Phinma's Bacnotan reports 31% rise in 9-month profit

Bacnotan Consolidated Industries Inc., the flagship company of the Phinma Group, reported that its net income for the first nine months of the year rose by 31 percent to P191 million on dividend income and foreign exchange gains. In a statement to regulators, Bacnotan said the increase was largely due to the P42.3 million dividend income from AB Capital and Investment Corp. "Also, (Bacnotan) posted a net foreign exchange gain of P17.9 million (inclusive of gain on non-deliverable forwards), compared to a net loss of P28.5 million for the same period last year," the company said. Consolidated revenues from the January to September 2007 period grew 4 percent to P2 billion on an increase in sales revenues of Union Galvasteel Corp., Araullo University and Cagayan de Oro College. "Also Asian Plaza Inc., which was consolidated by (Bacnotan) only during the last quarter of 2006, registered revenues of P32 million this year," the company said. Cost and expenses also accelerated the same pace at 4 percent to P1.5 billion. The company’s subsidiaries include Bacnotan Industrial Park Corp., which operates the Batangas Union Industrial Park in Calaca, Batangas; and Atlas Holdings Corp. - GMANews.TV