Phinma posts P262 M profit in 2013

MANILA, Philippines - Investment holding firm Phinma Corp. turned around to a profitable performance last year due to the improved income contribution of its operating units.

In a disclosure, Phinma said its consolidated net income reached P261.7 million last year from a net loss of P91.6 million in 2012 while revenues rose six percent to P4.8 billion. 

Among its units, steel fabricator Union Galvasteel Corp. recorded a net income of P103.8 million, up 48 percent over the previous year as revenues increased six percent to P4.8 billion.

Net income of Phinma Education Network (PEN) surged 54 percent to P160.8 million from P103.9 million as enrolment grew 16 percent to 31,114 students.

Last year, PEN expanded the Basic Education department of Cagayan de Oro College Inc. and put up a new Araullo University campus in the southern district in Cabanatuan. PEN is composed of Araullo University, Cagayan de Oro College, University of Pangasinan and University of Iloilo.

Phinma said equitized income from Trans-Asia Oil and Energy Development Corp. rose 22 percent to P150.2 million from P123.5 million in 2012.

Trans-Asia is the company behind the 54-megawatt (MW) wind energy project in San Lorenzo, Guimaras and the second 135-MW unit of a coal-fired power plant in Calaca, Batangas in partnership with Ayala Corp.

Property developer Phinma Property Holdings Corp. said its revenues increased 18 percent to P1.04 billion, allowing it to end 2013 with a net income of P15.5 million.

In 2013, volume of consultancy firm Fuld & Co. and Fuld Philippines grew 10 percent to P519.8 million from P471.3 million.