GT Capital doubles earnings
GT Capital Holdings Inc. doubled its profit in the first half to P16.58 billion from P8.3 billion last year.
Earnings were driven by Metropolitan Bank & Trust Co., the net income of which increased by 34 percent to P20.9 billion, and Toyota Motor Philippines, which realized a significant net income growth of 147 percent to P8 billion,” the Ty-family controlled firm said.
Federal Land recorded a noteworthy net income improvement of 101 percent to P1.46 billion for the period. AXA Philippines attained a higher net income of P1.3 billion. GT Capital associate Metro Pacific Investments Corp. delivered a positive performance for the period with a core net income of P9.9 billion, representing a 33 percent increase.
Carmelo Maria Luza Bautista , GT Capital president, said the group’s results is a new record.
“Our key businesses in banking, financial services, automobile, and property development delivered unprecedented gains on the back of tempered inflation, resilient consumer spending, and political stability. In comparison, our current mid-year earnings have far exceeded 2019 pre-pandemic levels by 130 percent,” he said.
FDC revenues rise 29%
Filinvest Development Corp. (FDC) grew its profit by 77 percent to P3.9 billion in the first half of the year from P2.2 billion last year.
The growth was driven by a 29 percent increase in total revenues and other income from P33.1 billion in the first six months of 2022 to P42.5 billion in the same period in 2023.
Businesses that posted growth are banking , 41 percent; real estate, 9 percent; power, 24 percent; sugar, 36 percent and; hospitality, 61 percent.
The increases reflected mainly the continued recovery of the businesses over prior periods which were adversely affected by the COVID-19 pandemic.
Total revenues and other income of the conglomerate in the first six months of 2023 already equaled the amount generated before the pandemic of P41.6 billion in the first six months of 2019.
AREIT grows net by 27%
AREIT Inc. posted a profit growth of 27 percent in the first half of the year to P2.04 billion from P1.62 billion.
Revenues hit P2.97 billion, up 26 percent from P2.36 billion.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was at P2.10 billion, up 23 percent from P1.71 billion.
AREIT said occupancy was at 98 percent.
AREIT said its board of directors approved the declaration of P0.53 per share cash dividends covering the second quarter operations, a 2 percent increase from the previous quarter.
The dividends are payable on September 13 to stockholders as of August 30.
Filinvest Land H1 earnings up 15%
Filinvest Land Inc. said it grew its profit for the first half of the year by 15 percent to P1.39 billion from P1.21 billion.
Revenues grew 8 percent to P9.92 billion from P9.15 billion as the full-range property developer’s residential and rental business segments posted growth.
Residential revenues grew 4 percent to P6.06 billion. Reservation sales grew 21 percent to P11 billion.
The mall business posted 64 percent increase in revenues to P1.15 billion. Office revenues increased by 1 percent to P2.29 billion due to newly signed leases in office buildings such as in Axis 1 and 2 in Northgate Cyberzone, Filinvest City and FLI EDSA Wack Wack in Mandaluyong City.
Max’s sales reach P5.85B
Max’s Group Inc. recorded profit of P246 million in the first half of the year down 13 percent from P281 million last year.
Sales reached P5.85 billion, up 17 percent from P4.98 billion last year, as the company reported a system-wide sales (SWS) of P9.19 billion, up 14 percent from P8.09 billion.
Strong first half results were primarily driven by Max’s Restaurant and Pancake House, which experienced a rebound from a challenging first quarter last year. Yellow Cab Pizza and Krispy Kreme continue to perform with a strong brand equity.
Operations of the international segment remained healthy with a combined 6 percent growth in SWS across Asia, North America, and the Middle East.
Higher power sales lifts PERC income
PetroEnergy Resources Corp. (PERC) booked a 17 percent growth in consolidated net income in the first half of the year at P591 million compared to the P506 million in the same period last year.
The company said higher electricity sales from its renewable energy (RE) operating units and a significant increase in interest income from short-term investments were key drivers for the growth.
PERC these cushioned the impact of the decline in PERC’s revenues from its Gabon oil operations due to lower average crude oil prices for the period compared to first half 2022.
Consolidated revenues were flat at P1.3 billion with bulk of it coming from investments in RE projects through its subsidiary and RE holding company, PetroGreen Energy Corp. (PGEC).
Apex Mining net income falls
Apex Mining Co. Inc. recorded a slight drop in consolidated net income in the first half of the year at P1.4 billion which is P168 million lower compared to its net income for the similar period last year.
Maco gold mine operations in Davao de Oro recorded a 3-percent lower ore milling at 378,564 tons compared to the similar period in 2022.
Consolidated gross revenues rose 19 percent to P5.7 billion from last year’s P4.8 billion.
Gold recovery was at 87.34 percent while silver recovery rate was slightly at 72.14 percent. Average realized gold price of gold is at $1,953 per oz compared to the $1,901 per oz in 2022 but ore gold grades averaged 1 percent lower at 3.93 grams per ton compared to last year’s 3.95 grams of gold per ton.
Fruitas EBIDTA reached P159M
Fruitas Holdings Inc. said profit for the first half of the year grew 48 percent to P43.5 million from P29.3 million last year.
Revenues went up 45 percent to P1.14 billion from P787.5 million.
Earnings before interest tax depreciation and amortization (EBITDA) hit P159.3 million, up from P121.9 million last year.
“Our first half 2023 performance is proof of the Group’s capacity to enhance and innovate its product portfolio. We saw improved profits and controlled margins despite the uncertain economic climate. In light of this, we are eager to seize the upcoming quarters’ growth opportunities through store network diversification and relevant product offerings that will provide value to our customers and stakeholders while laying the groundwork for our vision to be the place where all Filipinos’ dreams come true,” said Lester Yu, Fruitas chief executive officer.
Megawide reverses losses
Megawide Construction Corp. said profit in the first half of the year reached P362.6 million, reversing its P441 million loss last year.
Revenues grew 52 percent to P11.2 billion from P7.36 billion, of which construction operations cornered bulk at P10.97 billion and landport operations contributed the balance of P191 million.
“Construction is on its way to recovery and we are starting to see it. We have yet to capitalize on the big-ticket infrastructure projects in our portfolio, such as the Metro Manila Subway Project, which has yet to commence. Our landport is also recovering in terms of foot traffic, office occupancy, and commercial sales. All in all, we are confident of sustaining the momentum for the remainder of the year,” said Edgar Saavedra, Megawide chief executive officer.
Megawide said its order book is at P50 billion.
“More than half of the projects are still in the 0-20 percent completion stage, providing a significant balance for bookable revenues in the coming periods. In addition, the Company expects to gradually reap the benefits from its acquisition of affiliate PH1 World Developers, Inc. (PH1 World) over the years in terms of revenue stability and profitability,” the company said.
Megawide’s Paranaque Integrated Terminal Exchange (PITX) meanwhile recorded an average daily foot traffic of over 100,000 level.
Abacore swings to profit
AbaCore Capital Holdings Inc. said it posted a P308.8 million profit for the first half of the year, reversing last year’s P15.5 million loss.
“The growth in net income is primarily attributed to a gain of P278.8 million from the sale of investment property. Other sources of income for the quarter include a gain of P75.8 million from the sale of an investment in a subsidiary and interest income of P10.8 million, “the company said.
For the period, Abacore sold a property in Lipa, Batangas to Eternal Gardens for P127.2 million. It also sold Mataas-na-Kahoy Properties in Lipa for P108.9 million.
“Abacore’s most recent financial performance shows that we are on the right track in terms of diversifying our operations across various sectors. This should lead to Abacre generating more income and providing better returns for shareholders,” said Antonio Gregorio III, Abacore vice-chairman.
“As we move towards the succeeding quarters, we will continue to leverage our strengths – which include us being the investment gateway in Batangas and our expertise across the various markets we operate in,” he added.
Abacore closed the period with assets worth P19.4 billion, with shareholders equity at P16.4 billion. Liabilities were at P3 billion, lower than last year’s P3.1 billion.
GMA Network earnings drop
GMA Network Inc. said profit for the first half dropped 70.64 percent to P1.18 billion from last year’s P4.02 billion, citing primarily the lack of political ads this year.
Revenues dropped 29 percent percent to P8.46 billion compared to last year’s P11.94 billion.
“The presence of political advocacies and advertisements during the first half of last year took a toll on the company’s overall performance which led to absolute sales this first half falling short,” it said.
“Over the past first six months of 2023, especially the earlier part, household spending, which is one of the biggest contributors and key drivers of growth in the local economy, has weakened amid elevated inflation and rising borrowing costs, accordingly to analysts. As a result, major fast-moving consumer goods (FMCG) clients of the company which largely bank on individual purchasing power have likewise scaled down their ad spending,” it added.
ABS-CBN losses balloon to P2B
ABS-CBN Corp. said losses for the first half of the year grew 52.2 percent to P2.2 billion from P1.44 billion
Revenues dropped 7.2 percent to P8.8 billion from P9.48 billion.
ABS-CBN said the absence of political spending for the period resulted to its advertising revenue to drop 9.1 percent. P2.9 billion from P3.29 billion.
Consumer sales meanwhile dropped 6.3 percent to P5.8 billion from P6.19 billion, as it reported a decline in licensing and syndication of the Company’s content library.
Earnings before interest tax depreciation and amortization dropped 89.9 percent to P105 million from P1.04 billion last year.
AllHome sales decline
AllHome Corp. said it grew its first half profit by 99.1 percent to P442 million from P222.12 million.
Sales dropped 3.5 percent to P6.04 billion from P6.26 billion.
“As we head into the historically strong quarters of AllHome and a positive 2024 outlook that sees a rise in condominium turnovers–which means entry into the furnishing stage–we view the balance year of 2023 with much confidence and optimism,” said Manuel Villar, Jr., AllHome chairman.
“We are at looking at every angle to maximize revenue potential for the chain, and I am pleased that our initiatives to strengthen AllHome’s leadership, operations and efficiencies are bearing fruit,” he added.
AllHome noted it turnaround in the second quarter after a lackluster first quarter.
“Trending downward in the first quarter of the year, AllHome posted P3.117 billion in revenue in the second quarter of 2023–a 3 percent growth from last year,” it said.
