Phinma Energy posts P76.4-million net loss

By Lenie Lectura – August 15, 2018
from Business Mirror

PHINMA Energy Corp. posted a net loss of P76.40 million in the first half of the year, a reversal from the P298.17-million net income it posted in the same period a year ago, mainly due 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.

Revenues for the period declined to P8.12 billion at end-June this year, from P8.31 billion in the same period last year. It recorded P4.41 billion in revenue for the second quarter and a net loss of P116.75 million from April to June this year.