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PHINMA profit drops 66%
Manila Bulletin
|April 16, 2025
El Rosario-led PHINMA Corp. reported a 66-percent drop in attributable net income to P279.55 million last year, from the restated 2023 profit of P831.27 million, due to high expenses and losses of its property business.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said consolidated net income dropped 37.5 percent to P936.87 million in 2024, from P1.5 billion in the prior year.
Following a self-initiated review by the company’s subsidiary Union Galvasteel Corp. (UGC), the Securities and Exchange Commission (SEC) granted PHINMA’s request to restate its 2023 financial statement, resulting in lower retained earnings.
This story is from the April 16, 2025 edition of Manila Bulletin.
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