PHINMA profit drops 66%

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.

- By JAMES A. LOYOLA

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.