LISTED conglomerate PHINMA Corp. said its board of directors had approved an investment of P250 million in its community housing unit.
In a stock exchange disclosure on Monday, the company said its board approved investing in PHINMA Community Housing Corp. to fund capital expenditures, land acquisition, and other working capital needs.
The board also approved the appropriation of P500 million in retained earnings for investment in Construction Materials Group and P500 million in PHINMA Community Housing until Dec. 31, 2026.
For the nine months ending September last year, PHINMA’s attributable net income plummeted by 84.5% to P122.73 million from P791.53 million in the same period a year earlier.
Gross revenue for the January-to-September period last year grew by 9.8% to P16.98 billion from P15.46 billion in the same period in 2023.
The company’s gross expenses for the nine-month period rose by 12.6% to P15.1 billion from P13.41 billion previously.
At the stock exchange on Monday, shares in the company fell by 30 centavos, or 1.62%, to close at P18.18 per share.
PHINMA Corp. is a listed holding company that operates through its subsidiaries and has investments in education, steel products, housing, and property development.- – Ashley Erika O. Jose
