PHINMA Corporation reported that its net income attributable to shareholders more than doubled in the first quarter to P407.43 million from P191.27 million a year ago, driven by strong performance from its education, solar, and hospitality businesses.
Despite the higher profit, total revenues fell 17 percent to P5.45 billion from P6.6 billion last year.
PHINMA president and COO Chito B. Salazar said the company continues to focus on stronger revenue generation, cost management, and efficient use of capital to support long-term growth.
The company’s education unit posted a 24 percent increase in income to P1.13 billion, while revenues rose 11 percent to P2.34 billion due to higher student enrollment. PHINMA also acquired Southeastern College in Pasay, expanding its school network in the National Capital Region.
Its construction materials business saw revenues decline 34 percent to P2.56 billion amid weaker market conditions, although losses narrowed to P23.78 million. Subsidiary Philcement received an investment from Sumitomo Osaka Cement Corporation and continued building its Davao facility.
Meanwhile, PHINMA’s property business posted an 18 percent drop in revenues and a wider net loss due to the slowdown in Metro Manila’s real estate market. The company said it remains focused on regional projects, including the Saludad Township in Bacolod and affordable housing developments in Davao.
The hospitality segment also recorded strong growth, with net income more than doubling to P12.8 million as hotel occupancy and room rates improved due to increased domestic travel and business activity.
