July 22, 2013

Phinma Group profit more than doubles

Holding firm Phinma Corp. more than doubled its profits in the first half of the year as all its operating units turned in better performances.

Phinma said its net income surged 102% to P171.3 M in the first semester from P84.8 M a year ago. Core earnings, which strips off non-recurring gains like foreign exchange items, tripled to P194.5  M from P66.34  M, Phinma said.

Its revenues climbed 13% to P2.5  B. Top income contributor was steel fabricator Union Galvasteel Corp. (UGC), whose revenues hit P1.68 B, up 15% from P1.47 B a year earlier. - WealthSec