Union Galvasteel Corporation posts P107.9 million net income in 2011...

A subsidiary of Phinma Corporation, Union Galvasteel Corporation (UGC) which engaged in steel roofing, posted a decrease in net income, from income of P202 million before a one-off reversal of P 52.3 million in 2010, to net income of P107.9 million in 2011. This decrease is attributed to a slowdown in the construction industry from a series of typhoons as well as delays in government infrastructure spending. In spite of these, the company maintained its leadership in the prepainted roofing industry, and is poised for a recovery as the government accelerates implementation of its Public Private Partnership (PPP) programs and as the nation rebuilds in the face of the natural calamities of 2011.