Medilines Distributors Inc., led by businessman Virgilio Villar, experienced a downturn in earnings during the first quarter of the year, as its revenues plummeted by over half.
Net income of Medilines plunged by 80 percent to P6 million as revenues declined by 63 percent to P95 million.
The primary factor contributing to this decline was the timing of revenue recognition for the majority of the linear accelerator projects, which were recognized during the final quarter of 2022.
As a consequence, the impact was felt in the subsequent quarter’s financial results.
