CEB turns around
Cebu Air Inc. (CEB) yesterday reported a net income of P3.74 billion in the first half of the year, a turnaround from P9.5-billion net loss in the same period in 2022 on revenues that doubled to P43.6 billion from P20.7 billion.
The overall increase in revenues was primarily driven by significant increase in passenger volume and flight activities due to the increased demand for travel.
Passenger volume rose 63 percent from 6.3 million to 10.3 million. Flights went up 48 percent, coupled with 10.2 percentage point increase in seat load factor from 75 percent to 85 percent.
CEB ended the first half of 2023 recovering back to positive equity of P726 million. Total assets stood at P165 billion, covering its fleet of 80 aircraft.
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Megaworld profit up 31%
Megaworld Corp. said it grew its profit by 31 percent to P8.8 billion from P6.72 billion, noting better performance in most of its core businesses.
Revenues went up 17 percent to P32 billion from P27.35 billion.
Real estate sales grew 12 percent to P19.1 billion. Reservation sales increased 49 percent to P76.1 billion, about 59 percent of the year-end reservation sales target.
Leasing revenues grew 17 percent to P8.8 billion from P7.52 billion on the back of the company’s stable office segment and the continued recovery of mall rental income.
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Manila Water nets P5B
Manila Water Co. Inc. booked profit of P5.05 billion in the first half, a 73 percent increase from P2.92 billion recorded in 2022.
The company said it posted a 2 percent uptick in billed volume for the period at 651.8 million cubic meters (mcm) from 637 mcm, leading for revenues to reach P15.39 billion, up 42 percent growth from P10.86 billion.
Billed volume in the East Zone went up 6 percent to 258.9 mcm from 245.3 mcm last year.
Other Manila Water local subsidiaries that recorded big improvements for billed volumes are Calasiao Water with 0.5 mcm from 0.3 or a growth of 47 percent; Estate Water with 6.1 mcm from 5.3 mcm an improvement of 14 percent; and South Luzon Water with 2.7 mcm from 2.6 mcm or a jump of 7 percent.
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FNI earnings rise 50%
Global Ferronickel Holdings Inc. (FNI) booked a 49.8 percent increase in profit in the first half to P625.3 million from P417.4 million last year.
However, after deducting net income attributable to non-controlling interests, net income attributable to FNI shareholders was lower by 19.4 percent to P349.5 million from P433.7 million.
Revenues reached P3.1 billion, up 41.2 percent from P2.2 billion.
FNI said strong volumes and higher-grade ores at its Palawan mine fueled the growth, though it was partially offset by weaker prices and lower-than-average volumes in its Surigao mine.
FNI said total volume sold was at 1.459 million wet metric tons (WMT), 41 percent higher than in the first half of 2022’s 1.035 million WMT.
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RCBC profit hits P6.2B
Rizal Commercial Banking Corp (RCBC). said profit in the first half of the year hit P6.2 billion.
Total gross income grew 10 percent to P23.5 billion, coming from the core business of loans and deposits, and augmented by higher fee income from retail transactions and sale of assets.
The bank generated an annualized return on equity of 11.1 percent and an annualized return on asset of 1.11 percent.
Loan growth was seen across all segments with both SME and consumer sustaining momentum at 18 percent, the bank said RCBC said it credit card receivables increased by 48 percent while gross billings went up 54 percent on the back of data-driven and personalized campaigns.
Total deposits rose 22 percent, with current account-savings account up 17 percent given the expansion to the retail and SME markets in areas outside Metro Manila. RCBC total asset was at P1.2 trillion, up 17 percent.
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Converge revenues grow 8%
Converge posted a net income after tax of P4.3 billion in the first half of the year, 8.5 percent higher than the P3.95 billion recorded in the same period last year.
Consolidated revenues grew by 8 percent to P17.2 billion from P16.1 billion driven by growth in residential and enterprise businesses.
Converge achieved earnings before interest, taxes, depreciation and amortization of P10 billion, representing an increase of 9.5 percent from the previous year.
As of the end of June, Converge broadband subscribers reached 1.97 million with a net addition of 92,302 in the first half, of the total subscriber base 1.92 million are postpaid and 54,161 prepaid subscribers.
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CLI sales reach P9B
Cebu Landmasters Inc. (CLI) grew its first half profit by 32 percent to P2.1 billion from P1.6 billion last year.
The growth in earnings was due to the solid results across all revenue streams pushing CLI’s consolidated revenue to increase by 23 percent to P9.15 billion, up from P7.36 billion last year.
This is supported by higher construction progress and take-up of new launches that also led to the highest first-half reservation sales figure in the company’s history.
Reservation sales were up 36 percent to P10.5 billion.
CLI’s rental revenues grew 41 percent to P50 million.
Revenue from management fees increased by 26 percent to P31 million.
