Phinma Corp. on Friday reported income falling 2 percent in the first three months this year to P484.56 million from last year’s P493.46 million.
Consolidated revenue grew 6 percent to P4.78 billion from P4.49 billion.
Core net income, which excludes revaluation adjustments and nonrecurring items, grew 15 percent to P558.49 million from P448.14 million.
“The strong topline growth we saw in the full year of 2022 has continued in the first three months this year. We had to address the headwinds but we were also able to ride the tailwinds in our industries. The numbers we report today reflect the capability of Phinma and the people that make up our company to persevere through the challenges to be able to serve our customers,” Phinma president and COO Chito B. Salazar said.
Phinma Education Holdings Inc. posted consolidated revenue of P1.49 billion, 48 percent higher than last year and driven by a 30 percent year-on-year increase in total enrollment.
The growth, the company said, made Phinma Education the largest tertiary education network in the country.
Although the increase in enrollment pushed expenses higher, Phinma tempered operating costs that allowed its consolidated net income to double to P431.05 million P216.16 million.
The construction materials group, composed of Union Galvasteel Corp., Philcement Corp. and Phinma Solar Energy Corp. posted combined revenues of P3.2 billion and combined net income of P161.67 million.
This was attributed to soft construction demand that persisted at the beginning of the quarter as construction activities only started to pick up in March.
Affiliate Phinma Property Holdings Corp. reported an equitized a net loss of P41.04 million from an income of P23.15 million last year.
Equitized net income in Coral Way City Hotel Corp. reached P2.25 million, a turnaround from the same period last year as the company benefited from the continued recovery of the leisure, corporate and meetings/conventions market segment.
“The Phinma group looks forward to sustained growth for the rest of the year across its business units, which is expected to be driven particularly by the large underserved market outside Metro Manila,” the company said.
