Phinma nets P144.3M in 1st quarter

MANILA, Philippines — Philippine Investment Management Corp. grew its attributable net profit by nearly five times to P144.3 million in the first quarter from a year ago on improved operations of all business units.

Including interest attributable to minority, Phinma’s net profits increased to P159.1 million from P34.1 million in the same period last year, the company disclosed to the Philippine Stock Exchange on Tuesday.

Revenues of Union Galvasteel Corp. grew by 11 percent to P786.9 million as margins improved alongside an increase in sales volume.  This unit ended the quarter with a net income of P27.9 million, 89 percent higher year-on-year. In anticipation of further growth in the demand for steel roofing, UGC is converting its continuous galvanizing line into a higher-capacity color coating line.

The education business under the Phinma Education Network grew its net income to P44.1 million from P28.8 million in the previous year on the back of contributions from the University of Pangasinan, Cagayan de Oro College and University of Iloilo.

Trans-Asia Oil and Energy Development Corp. boosted its first quarter net income to P164.9 million from P41.8 million in the previous year on significant gains from its power trading business.

Property unit Phinma Property Holdings chalked up a net income of P10.1 million, a turnaround from the P24.3 million net loss in the previous year.

Meanwhile, Fuld US and Fuld Philippines posted a combined net loss of P4.8 million which, however, was an improvement from the P7.8 million net loss in the previous year.