MANILA, Philippines—Financial services group ATR KimEng Financial Corp. posted a 30-percent growth in first-quarter net profit to P116.2 million from a year ago on the back of strong capital markets, insurance and real estate businesses.
In its quarterly report to the Philippine Stock Exchange, ATRKE Financial disclosed a 10 percent increase in total revenues to P835.2 million from a year ago. The company also recorded consolidated assets of P6.4 billion, up by 11 percent from the first quarter of last year.
ATRKE Financial president Manuel Tordesillas noted that this year’s first quarter revenues already exceeded 30 percent of the company’s full-year 2010 revenues.
Its capital markets group, led by 100 percent-owned subsidiary ATR KimEng Capital Partners, Inc. (ATRKE Capital), showed a 366-percent rise in advisory and underwriting fees to P7.3 million from a year ago.
Commissions, mainly from subsidiary ATR KimEng Securities Inc. (ATRKE Securities) grew by 35 percent to P143.9 million. ATRKE Securities ranked No. 2 among the 134 active trading participants of the PSE for the period of January to March 2011, as its value turnover increased by 43 percent to P54.3 billion.
As of the end of the first quarter, ATRKE Financial’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 P8.83 billion, up by 72 percent from a year ago. Fee income generated by fund management unit ATRKE Asset Management was up by 52 percent to P6.8 million from a year ago.
Its insurance group, AsianLife & General Assurance Corp. and AsianLife Financial Assurance Corp. together contributed the bulk of the group’s revenues as it reported net insurance premiums of P537 million, up by 16 percent increase from last year’s levels.
Real estate group ATR KimEng Land Inc. on the other hand, registered total real estate sales of P22.2 million in the first quarter of the year, up by 197 percent from a year ago.