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Phinma Discloses 49% Higher Net Income

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MANILA, Philippines – Phinma Corporation discloses its nine-month financial results with a net income increase of 49 percent, which is equivalent to P428.7 million.

The net income of the company increased from its last year record of P287.4 million attributed by its equity holders’ income valued at P353.6 million.

The corporation also has a consolidated profit of P4.8 billion, an increase by 15 percent. Union Galvasteel Corporation (UGC), Phinma’s subsidiary, reported an income climb by 10 percent, resulting to P3 billion due to higher earnings in steel products. For the period, UGC also disclosed a 38 percent boost in its income to P176 million against last year’s record.

Phinma Education Holdings, Inc. (Phinma Education), the company’s subsidiary in education segment, had an enrollment record of 54,704 students for the school year 2016 to 2017 first semester. The record is an increase by five percent from its previous year record of 51,894 enrollees. The education segment also had a profit increase to P1.5 billion, a rise by 18 percent.

The education segment’s revenues include P466 million profit of Southwestern University, which was acquired last year. From P253.3 million, there has been a 21 percent net income increase.

The shares interest of the corporation’s associates have declined from P118 million to P101 million as of September 2016. The equity loss amounted to P100 million. This was overshadowed by income from its energy segment, Phinma Energy Corporation, which increased to P220 million. The energy business revenues doubled based on the company’s 26 percent share of net income, which is P826.6 million.

Earlier this year, the company disclosed that its energy segment targets the 12 megawatts (MW) expansion of Maibarara Geothermal Inc. in the third quarter.  It is also stated that the company is pursuing development of more geothermal, coal, and wind projects to reach its 1,200 MW capacity in upcoming five years.

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