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PHINMA Corporation reported an 18 percent drop in consolidated net income to P1.5 billion last year due to higher raw materials costs driven by global supply chain disruptions, a strong US Dollar, and increased education costs due to a revision in school opening schedules.
In a disclosure to the
PHINMA Corporation’s consolidated net income declined 12 percent to P1.27 billion in the first three quarters of 2022 from the P1.45 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the performance was primarily due to higher costs driven