Phinma Energy swings to net loss in April-June

PHINMA Energy Corp. on Wednesday reported a net loss attributable to equity holders of the parent firm of P91.57 million in the second quarter, reversing last year’s income of P221.87 million in the same quarter last year as revenues slipped while cost and expenses rose.

Revenues during the quarter stood at P4.42 billion, lower by 6.2% compared with the P4.71 billion recorded in the same three months last year. Cost and expenses went up 4.3% to P4.89 billion from P4.69 billion a year ago.

In the first half, Phinma Energy posted a net loss of P48.26 million, a reversal of last year’s P300.29 million net income attributable to the parent firm’s equity holders.

Revenues during the semester fell to P8.13 billion, lower by 2.3% compared with the P8.32 billion recorded in the same six months last year. Cost and expenses increased by 5.6% to P8.70 billion from P8.24 billion previously.

Including non-controlling interest, the company said consolidated net loss during the first six months was at P76.41 million from a net income of P298.17 million a year ago.

It attributed the reversal to the “continued low prices in the competitive energy supply market as well as higher costs resulting from excise taxes imposed by the TRAIN Law,” referring to Republic Act 10963 or Tax Reform for Acceleration and Inclusion. —