ATR KimEng sustains income growth
Financial services group ATR KimEng Financial Corp. grew its six-month net profit by 82 percent year on year to P253.3 million, on the back of a sustained growth across its capital market, asset management, insurance and property businesses.
ATRKE Financial president Manuel Tordesillas is confident the company can sustain its positive performance for the rest of the year.
“Our business segments look to take full advantage of the country’s improving economy, which is expected to grow further this year and in 2012,” Tordesillas said.
In a disclosure to the Philippine Stock Exchange, ATRKE reported total consolidated revenue of P1.6 billion in the first six months of the year. Its consolidated assets stood at P6.5 billion as of end-June.
In the capital markets segment, advisory and underwriting fees coming mostly from ATR KimEng Capital Partners Inc. (ATRKE Capital) jumped to P79.3 million from P5 million.
“This significant increase in fees can be attributed to a number of equity issues in the first half of the year, including San Miguel Corp.’s secondary offer,” added Tordesillas.
Stockbrokerage firm ATR KimEng Securities Inc. (ATRKE Securities) was largely responsible for the 33-percent increase in commissions to P313.8 million. The firm continued to rank among the top brokers in the PSE in terms of value turnover.
In the first half, ATRKE’s asset management operations, through ATR KimEng Asset Management Inc. (ATRKE Asset Management) and the trust department of ATRKE Capital, had combined assets under management of P10.56 billion, up by 79.8 percent from a year ago.
The group’s insurance subsidiaries, AsianLife & General Assurance Corp. and AsianLife Financial Assurance Corp., contributed the most in terms of revenue amounting to P1 billion, up by 13 percent over a year ago.
