PHINMA Corp. (PHN) on Monday said its net income for the first half of the year increased by almost a fifth following the consolidation of recently acquired school, Southwestern University.
In a disclosure to the Philippine Stock Exchange, the holding firm said its net income for the first six months hit P201 million, 19 percent higher than the P169 million realized during the same period last year.
Revenues rose 16 percent to P3.1 billion on the consolidation of tuition income of P247 million from Southwestern University from January to June.
PHN is a holding company with investments in the education, steel products, housing, business process outsourcing and energy sectors.
The company also attributed the increase in revenues to the higher sales of steel products of Union Galvasteel Corp. and also higher tuition from Araullo University, Cagayan de Oro College and University of Iloilo.
“Income from operations increased 52 percent to P281 million,” the company said, attributing the increase to Southwestern and Union Galvasteel.
The company said its equitized earnings from Trans Asia Oil and Energy Development Corp. reached P142 million, an increase of 43 percent from last year.
“This was, however, offset by the equitized loss in Phinma Property Holdings Corp. in the amount of P63 million,” it said.
Last year, Phinma bought a 66.83 percent stake in Southwestern University from the Aznar family for P2.26 billion. The properties acquired include the Sacred Heart Hospital and 240 hectares of land in Cebu.
With the acquisition, the enrolment of Phinma Education’s schools will grow by 10,000 students to 47,000 students and is expected to increase Phinma Education’s revenues and bottom line.
Chito Salazar, head of Phinma Education Network, earlier said the company plans to spend some P150 million for Southwestern, mainly for building and equipment, and about P80 million for the four original schools.