Phinma posts 36% profit hike in H1

MANILA, Philippines - The Phinma Group reported a 36 percent growth in net income in the first half, buoyed by higher contributions from its  power and education units.

In a regulatory filing, Phinma Corp. said its first semester consolidated net income amounted to P144.6 million.

Revenues of Union Galvasteel Corporation (UGC) grew a modest two percent to P1.9 billion while net income increased nine percent to P84.4 million.

Phinma Education, the group’s education arm, posted a 16 percent hike in enrollment to 37,026 students for school year 2014 to 2015.  As a result, , net income climbed 50 percent to P84.8 million on revenues of P565.8 million.

On the other hand, combined revenues of the group’s consultancy and business research business declined 79 percent to P215 million.

Equity in net earnings of associates increased to P120 million from P44 million a year earlier due to an increase in net earnings contribution of Phinma Properties Holdings Corp. and Trans-Asia Oil and Energy Development Corp.

Consolidated net income of TA Oil rose from P189 million in the first half of 2014  to P381 million a year earlier, mainly due to the start of commercial operations of South Luzon Thermal Energy Corp’s  first 135-MW coal fired power plant in the second quarter.

Phinma is a holding company with interests in power, education, hotels, real estate, consultancy and steel products.