Phinma Corp. reported a consolidated net income of P1.5 billion, down by 18 percent due to higher costs of raw materials driven by global chain disruptions.
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Phinma Corp., the listed holding company chaired by Ramon del Rosario, posted a consolidated net income of P639.07 million, lower than the P783.56 million recorded a year ago despite the strong growth in revenues.
December 23, 2020 | 12:03 am Font Size
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LISTED company Phinma Corp. has sold its stake in a solar energy unit for around P218.35 million to a subsidiary as it rationalizes the ownership structure of its construction materials business.
In a regulatory filing on Tuesday, it said its steel products subsidiary Union Galvasteel Corp. (UGC) bought nearly 25 million of the shares of Phinma Solar Energy Corp. at P8.83 apiece. The shares were paid in full on Monday.
Phinma Corp. owns more than 97.84% of UGC.
“The purchase price is equivalent to Phinma’s cost of investment in Phinma Solar,” Phinma Corp. said.
The sale will consolidate UGC’s full ownership of Phinma Solar, which is jointly owned by Phinma Corp. and the steel products unit.