Dominion Holdings Inc., formerly BDO Leasing & Finance Inc., posted P28-million net income in the first nine months, compared to P39.8 million a year-ago.
Rising interest rates pulled up fair value gain on its investments to P49.5 million in the nine-month period from P45 million in the same period last year. Total expenses went up to P21.5 million from P13.1 million, which was largely attributed to tax adjustment.
Dominion Holdings, with approval of its board of directors and stockholders, voluntarily surrendered its secondary license as a financing company to the Securities and Exchange Commission. The company, on July 21, 2022, obtained SEC approval for the change in corporate name, the shift in primary and secondary purposes from a leasing and financing company to that of a holding company and the amendments to the articles of incorporation and by-laws.
As an investment holding company, Dominion Holdings will have more flexibility in pursuing business opportunities which will enhance shareholder value for shareholders.
