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Del Rosarios' PHINMA posts lower profit

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PHINMA Corporation, the investment arm of the Del Rosario family, reported a drop in consolidated net income to P456.75 million in the first half of 2023 from P639.07 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues improved three percent to P8.89 billion in the first half of 2023 from P8.63 billion in the same period of 2022.

“While challenges persist, I believe our healthy portfolio of businesses in key sectors provides a platform for dynamic growth for PHINMA,” said PHINMA Chairman and CEO Ramon R. del Rosario, Jr. “PHINMA ventured into the businesses it is currently present in because of our strong dedication to service. All these were intended to make an impact in society,” said PHINMA President and COO Chito B. Salazar.

Increase in costs and operating expenses to support the increase in enrollment and face-to-face classes were offset by lower credit loss provisions as a result of higher collection efficiencies.

 

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