Phinma posts P227M H1 loss on unit slump

Diversified investment firm PHINMA Corp. posted a consolidated net loss of P226.92 million in the first half of the year, weighed down by losses in its property and construction units despite higher revenues. 

In a stock exchange report on Friday, the company said net loss attributable to equity holders of the parent reached P455.06 million.

“The PHINMA Group looks forward to improved results as investments made in past years and ongoing expansion activities have laid the foundation for brighter prospects,” PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said. 

“Our entry into the fields of community housing and insulated panels demonstrates our deliberate, intentional efforts to more directly impact Filipino families and communities in need by catering to their urgent, daily necessities,” he added.

The PHINMA Construction Materials Group posted a net loss of P89.48 million, while PHINMA Property Holdings Corp. incurred a net loss of P299.85 million.

The hospitality segment recorded a combined net loss of P2.03 million.

PHINMA Education recorded consolidated revenues of P2.74 billion and a consolidated net income of P558.21 million, driven by record-high enrollment and the acquisition of St. Jude College Dasmariñas, Cavite.

The company ended the first six months with cash and cash equivalents of P3.33 billion, total assets of P53.98 billion, and total stockholders’ equity of P15.27 billion.