Phinma income declines to P407M

Phinma Corp. registered an attributable net income of P406.83 million in the first half, lower by 7.8% than a year ago, amid higher costs caused by supply chain difficulties.

The company’s topline grew by 10.4% to P8.63 billion while its costs rose by 18.2% to P1.04 billion.

In a disclosure on Thursday, the company said the increase in cost was offset by the improvement in the performance of Phinma Property Holdings Corp.

Phinma said that its investment in Song Lam Cement Joint Stock Corp. also helped with a gain of P95.21 million. 

Phinma Education Holdings, Inc. also had a decline in its first-half net income to P96.9 million, which the company attributed to higher costs and one-time charges.

Its consolidated revenue amounted to P1.37 billion in the first half,  lower by 6.8% than last year. 

The Construction Materials Group (CMG): Union Galvasteel Corp., Philcement Corp., and PHINMA Solar Corp., despite booking a 13% growth in its consolidated revenues to P7.07 billion in the first half, registered a lower net income versus last year to P443.28 million.

“Net income of CMG for the period was lower at P443.28 million due to temporarily higher costs amidst global supply chain issues,” the company said.

Another subsidiary, Asian Plaza, Inc., posted a higher net income of P28.21 million in the first half on real property sales.

On the stock market on Thursday, shares in Phinma inched up by P0.06 or 0.31% to P9.26 apiece. — Justine Irish DP. Tabile