First Metro 2014 profit slumps nearly 80%

FIRST Metro Investment Corp., the investment banking arm of the Metrobank Group, saw its net income plunge almost 80 percent last year in the absence of non recurring trading gains and with a lower revenue stream after it sold a large stake in a power generating unit.

In a statement, FMIC said the drop in earnings was due to the sale of its 40 percent stake in unit Global Business Power Corp. (GBPC) which greatly impaired its profits as well as the lack of one-time trading gains last year.