Phinma Corp. saw a 33 percent surge in its first semester net income to P169 million from P126.88 million in the same period last year on improved performance across its subsidiaries.
In its quarterly report, Phinma’s consolidated revenues also increased slightly to P2.689 billion from P2.662 million a year ago.
Its galvanized iron sheet maker Union Galvasteel Corp. recorded a 9 percent increase in first half net income to P84 million from P77 million a year ago on higher production.
The majority of the schools under Phinma’s education unit Phinma Education Network (PEN) also posted improved revenues during the six-month period on the back of increased student enrollment. PEN operates four schools: Pamantasan ng Araullo (Araullo University) Inc., Cagayan de Oro College Inc., University of Pangasinan, and University of Iloilo.
Incorporated in 1957, Phinma is a holding firm chaired by Oscar J. Hilado, who also chairs petroleum exploration firm Trans-Asia Oil and Energy Development Corp.
Phinma has businesses in various segments including manufacturing of galvanized and pre-painted iron sheets (Union Galvasteel Corp.); business process outsourcing for animation services, education (Phinma Education Network), real estate development and real property investment (Phinma Property Holdings Inc.), among others.