Metro Retail rebounds
Metro Retail Stores Group Inc. (MRSGI) said it has rebounded to a P218.9 million profit in the first half of the year, from a P181.9 million loss last year.
Sales grew 26.1 percent to P17.4 billion from P13.8 billion last year.
“The growth was mainly attributable to the recovery of comparable store sales by 24.7 percent and the contribution of newly-opened stores. With increasing store traffic and improving consumer spending buoyed by further reopening of the economy, both food retail and general merchandise businesses grew by 21.3 percent and 44 percent, respectively,” the company said.
MRSGI continued to benefit from its efforts in cost-saving measures and optimization initiatives as the company’s operating expense to sales ratio improved to 18.2 percent for the first half of 2022 versus 21 percent from the same six-month period last year.
AREIT profit up 64%
Real estate investment trust (REIT) AREIT Inc. said it grew its profit for the first half of the year by 64 percent to P1.61 billion from P981.7 million.
Revenues rose 67 percent to P2.3 billion from P1.37 billion.
Earnings before interest, taxes, depreciation, and amortization increased 62 percent to P1.7 billion compared to last year.
AREIT recorded an average occupancy of 97 percent and a rental collection rate of 98 percent, reflecting high-quality tenancy across its properties.
AREIT had declared a P0.49 per share in cash dividends from operations in the second quarter of 2022. This declaration brings the total dividends to P0.97/share for the first half of 2022.
MerryMart nets P32B
MerryMart Consumer Corp. said profit in the first half of the year increased 96.5 percent to P32.25 million from P16.41 million.
Revenues grew 55.9 percent to P2.88 billion from P1.85 billion.
The MerryMart Group’s financial performance in the first half of 2022 was boosted by the consolidation of the recent pharmacy chain acquisitions of Carlos SuperDrug and Cecile’s Pharmacy, it said.
“MerryMart Consumer Corp. is well on its way to exceed the P5 billion revenue mark this year, more than double the Company’s revenue numbers two years ago when it filed for IPO. The next immediate goal for MM Group is to further double that to reach our next milestone target of reaching the P12 Billion revenue mark,” said Edgar Sia II, company chairman.
DoubleDragon revenues hit P3B
DoubleDragon Properties Corp. said recorded profit of P1.2 billion n the first half of the year, up 29 percent from P930 million last year.
Revenues rose 26.8 percent to P3.41 billion from P2.68 billion.
Earnings before interest tax depreciation and amortization went up 32 percent to P2.07 billion from P1.56 billion.
DoubleDragon said it is set to start construction and pre-selling of its first overseas hybrid condotel project Hotel 101 — Niseko in Hokkaido Japan by the fourth quarter of this year.
ACR profit drops 21%
Alsons Consolidated Resources Inc. said profit in the first half of the year dropped 21 percent to P689 million from last year’s P871 million.
ACR said the lower income figures were mainly due to a one-time recognition of expenses for this year.
The company posted higher revenues of P5.4 billion, a 16 percent growth from P4.63 billion last year.
ACR is now focused on building up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in the company’s pipeline. The first of these hydroelectric power plants is the 14.5 megawatts (MW) Siguil hydro power plant currently under construction in Maasim, Sarangani, which is targeted to begin operations in the second quarter of 2023.
PERC books 31% income increase
PetroEnergy Resources Corp. (PERC) booked a 31 percent increase in its consolidated net income for the first half of the year to P506 million from last year’s P386 million.
The company attributed the growth to the increase in global crude oil prices and higher offtake sales for PetroSolar Corp.’s Tarlac-2 solar power plant.
PERC derives bulk of its cash flow from electricity sales from renewable energy (RE) power plants by operating units of its RE holding firm PetroGreen Energy Corp. (PGEC). These include the 32 megawatts (MW) Maibarara geothermal project, the 70 MW Tarlac solar project and the 36 MW Nabas-1 wind project.
Meanwhile, its oil revenues come from its minority stake in the Etame oil concession in offshore Gabon, West Africa.
Oil revenues come from its minority stake in the Etame oil concession in offshore Gabon, West Africa.
Cosco Capital sales rise to P87B
Cosco Capital Inc. said profit for the first half of the year improved 12.5 percent to P5.59 billion from P4.99 billion last year.
“This was mainly driven by a combination of management’s strategic initiatives and efficiency measures at all business segments that involved enhancements in the cost of goods sold and services coupled by sustained strategic costs and expense reduction and management,” Cosco Capital said.
Revenue grew 8.49 percent to P87.44 billion from P80.6 billion last year.
The grocery retail and liquor distribution segments largely delivered stronger sales performance and growth during the second quarter that lifted the overall revenue growth generated for the first half of 2022 which indicates the recovering consumer demands resulting from the continued easing of mobility restrictions as well as the corresponding economic recovery indicators.
The commercial real estate segment posted some recovery gains in revenue as it also benefits from the continued easing of mobility restrictions allowing more tenants to gradually recover its business volume and enabling the gradual reduction in rental discounts and reliefs previously granted.