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Manila Bulletin devider Business devider The Stock Market devider PHINMA profit shrinks on higher expenses, property unit losses

PHINMA profit shrinks on higher expenses, property unit losses

Published Nov 8, 2024 06:34 am

Del Rosario-led PHINMA Corporation reported an 84 percent plunge in attributable net income to P122.73 million for the first nine months of 2024 from the P791.53 million earned in the same period last year due to huge non-operating expenses and losses of its property business.

In a disclosure to the Philippine Stock Exchange (PSE), the firm noted that, “while this is down from the same period last year due to lower selling prices and higher operating costs, interest expense and tax, it is a turnaround from the (attributable net loss) in the first half of P22.1 million.”

Consolidated revenues rose 10 percent to P16.98 billion for the nine months ended Sept. 30, 2024 from P15.46 billion a year ago while consolidated net income fell by 54 percent to P609.13 million from P1.34 billion.

"PHINMA will build on realized gains as we gear our business operations towards strong, sustainable growth and improved efficiencies," said PHINMA President and COO Dr. Chito B. Salazar.

He added that “the Group's efforts to capitalize on synergies among our units and pursue new ventures in fields like food security, socialized housing, and the green industry will allow us to directly serve more Filipino families and communities.”

“The Group is seeing gradual improvement in our figures as our business investments take more shape, The commitment to making lives better remains steadfast even as we navigate through these headwinds," said PHINMA Chairman and CEO Ramon R. del Rosario Jr.

He noted that “we continue to challenge our business units to directly cater to the underserved in their respective industries, as we have been doing in education.”

PHINMA Education Holdings Inc. (PHINMA Education) reported revenues of P4.71 billion for the first nine months of 2024, improving from P3.96 billion as of September 2023. Attributable net income also rose to P898.19 million.

Enrollment growth drives PHINMA Education's performance—first-semester enrollees for School Year (SY) 2024-2025 climbed by 12 percent to 163,854 compared to the prior school year.

The PHINMA Construction Materials Group, comprised of Union Galvasteel Corporation, Philcement Corporation, and PHINMA Solar Energy Corporation, generated combined revenues of P10.50 billion and net income of P158.14 million.

PHINMA Property Holdings Corp. posted P1.11 billion in revenues from January to September. While it also recognized a net loss of P387.85 million, the company remains focused on expanding its footprint beyond Metro Manila in locations like Bacolod, Cebu, Davao, and Batangas.

Coral Way City Hotel Corporation, PHINMA Hospitality, Inc., and PHINMA Microtel Hotels, Inc. posted combined revenues and net income of P435.34 million and P30.90 million, respectively, in the first three quarters of 2024.

The figures were driven by higher chainwide occupancy rates and average daily rates due to improving tourist and business demand.

 

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Ramon del Rosario Jr. PHINMA Corporation Chito B. Salazar
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