Phinma H1 net income jumps 33% to P169M

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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.

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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.

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