Phinma Corp. on Thursday reported income in the first half reaching P456.75 million or 12 percent higher than last year’s P406.83 million.
Consolidated revenue totaled P8.89 billion, a 3 percent increase from last year’s P8.63 billion and on track to growing its education, construction materials, property development and hospitality enterprise goals.
Due to the strong performance of core units and efficient operation, core net income for the period approximated 4 percent to P482.09 million, excluding unrealized gains and foreign exchange adjustments.
“While challenges persist, I believe our healthy portfolio of businesses in key sectors provide a platform for dynamic growth for Phinma. This we will achieve by capitalizing on the demonstrated strength of our strategic business units as we continue to pursue our mission of serving many more families and communities,” chairman and CEO Ramon R. del Rosario Jr. said.
Earlier this year, the company purchased common shares of its parent Phinma Inc. worth P2.3 billion in a transaction completed in July and subsequently disclosed to the Philippine Stock Exchange.
“Our continued long-term revenue growth and our consolidation into 1Phinma will allow us to do more of what we have been doing and also explore other ways to make lives better,” said Phinma president and COO Chito B. Salazar.
Phinma Education Holdings revenue grew 52 percent, driven higher by a 30 percent increase in enrollment in the second semester of school year 2022 to 2023.
Increases in costs and operating expenses to support the rise in enrollment and in-person classes were offset by lower credit loss provisions as a result of higher collection efficiencies.
Phinma Education’s consolidated net income increased to P307.47 million during the period, a three-fold rise from only P96.88 million last year.
The Phinma Construction Materials Group, composed of Union Galvasteel Corp., Philcement Corp. and Phinma Solar Energy Corp., posted combined revenue of P6.59 billion.
The group posted net income of P262.01 million despite slower-than-expected construction growth amid delayed government infrastructure spending.
Affiliate Phinma Property Holdings Corp. reported equitized net loss of P83.95 million after accelerating the cancellation of sales totaling P149.5 million, the bulk of which have been resold and booked in the second half of the year.
Equity in net earnings of Coral Way City Hotel Corp. totaled P4.97 million, a turnaround from a net loss last year on improved revenue generation from the leisure and business travel segments and the resurgence of events and conventions towards pre-pandemic levels.
Coral Way owns Microtel by Wyndham at the Mall of Asia and its wholly-owned subsidiary, Krypton Esplanade Hotel Corp.
