Phinma earnings jump 56% in 9 months

MANILA, Philippines - Phinma Corp. reported a 56 percent jump in nine-month earnings to P216.9 million on the back of higher contributions from energy,  property and education units.

In a disclosure to the Philippine Stock Exchange,  Phinma said revenues rose four percent to P 4.2 billion.

Equity net earnings in subsidiaries Phinma Property Holdings Corp. and Trans-Asia Oil and Energy Development Corp. increased to P118 million for the nine-month period ending September from only P10 million a year ago.

The increase was largely due to the start of commercial operations of South Luzon Thermal Energy Corp.’s first 135-megawatt coal fired power plant in the second quarter.

For its education business, enrollment rose to 51,880 students for school year 2015-2016 from 37,044 students the previous year partly due to the addition of Southwestern University in its education portfolio.

Phinma likewise noted 14 percent growth in enrollment of Araullo University, Cagayan de Oro College, University of Pangasinan, and University of Iloilo.  

Net earnings of the schools surged 94 percent to P254.1 million, while revenue expanded 25 percent.

Union Galvasteel Corp. likewise saw its profit increase 17 percent to P128 million.

On the other hand, the Fuld Group incurred a combined net loss of P 23.1 million as revenues declined 17 percent to P295 million.

Phinma ended the period with cash and cash equivalents of P677 million and total assets of P13.1 billion.

The holding firm is planning to spin off its education business into a separate unit for a possible stock market debut 2017.

It is set to open a chain of campuses offering senior high school education with specialized academic programs under the K to 12 framework.

Career Academy Asia Corp., Phinma’s new  education venture  with Singaporean schools, will focus on the academic program for art/design and hospitality.