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PHINMA Corp. said last year’s attributable profit dropped 66.37 percent to P279.55 million from P831.27 million in 2023.
In a statement on Tuesday,PHINMA said its revenues grew 11.7 percent to P23.76 bil-lion from P21.27 billion, credited to sustained topline growth of various business units.
The company said the decline in profit was due to a restatement of its 2023 financial re-sults after unit Union Galvasteel Corp. identified certain adjustments needed to cor-rect certain line items resulting from the inconsistent application of certain account-ing poli-cies.
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“These one-off, non-cash adjustments reduced 2023 consolidated net income by P128.92 million and retained earnings at the start of the year by P893.48 million,” PHINMA said.
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