PHINMA Corporation’s consolidated net income declined 12 percent to P1.27 billion in the first three quarters of 2022 from the P1.45 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the performance was primarily due to higher costs driven by continued abnormal supply conditions and the return of face-to-face classes.
The increase in costs was partially offset by mark-to-market and other gains of the parent company in the amount of P286.02 million on PHINMA’s investment in Song Lam Cement Joint Stock Corporation.
Consolidated revenue grew 11.5 percent to P13.43 billion in the first nine months of 2022. This came from its investments in the education, cement, galvanized steel, solar panels, property development, and hospitality sectors.
“Our strong top line growth is testament to the capability of PHINMA and our businesses to absorb difficult economic circumstances and still serve our customers,” said PHINMA President and COO Dr. Chito B. Salazar.
He added that, “We will continue to build on the competitive advantages of our business units for us to be able to address gaps in our society and help build a stronger, better country.”
PHINMA Education posted a 30 percent increase in total enrollment for school year 2022-23. With over 124,000 students, PHINMA Education is now the Philippines’ largest education network.
The total enrollment contributed to an increase in consolidated revenue for the nine-month period to P2.86 billion, higher by 8.37 percent compared to the same period in 2021.
The increase in enrollment offset the impact of the change in the class opening schedule, necessitated by delays in the academic calendars of public high schools.
The PHINMA Construction Materials Group (CMG), composed of Union Galvasteel Corporation, Philcement Corporation, and PHINMA Solar Corporation, posted consolidated revenues of P10.29 billion for the nine months ended September 2022, up by 10.9 percent from the same period last year.
Net income of CMG for the period was lower at P467.30 million due to higher input costs amidst global supply chain issues and a weak peso.
PHINMA equitized net income from affiliate PHINMA Property Holdings Corp. was P12.27 million during the nine-month period, up from P7.80 million during the same period last year.
Equitized net loss in Coral Way City Hotel Corporation amounted to P5.35 million.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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