Semirara income down 40%
Semirara Mining and Power Corp. (SMPC) recorded a 40 percent decline in consolidated net income to P9 billion in the first quarter of the year from P15 billion in the same period in 2022.
This is due to high-base effect as it posted its highest-ever quarterly net income during the same period last year.
SMPC’s consolidated revenues contracted by 29 percent from P29.1 billion to P20.7 billion on weaker coal contribution which was offset by all-time high revenues from the power segment.
Coal revenues slumped by 40 percent from P25.7 billion to P15.5 billion because of lower shipments and selling prices as the company turned cautious amid market volatility.
Coal shipments dropped 31 percent from 5.1 million MT to 3.5 million MT following a 52 percent slump in exports from 3.1 million MT to 1.5 million MT and flat domestic sales at 2 million MT). SMPC’s revenues from power generation for the period jumped by 59 percent to a historic high of P7.7 billion from P4.8 billion.
Cemex swings to loss
Cemex Holdings Philippines Inc., said loss was recorded at P355.48 million in the first quarter of the year, reversing last year’s P261.9 million profit for the same period last year.
Sales dropped 11 percent to P4.64 billion from P5.24 billion as the company sold lower volumes of cement.
Cemex’s domestic cement volumes decreased by 16 percent for the period, attributed to lower cement demand.
The company expects domestic sales volume to drop by “low-single-digit percentage.”
The company said it raised its pricing by 5 percent for the perio to offset the sharp rise in input cost, particularly in fuel, electricity, and transport, among others.
Operating earnings before interest tax depreciation and amortization (EBITDA) reached P102 million, down 90 percent due to higher cost of sales and lower volume, as well as an unfavorable first quarter 2022 comparison base for both for input costs and volumes.
Operating EBITDA margin was was 2.2 percent.
CLI nets P1B, up 43%
Cebu Landmasters Inc. (CLI) grew its profit by 43 percent at P1.17 billion from P818.18 million.
Revenues grew 33 percent to P4.78 billion from P3.58 billion, driven by the strong performance across all business units.
Revenue from real estate sales grew 33 percent to P4.71 billion. Reservation sales reached P5.22 billion, up 16 percent.
The hotel operation grew 70 percent to P29 million.
Leasing recorded a 22 percent growth, amounting to P21 million while property management business posted a 27 percent increase in management fees to P15 million.
Jose Franco Soberano, CLI chief operating officer., said three new hospitality projects are scheduled to commence operations this year. The company complete over 46,008 sqm of gross leasable area from commercial leasing business in the next two years.
GMA net income drops 72%
GMA Network Inc. reported a 72 percent decline in net income in the first quarter of this year due to the absence of political advertisements.
GMA said net income after tax hit P602 million, lower by by over a billion from last year’s bottomline performance of P2.13 billion which was buoyed by political advocacies and advertisements.
Revenues also went down by 31 percent to P4.02 billion in the first quarter from P5.86 billion in the same period last year.
GMA said the absence this year of almost P1.5-billion worth of political advocacies and advertisements in the first quarter of 2022 factored considerably into the company’s top line-reduction.
Recurring sales which were also affected by consumer sentiments on the weak economy have also affected advertising placements of the company’s volume accounts.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March wrapped up at P1.2 billion, dropping by 62 percent or P2 billion from last year’s EBITDA of P3.2 billion.
