PHINMA CORP. announced on Monday a core net income of P1.22 billion for the nine-month period, significantly higher than the previous year’s P871.48 million, mainly due to increased contributions from subsidiaries.
In a media release on Monday, the company said it recorded a gross revenue of P15.46 billion, a 15.1% increase from P13.43 billion in the corresponding period last year.
The listed company has yet to release its financial statement for the period, but it previously reported an attributable net loss of P18.61 million for the second quarter, down from the P114.78 million net income in the same period last year.
It previously reported a gross revenue of P4.10 billion for the same period, lower by 1% from the P4.14 billion in the prior year.
Phinma credited the growth in its overall performance from January to September to the positive contributions resulting from its higher ownership stake in subsidiaries.
To recall, the company had acquired an 8% additional stake in Phinma Education Holdings, Inc. for P1.06 billion, increasing its stake to 75.2%. It said that Phinma Education’s revenues climbed to P3.96 billion for the nine-month period.
Its construction materials business, composed of Union Galvasteel Corp., Philcement Corp., and Phinma Solar Corp., generated a total net income of P361.05 million, mainly driven by the recovery of construction activities, the company said. — Ashley Erika O. Jose