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Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc. or BLFI) posted P28.0 million net income in the first nine months of 2022 vs. P39.8 million a year-ago. Rising interest rates pulled up fair value gain on its investments to P49.5 million in the 9M 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 BIR 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.