Subsidiaries lift ATR KimEng net income by 62% to P321.9M

Higher revenue contributions from its subsidiaries boosted earnings of financial services group ATR KimEng Financial Corp. in the first nine months of the year. In a statement Tuesday to the Philippine Stock Exchange, ATRKE Financial said its net income jumped 62 percent to P321.9 million. Revenues improved by 12 percent to P2.2 billion and consolidated assets stood at P7 billion. Insurance subsidiaries Asian Life & General Assurance Corp. and AsianLife Financial Assurance Corp. were its largest revenue contributors. Advisory and underwriting fees from ATR KimEng Capital Partners Inc. nearly grew by 1,400 percent to P85.9 million on a number of equity issues completed earlier this year. Stock brokerage ATR KimEng Securities Inc., meanwhile, was largely responsible for the 16-percent increase in commissions to P451.9 million. ATR KimEng Asset Management Inc. and the Trust Department of ATRKE Capital had combined assets under management of P10.3 billion as of the third quarter of 2011, up 46.53 percent from P7.0 billion a year earlier. Real Estate Group ATR KimEng Land Inc. posted strong results once more with total sales of P89.4 million, a 77 percent increase from the P50.5 million in the same comparable period. — CMS/VS, GMA News