Henry Sy’s leasing firm sets conservative profit target of P575M
The leasing and financing arm of Bilyonaryo Henry Sy has set a conservative profit target this year amid the continued double-digit growth in earnings in the first quarter of the year.
BDO Leasing and Finance Inc. vice chairman and president Roberto Lapid said during the company’s annual stockholders’ meeting that it has set a full-year profit guidance of P575 million for this year.
This year’s target of the leasing unit of Sy-led BDO Unibank Inc. represents a 3.4 percent improvement over last year’s net income of P556 million.
The growth, Lapid said, would be fueled by increased business volume as it continues to intensify its provincial thrust and tap opportunities in growth areas.
He added BDO Leasing would take advantage of the sustained growth in vehicle sales through MMPC Auto Financial Services Corp.
BDO Leasing formed MMPC Auto Financial Services Corp. with Mitsubihi Motors Philippines Corp. (MMPC), Sojitz Corp. (SJC), and JACCS Co. Ltd. (JACCS) to provide financing services to individual and corporate buyers of Mitsubishi vehicles.
Lapid also reported during the meeting BDO Leasing booked an 11 percent increase in net income to P144 million from January to March this year compared with P129.7 million in the same period in 2015.
“BDO Leasing sustained its momentum in the first quarter of 2016,” he added.
According to him, the increase came from the continued expansion in its net lease and loan portfolio to almost P28 billion and a 16 percent jump in total revenues to P702 million.
Profits of BDO Leasing went up by 10 percent increase to P556 million last year from P504 million in 2014 amid a15 percent jump in gross revenues to P2.6 billion from P2.27 billion.