Dominion Holdings earns P28M in 9 months

DOMINION Holdings Inc. (formerly BDO Leasing & Finance Inc. or BLFI) posted P28 million in net income in the first nine months of 2022, down from P39.8 million a year-ago.

Rising interest rates pulled up fair value gain on its investments to P49.5 million in the first nine months of 2022 from P45 million in the same period last year. However, total expenses went up to P21.5 million versus P13.1 million, largely attributed to a Bureau of Internal Revenue tax adjustment for a prior period.

With approvals from its Board of Directors and stockholders, Dominion Holdings already voluntarily surrendered its secondary license as a financing company to the Securities and Exchange Commission (SEC).

On July 21, 2022, the company obtained SEC approval 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 Inc. will have more flexibility in pursuing business opportunities which will enhance shareholder value for its shareholders.

Dominion Holdings Inc.’s 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. (PR)