Yuchengco-led House of Investments is back in the black with a P610.8 million profit in the first half from a loss of P296.4 million, buoyed by the strong performance of its construction and education businesses.
HI likewise attributed the strong bounceback to cost-reduction efforts implemented by management to mitigate the impact of the Covid-19 pandemic.
Total revenues climbed 16 percent to P12.1 billion, with the construction segment posting the biggest contribution despite the lockdowns enforced in March to May.
The company owns a majority stake in EEI Corp., a construction and general contracting firm with domestic and international operations spanning from Asia to the Kingdom of Saudi Arabia.
It also controls iPeople, Inc., which owns the Malayan Education System under the name of Mapúa University, Malayan Colleges Laguna, Malayan Colleges Mindanao, Malayan High School of Science, University of Nueva Caceres, National Teachers College, and the APEC Schools.
The education group chipped in higher revenues at P1.54 billion owing to the higher average number of enrollees and increase in average units enrolled.
The automotive group, which owns and operates dealerships under the Honda, Isuzu and Geely brands, is slowly recovering but still below its pre-pandemic revenue level.
Equity in net earnings grew 23 percent to P660.07 million this year, owing to better results of the group’s associates.
Interest and finance charges dropped by three percent due to lower average borrowing rates.