• Phinma Corp. H1 net income doubles

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    Listed holding firm Phinma Corp. doubled its first semester consolidated net income to P185 million from the P90.4 million it registered in the same period last year, driven by the growth of its subsidiaries.

    In its report to the Philippine Stock Exchange, the company said that its consolidated net income doubled to P185 million, while its core income hit P194.5 million, close to three times the core income of P 66.34 million for the comparable period last year.

    The firm’s net income attributable to equity holders of the parent also grew to P171.3 million in the first half of 2013 compared to the P84.8 million the firm’s gained for the same period in 2012.

    For the first half of the year, revenues of Phinma increased by 13 percent to P2.5 billion.

    Phinma Education Network (PEN), the education arm of the group, posted an increase in income from P 37.4 million to P 48.4 million, or a 15-percent overall increase in enrollment for the first semester of the school year.

    PEN recently expanded Cagayan de Oro College Inc.’s Basic Education Department and established a new Araullo University campus located in the Southern district of Cabanatuan.

    Fuld and Co., and Fuld Philippines, an intelligence firm under Phinma, also posted a net income of P 2.9 million in the first half of 2013 compared P1.2 million in the same period last year.

    During the same period, Phinma Property Holdings Corp.’s net income amounted to P10.3 million, compared to a loss of P 50.3 million for the first half of 2012.

    In Trans-Asia Oil and Energy Development Corp., Phinma saw a 26-percent increase in net income to P78.2 million on the back of increased income from its electricity supply business.

    Madelaine B. Miraflor

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