SWU buoys Phinma earnings
BusinessWorld Online
By Keith Richard D. Mariano
August 2, 2016
In a disclosure to the Philippine Stock Exchange on Monday, the company said its consolidated revenues was 16% higher at P3.1 billion from the P2.7 billion recorded for the comparable 2015 period.
SWU contributed P247 million to the first-half results of Phinma. The university’s income was not yet consolidated into the listed company’s financial statement during the same period in 2015.
Aside from the consolidation of revenues from SWU, improved sales of steel products by Union Galvasteel Corp. and tuition hikes in Araullo University, Cagayan de Oro College and University of Iloilo have buoyed Phinma.
The higher revenue realized across the businesses offset the 13% increase in consolidated costs and expenses to P2.8 billion, with income from operations rising 52% to P281 million.
Phinma said net income attributable to the parent amounted to P168 million during the January to June period. No comparable figure was available.