BHI Holdings’ profit down 49%

LISTED holding firm BHI Holdings, Inc.’s attributable net income declined by 49.2% to P210,794 in the third quarter after posting higher expenses on flat revenue.

The company’s interest income was almost flat at P756,176 in the quarter from P756,229 a year ago. BHI Holdings at present derives revenues from interest on loans.

Meanwhile, general and administrative expenses climbed to P515,900 in the third quarter, a 28.1% increase from last year’s P402,849.

In the three quarters of the year, attributable net income totaled P288,305, lower by 7.9% than P312,961 in the same period last year.

BHI Holdings’ topline climbed to P2.24 million in the nine months that ended September, a 28.8% jump from P1.74 million a year ago.

“This was primarily due to the interest income on loan and due to interest from [the] bank,” the company said in its report.

Its year-to-date expenses amounted to P1.92 million, 38.2% higher than the P1.39 gross expense in the previous year.

BHI Holdings is an investment holding company that targets to acquire equity plus interest in profitable corporations.

According to its latest annual report, the company “has no principal products or services because it has not decided as to what products or services it will introduce to the market.”

On the stock exchange on Tuesday, BHI Holdings shares closed unchanged at P662 apiece. — Justine Irish D. Tabile