DEL ROSARIO-LED PHINMA Corp. has increased its allotted capital expenditure (capex) this year to about P5 billion from the initial P3.8 billion to cover new projects.
鈥淲e said P3.8 billion. It鈥檚 actually going to be a little more because there were some projects approved last year that weren鈥檛 calculated into that. The (capex) number is closer to P5 billion,鈥 PHINMA Chief Financial Officer EJ A. Qua Hiansen told reporters recently.
Mr. Qua Hiansen said the projects approved last year include the 21-hectare Saludad township in Bacolod City, the Davao terminal for cement subsidiary Philcement Corp., and the insulated panels factory of subsidiary Union Insulated Panel Corp. in Porac, Pampanga.
鈥淎ll of the projects are actually looking well. The indications are strong,鈥 he said.
鈥淲e like the Bacolod market. The sales pickup has been good. In Davao, we broke ground late last year. That鈥檚 on track. For the insulated panels factory, that one is also on track to start commercial operations next year,鈥 he added.
Mr. Qua Hiansen said PHINMA remains optimistic about its growth prospects despite global uncertainties related to the United States tariffs.
鈥淚 think it鈥檚 not a surprise that the macroeconomic environment globally, especially with the tariffs, has been a bit murky, so it鈥檚 getting harder for us to predict. But long term, we like our businesses,鈥 he said.
鈥淭hey鈥檙e going to really return not just value to our shareholders but to society. We鈥檙e going to keep focusing on doing that. We鈥檙e still very much pushing our expansion projects and excited for the future,鈥 he added.
Meanwhile, Mr. Qua Hiansen said PHINMA will launch the first project of its community housing venture, located in Davao, later this year. The project will have 530 units.
He added that the second project, situated in Bacolod, will be launched by the first half of next year. PHINMA is venturing into the community housing segment through subsidiary PHINMA Community Housing Corp.
鈥淲e鈥檒l see how those first two do before we look at putting in more. But it鈥檚 something we want to do in a very big way. It鈥檚 something we鈥檙e very positive about,鈥 he said.
For the first half, PHINMA posted a P455.06-million attributable net loss, wider than the P117.89-million net loss a year ago. Revenue rose by 4% to P10.82 billion, led by its education segment.
PHINMA shares fell by 2.94% or 50 centavos to P16.50 apiece on Monday. 鈥 Revin Mikhael D. Ochave
