ATR KimEng Financial Corp. (ATRKE Financial) recorded a consolidated net income of P191.86 million covering nine months of 2007 from the P1.13 million it posted in the same period last year. On a year-to-date basis, total revenues increased by 63.57 percent to P1.33 billion over the P814.93 million in 2006.
Total revenues generated in the third quarter alone reached P460.28 million, up 72.85 percent from P266.29 million.
ATRKE Financial president Manuel Tordesillas said that the increase in revenue was led by their capital markets and insurance businesses.
Revenues from its capital markets business units reached P518.20 million while net income was at P198.26 million, largely attributable to ATR KimEng Securities Inc. (ATRKE Securities). It ranked fourth in value turnover among the 132 active trading participants of the Philippine Stock Exchange (PSE), with P154.01 billion, or up 200 percent from P51.17 billion.
Advisory and underwriting fees of ATR KimEng Capital Partners Inc. (ATRKE Capital) outgrew all revenue sources, posting growth of 211.64 percent to P111.44 million over last year’s nine-month figure of P35.76 million. ATRKE Capital’s income from operations in the first three quarters amounting to P55.03 million reversed the net loss of P36.99 million of the previous year.
The Mutual Fund Management Co. of the Philippines Inc. (MFMCP), a subsidiary of ATRKE Capital, also enjoyed a 64.44-percent increase in total revenues to P22.66 million from P13.78 million for the nine months of the year.
MFMCP manages the Kabuhayan Fund, the ATR KimEng Equity Opportunity Fund, the ATR KimEng Fixed Income Fund, and the MFMCP-Aizawa Trust Philippines Fund with total assets under management (AUM) at P1.70 billion as of end September 2007.
Insurance revenue increased by P154.59 million or by 34.36 percent, ending the first three quarters at P604.47 million compared to P449.87 million for the same period last year. The increase came from growth in net written premiums of AsianLife and General Assurance Corp. (ALGA) and AsianLife Financial Assurance Corp. (ALFA), respectively.
ATR KimEng Land Inc. (formerly Sucat Land Corp.), is still limited to modest interest earnings. However, the company is in joint venture with Landco Pacific Corp. to develop TRIbeca, a themed-residential enclave of condominium buildings, open spaces, and amenities.