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Rental income and other sources propel Q1 earnings of Ernesto Ang’s Primex

Primex Corp., owned by business magnate Ernesto Ang, achieved profitability in the first quarter of the year despite the absence of any real estate sales.

The company reported an income before tax of P12.91 million, up from P569,000 in the same period last year. This was largely due to the 220 percent increase in other income sources, which amounted to P48.75 million for the quarter.