Dominion Holdings posts lower net profit

DOMINION Holdings, Inc. posted a lower net profit in the first nine months of the year as its expenses rose, offsetting an increase in its investment earnings.

The company’s net earnings stood at P28 million from January to September, 29.6% lower than the P39.8 million it booked last year, it said in a filing with the local bourse on Thursday.

The Sy-led holding firm’s total expenses climbed by 64.1% to P21.5 million from P13.1 million in the same period in 2021, which was attributed to a tax adjustment earlier this year.

Meanwhile, in the nine months to September, the firm’s fair value gain on its investments grew by 10% to P49.5 million from the P45 million seen in the comparable period a year ago amid rising interest rates.   

“With approvals from its board of directors and stockholders, Dominion Holdings already voluntarily surrendered its secondary license as a financing company to the Securities and Exchange Commission (SEC),” the firm said.

The SEC approved the change in BDO Leasing & Finance Inc.’s (BLFI) corporate name to Dominion Holdings, as well as the changes of its articles of incorporation and by-laws, on July 21.

This is in line with the strategic direction of its parent, BDO Unibank Inc. (BDO), to convert BLFI into a holding company.

According to the firm, the board also approved the change of stock symbol in the Philippine Stock Exchange from “BLFI” to “DHI.”

“As an investment holding company, Dominion Holdings, Inc. will have more flexibility in pursuing business opportunities which will enhance shareholder value for its shareholders,” it said. 

“Dominion Holdings, Inc.’s primary purpose is to hold/own real estate properties, securities/shares of stocks, and other assets of other companies, and engage in investment and business activities involving these assets,” it added. 

BLFI ceased its operations as a leasing company on Oct. 19 last year and transferred its leasing and financing business to an affiliate, BDO Finance Corp.

BDO Finance assumed the lease transactions formerly booked with BLFI, ensuring continuity of service to its existing clients.

BLFI filed with the SEC a letter surrendering its Certificate of Authority to operate as a financing company on July 5.

Dominion Holding’s parent BDO booked an attributable net income of P12.205 billion in the second quarter, up 10.64% from the P11.031 billion in the same period in 2021.

This brought the bank’s attributable net profit for the first half to P23.943 billion, 12% higher than the P21.421 billion seen in the comparable year-ago period.

BDO’s shares went up by P3.20 or 2.58% to close at P127 apiece on Thursday. — Keisha B. Ta-asan