MANILA - Listed investment house ATR KimEng Financial Corp. (ATKRE Financial) said its earnings grew 61% for the first 6 months of the year on the back of stronger revenues.

In a disclosure to the Philippine Stock Exchange on Wednesday, ATKRE Financial reported a consolidated net income of P94.619 million for the first 6 months of the year, a 61% growth from P58.590 million in the same period in 2008.

ATKRE Financial Executive Vice President Renato Leveriza Jr. said total revenues rose 11% for the 6-month period to P1.049 billion from last year's P942.583 million.

Insurance revenues from AsianLife & General Assurance Corp. and AsianLife Financial Assurance Corp. were up 30% to P676.036 million. Interest income, meanwhile, jumped 143% to P92.681 million from P38.067 million in the first half of 2008 as the insurance group expanded its lending operations.

Commission income mainly from stock brokerage firm ATR KimEng Securities increased 10% to P203.030 million. The company said ATR KimEng Securities ranked first among trading participants in the PSE during the first half, cornering 21.24% of total transactions in terms of value.

"Our first half results mirror the country's economic performance as it recovers from the impact of the global economic slowdown felt in 2008," Leveriza said, adding that the company is likely to sustain growth in the second half of the year and through 2010.

Meanwhile, ATKRE Financial's investment banking arm has entered into a shareholders' agreement for the establishment of the first of a possible series of investment funds focused on China and Southeast Asia.

Leveriza said ATR KimEng Capital Partners Inc. made the deal with Seagate Global Advisors LLC, a California limited liability company. Both parties will invest $1 million each for the Seagate ATR KimEng Asian Development Fund I, the first of the 3 funds.

"The agreement is premised on the conviction that China is the engine for growth in the region now," Leveriza said.

"And going forward, the funds will concentrate on countries which stand to be the primary beneficiaries of the strong growth and development of the Chinese economy," he added.