ATRKE Financial income up 46%

MANILA, Philippines - ATR KimEng Financial Corp. (ATRKE Financial) has reported a consolidated net income of P199.3 million for the first nine months of 2010, an increase of 46 percent from the P136.8 million it posted in the same period last year.

Revenues grew by 19 percent to P2 billion led by a 55-percent increase in interest income and a 28-percent increase in commissions. Consolidated assets rose to P6.2 billion in the same period.

ATRKE Financial president Manuel Tordesillas admitted that the insurance and securities businesses were the main contributors to the group’s increased profitability, revenue growth across all our businesses has continued in the first three quarters of the year.

Insurance subsidiaries AsianLife & General Assurance Corp. and AsianLife Financial Assurance Corp. contributed revenues from premiums and interest income of P1.3 billion, or a 15-percent improvement over last year.

ATR KimEng Securities Inc. (ATRKE Securities) reported commission income of P366.6 million, up 34 percent year-on-year.

Revenues from the sale of ATRKE Land-owned units at the TRIbeca Private Residences project in Sucat doubled to P50.5 million this year. TRIbeca is a joint venture of subsidiary ATR KimEng Land Corp. with high-end property developer Landco Pacific Corp.

The company’s Asset Management group, operates through ATR KimEng Asset Management Inc. (ATRKE Asset Management), and the Trust Department of ATR KimEng Capital Partners, Inc. (ATRKE Capital). ATRKE Asset Management also recorded higher revenues in the first nine months of 2009, up 34 percent over last year.