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The company delivers solid performance amidst the pandemic
BSE listed property group, PrimeTime Properties, reported a solid operating performance for the six months ended 28 February 2021, despite strong economic headwinds in countries of operation due to the coronavirus pandemic.
During the period, the company registered a rental income of P77.2 million, a slight decrease from P78.9 million recorded in the previous corresponding period.
“Our hands-on approach to asset and property management saw us reduce vacancies across the portfolio from 5 percent in the prior fiscal year to 3 percent, despite harsh economic circumstances. We cut operating costs by 10 percent year-on-year and further renewed several key leases. Our tenant retention initiatives are bearing fruit with several leases being re-geared to keep key tenants in our properties,” said Sandy Kelly, Managing Director.