to inch up to 25.8 percent by the end of this year. However, it is also projected to ease back to 25.3 percent in 2026.
Colliers said that developers were focusing on selling their existing inventory instead of launching new projects. This is in hopes of shrinking remaining ready-for-occupancy inventory.
At the same time, AllDay Marts Inc. said in a separate disclosure its net profit in the first semester tumbled by 83.2 percent to P31.1 million.
Sales were likewise slashed by 42 percent to P3 billion.
“Sales declined due to heightened competition, shifting consumer preferences and the continued rise in e-commerce, resulting in reduced in-store traffic,” AllDay said.
