Phinma returns to profit in 2013

Posted at 03/05/2014 12:10 PM | Updated as of 03/05/2014 12:10 PM

MANILA, Philippines - Phinma Corp. returned to profit in 2013, posting a consolidated net income of P261.7 million from a net loss of P91.6 million in 2012.

Phinma reported its net income attributable to equity holders of the parent hit P224 million in 2013.

Revenues jumped 6% to P 4.8 billion in 2013, on the back of strong sales of Union Galvasteel Corp.

Union Galvasteel Corporation (UGC) saw its revenues grow 9% to P3.17 billion in 2013. It posted a 48% increase in net income of P103.8 million in 2013.

Meanwhile, Phinma Education Network reported its profit jumped to P160.8 million in 2013, as enrollment at its schools grew 16% to 31,114 students.

Property unit Phinma Property Holdings Corporation posted a net income of P15.5 million in 2013, on the back of 18% rise in revenues to P1.042 billion.

However, Fuld & Co. and Fuld Philippines posted a combined net loss of P35 million, due to one-time expenses to launch its research business in Asia.

Trans-Asia Oil and Energy Development Corporation (Trans-Asia Oil) showed positive operating results, with equitized income up 22% to P150.2 million in 2013.