Yuchengco holding firm profit gets a boost from asset sale
Date Published: September 2, 2022
House of Investments (HI) booked a 29 percent spike in its first half earnings to P1.12 billion, largely because of a gain from the sale of shares and higher contributions from the automotive and education businesses.
The Yuchengco conglomerate led by Helen Yuchengco-Dee reported a P389.2 million gain on sale of shares, making up for the drop in revenues.
Revenues dipped 12 percent to P10.65 billion, primarily due to lower revenues from the construction segment due to lower production particularly from domestic contracts.
HI said this was tempered by higher revenues from education and automotive segments, which grew by 34 percent and 14 percent, respectively.
Automotive sales picked up as the demand increased despite rising oil prices and limited supply, while the education sector benefited from higher enrollment.