By Neil
Jerome C. Morales (The Philippine Star) | Updated April 18, 2013 - 12:00am
MANILA,
Philippines - Listed holding firm Phinma Corp. is banking on the recovery of
its property unit and the absence of losses from its business processing unit
to post an income turnaround this year.
Phinma is
allotting P3.9 billion in capital expenditures this year that will primarily
fund the construction of a power generation plant.
“Higher
income will come from energy, better property business and no more losses from
One Animate Ltd.,” Ramon R. del Rosario, Jr., president and vice-chairman of
Phinma, told reporters after the company’s annual stockholders meeting.
Lower profits
from the Phinma Properties, which was hampered by delays in project launches,
and losses in the animation unit resulted in Phinma incurring a net loss last
year.
Phinma said
it suffered from a P36-million net loss last year, reversing the P81-million
income in 2011.
“The company
is poised for a recovery based on a larger sales network and a healthy pipeline
of over 4,400 condominium units over the next three years,” Del Rosario said.
Regina B.
Alvarez, senior vice-president for finance of Phinma, said the company will
spend P3.9 billion this year, of which P3.6 billion will be for the power
project, P79 million for Phinma Properties and P200 million for steel fabricator
Union Galvasteel Corp.
Unit
Trans-Asia Oil and Energy Development Corp. is building a 135-megawatt (MW)
power plant in partnership with Ayala Corp. It will start commercial operations
in 2016.
For the
hotels business, Del Rosario said Phinma targets to have 25 operating units by
2015.
It will start
operations of three Microtel hotels with a total of 180-200 rooms this year,
Del Rosario said.
Phinma,
formerly Bacnotan Consolidated Industries Inc., is also into educational
institutions (Phinma Education Network composed of Araullo University, Cagayan
de Oro College, University of Pangasinan and University of Iloilo).
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