BDO subsidiary posts P58.3 million net income in 1Q 2023
2023 May – Dominion Holdings, Inc. (formerly BDO Leasing and Finance, Inc. or BLFI) posted a net income of ₱58.3 million in 1Q 2023 compared to ₱8.6 million in 1Q 2022. Gross income expanded more than five-fold to ₱74.7 million as the firm shifted its funds to higher yielding short-term investments to take advantage of the prevailing attractive interest rates.
Total assets stood at ₱6.1 billion, bulk of which was invested in short-term investments.
Dominion Holdings’ primary purpose is to hold/own real estate properties, securities/shares of stocks, and other assets of other companies, and engage in investment and business activities involving these assets.
On July 21, 2022, the Company obtained SEC approval dated July 18, 2022 for the change in corporate name of BDO Leasing and Finance Inc. to “Dominion Holdings, Inc.”, the shift in primary and secondary purposes from a leasing and financing company to that of a holding company, and the corresponding amendments to the Company’s Articles of Incorporation and By-laws.
As an investment holding company, Dominion Holdings will have more flexibility in pursuing business opportunities that can enhance shareholder value for its stockholders.
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