MANILA, Philippines — Phinma Corp., the listed holding company chaired by Ramon del Rosario, posted a consolidated net income of P639.07 million, lower than the P783.56 million recorded a year ago despite the strong growth in revenues.
This was primarily due to an 18.2 percent increase in costs amounting to P1.04 billion “in the midst of continued abnormal supply conditions,” Phinma said.
The increase in cost was offset by the improvement in performance of Phinma Properties, as well as the P95.21 million in gains from the holding firm’s investment in Song Lam Cement Joint Stock Corp.
Consolidated revenues amounted to P8.63 billion in the first half, a 10.14 percent increase from P7.83 billion in the same period last year.
Phinma’s portfolio was supported by higher enrollment figures from its education arm and strong business performance in its construction materials business, as well as improved booking in property units and increase in corporate bookings in its Metro Manila hotels.
“The Phinma Group’s strong topline growth in the first half reflects our aspirations in creating opportunities to make lives better through our businesses in education, construction materials, hospitality, and property development. Through these investments, we are making meaningful impact in communities where we serve as we play our role in helping the economy recover from the impact of the pandemic,” del Rosario said.
Per business segment, Phinma’s Construction Materials Group (CMG), composed of Union Galvasteel Corp., Philcement Corp., and Phinma Solar Corp. posted consolidated revenues P7.07 billion for the first half, up by 13 percent from the same period last year.
However, CMG’s net income for the period fell to P443.28 million due to temporarily higher costs amid global supply chain issues.
PHINMA Education Holdings reported a net income of P96.9 million, down due to higher variable costs related to higher enrollment and other one-time charges. Revenues declined by 6.8 percent to P1.37 billion.
Equitized net loss in Coral Way City Hotel Corp., meanwhile, amounted to P5.35 million, as the company continued to shift its focus to business and leisure markets given the reduced demand for quarantine bookings.