PHINMA Corporation, the investment arm of the Del Rosario family, reported a drop in consolidated net income to P456.75 million in the first half of 2023 from P639.07 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues improved three percent to P8.89 billion in the first half of 2023 from P8.63 billion in the same period of 2022.

PHINMA said this keeps it on track to grow its businesses in education, construction materials, property development, and hospitality.

Due to strong performance of core business units and efficient operations, core net income for the first half grew 3.8 percent to P482.09 million. Core net income excludes unrealized gains and foreign exchange adjustments.

“While challenges persist, I believe our healthy portfolio of businesses in key sectors provides a platform for dynamic growth for PHINMA,” said PHINMA Chairman and CEO Ramon R. del Rosario, Jr.

He added that, “this we will achieve by capitalizing on the demonstrated strengths of our strategic business units as we continue to pursue our mission of serving many more families and communities.”

Earlier this year, PHINMA purchased common shares owned by its parent, PHINMA Inc., in the group’s operating companies. The transaction, which was completed this July, amounted to P2.3 billion.

“PHINMA ventured into the businesses it is currently present in because of our strong dedication to service. All these were intended to make an impact in society,” said PHINMA President and COO Chito B. Salazar.

He noted that, “our continued long-term revenue growth and our consolidation into 1PHINMA will allow us to do more of what we have been doing and also explore other ways to make lives better.”

Revenue of PHINMA Education Holdings Inc. (PHINMA Education) grew 52 percent year-on-year, driven by a 30 percent increase in enrollment during the second semester of school year 2022-23.

Increase in costs and operating expenses to support the increase in enrollment and face-to-face classes were offset by lower credit loss provisions as a result of higher collection efficiencies.

PHINMA Education’s consolidated net income tripled to 307.47 million in the first half of 2023 from P96.88 million during the first half of 2022.

The PHINMA Construction Materials Group (PHINMA CMG) posted combined revenues of P6.59 billion for the first half of 2023. Net income amounted to P262.01 million despite slower-than-expected construction growth amid delayed government infrastructure spending.

In affiliate PHINMA Property Holdings Corp. (PHINMA Properties), it equitized net loss of P83.95 million during the period after accelerating the cancellation of sales amounting to P149.50 million, the bulk of which has been resold and are expected to be booked during the second half of the year.

Equity in net earnings of Coral Way City Hotel Corporation (Coral Way) amounted to P4.97 million, a turnaround from net loss during the same period last year, as the company saw improved revenue generation from the leisure and business travel segments as well as the resurgence of events and conventions towards pre-pandemic levels.