Phinma Corp. said its income in the first semester grew 13-fold to P783.56 million from last year’s P58.01 million as most of its businesses recovered.
“By providing a reliable supply of high quality construction materials as well as continuing to deliver our brand of accessible, value for money education to more than 72,000 students nationwide despite the on-going Covid-19 pandemic, we have supported the country’s economic recovery and reaped improved financial performance at the same time,” Phinma President and CEO Ramon R. del Rosario Jr. said,
Consolidated revenues for the period grew more than half to P7.83 billion from P5.11 billion last year.
During the period, the company booked net foreign exchange gains of P47.90 million on dollar-denominated assets. To further support its businesses, the company is issuing P3 billion in bonds. The funds are earmarked for investments in its strategic business units, to refinance short-term corporate debt and for general corporate purposes. The investments will prioritize construction materials and education projects that increase capacity and enhance efficiency.
The company ended the period with cash and cash equivalents of P2.26 billion. As of end-June, consolidated total assets and total stockholders’ equity amounted to P26.21 billion and P9.09 billion, respectively.