Yuchengco investment holding firm posts slight income hike

MANILA, Philippines - House of Investments (HI), the investment holding firm of the Yuchengco Group, said its consolidated net income increased slightly to P416.1 million in the first quarter  from P415.7 million a year ago. 

In a disclosure to the Philippine Stock Exchange (PSE), HI said with the inclusion of non-recurring items, net income dropped 9.2 percent to P241.4 million.

Total revenues also slightly went down  four percent to P4.65 billion, due to the decline in revenues from construction unit EEI as the  firm concluded some of its international projects.

Revenues from sale of services, on the other hand, which also include construction and service revenue from EEI, dropped from P3.3 billion to P3.1 billion.

However, HI management expects that increased production from EEI’s healthy backlog will easily make up for the decline in service revenue in the first quarter.

Revenues from school and related operations, meanwhile, rose to P450.4 million. Enrollment in Malayan Colleges Inc. and Malayan Colleges Laguna continue to show steady growth, year on year.

Sales of goods (which include results from the Honda and Isuzu auto dealership) increased to P1.14 billion from P1.105 billion in the year-ago quarter.

However, for the rest of the year, HI said it looks forward to building momentum across its portfolio.

“At the end of the first quarter, EEI had a backlog of P22.2 billion, 47 percent of which is slated for foreign projects,” it said.