CEB pares down losses
Cebu Air Inc. said bleeding were cut by 31 percent in the first half of the year with the company reporting P9.5 billion in losses compared to P13.8 billion last year.
The Gokongwei-controlled carrier said revenues grew 250 percent to P20.7 billion for the period compared to P5.9 billion last year.
“The overall increase in revenues was primarily driven by significant increase in passenger volume, cargo services and flight activities as the COVID-19 restrictions already eased by March 2022. During the second quarter of 2022, most parts of the country have remained to be classified under the more relaxed Alert Level classification,” it said.
Cebu Air Inc. said it has almost the same level of its pre-pandemic systemwide capacity following the continuous ramp-up of domestic and international routes.
“Currently, the group is expecting the level of demand to increase further for airline services not just within the Philippines but even abroad. The positive development has not only allowed the group to carry more passengers, but also boosted the group’s cargo services,” it said.
Jollibee profit soars 352%
Jollibee Foods Corp. grew its profit in the first half of the year by 351.7 percent to P5.1 billion compared to P1.13 billion last year.
Revenues rose 33 percent to P94.91 billion from P71.37 billion last year, over systemwide sales of P133.12 billion, a 35.4 percent increase from P98.3 billion last year.
Ernesto Tanmantiong, Jollibee Group chief executive officer, expressed confidence on the group’s businesses, particularly its Philippine operations which delivered better-than-expected sales for the second quarter and got back to its pre-pandemic sales level. “We are encouraged to see further improvement in dine-in sales while at the same time sustaining growth in our delivery business,” he said.
The group’s overseas business remain mixed with its business experiencing a double-digit drop in sales as restaurants particularly in Shanghai were closed due to heightened Covid-related restrictions.
GERI net rises 32%
Realtor Global-Estate Resorts Inc. (GERI) said profit in the first half of the year increased 32 percent to P848 million compared to P643 million last year. Revenues grew 22 percent to P3 billion from P2.4 billion last year.
Real estate sales went up 29 percent to P2.3 billion, with reservation sales hitting P8.4 billion. Rental income increased 11 percent to P212 million from last year’s P190 million.
Hotel revenues posted the biggest growth from year-ago levels, posting a 253 percent increase to P158 million as compared to the same period last year.
Century Properties sales up 20%
Century Properties Group Inc. registered profit of P549 million, up 20 percent from P457
million last year.
Revenues also grew 20 percent to P5.3 billion from P4.4 billion.
PHirst Park Homes Inc. (PPHI), CPG’s affordable housing unit under a joint venture with Mitsubishi Corp., contributed P2.6 billion or 48 percent to total revenues. The leasing segment’s contribution to revenues remained stable, amounting to P521 million.
Earnings before interest tax depreciation and amortization grew 33 percent to P1.2 billion from P877 million.
Cement business softens
Cement manufacturer Holcim Philippines Inc. reported profit for the first half of the year dropped 59.67 percent to P661.46 million compared to P1.63 billion last year.
Revenues dropped 10.91 percent to P12.17 billion from P13.66 billion last year.
Holcim said it faced escalating costs driven by significant hikes in fuel and power prices, as well as slower demand particularly from the public sector as the new-construction ban took effect in relation to the national elections.
Phoenix Petroleum rebounds
Phoenix Petroleum Philippines Inc. said it bounced to profit in the second quarter of the year, booking a net income of P201 million compared to a P264.29- million net loss the previous quarter.
Phoenix said this is its best performance since the onset of the COVID-19 pandemic, which was achieved from the performance of its overseas businesses and continued disciplined operational expenses.
Without providing exact figures, the company said it sustained increases in inventory costs and working capital limitations dampened domestic fuels, leading to overall volume dipping by 13 percent quarter-on-quarter, while the rising prices of liquefied petroleum gas, along with the overall uptick in inflation softened household demand for the product.
