DMCI Mining earns P1B
DMCI Mining Corp. booked an 11 percent drop in net income for the first half of the year to P1.1 billion from P1.2 billion primarily due to the lack of one-time gain from the effect of the CREATE Law.
DMCI Mining revenues for the period were flat P2.6 billion.
The company said removing the effect of the CREATE Law, core profit expanded by 11 percent P1.1 billion from P979 million last year.
For the second quarter, DMCI Mining’s core net income went up 8 percent to P542 million from P502 million, as higher selling prices and stronger US dollar offset the combined impact of lower shipments and higher fuel costs.
FLI net income drops 44%
Filinvest Land Inc. (FLI) reported a 44 percent decline in profit in the first half to P678.2 million from P1.21 billion due to a lack of a one-time gain this year.
“In 2021, FLI benefited from the CREATE Law where the effect of the reduced income taxes from July 2020 to end 2020 were recognized. This benefit is no longer applicable in 2022,” the company said.
Revenues expanded by 7 percent to P9.1 billion from P5.34 billion due to the strong performance of residential and retail businesses.
FLI’s residential revenues grew by 10 percent to P5.8 billion while retail rental revenues rose 53 percent.
GT Capital H1 rises 24%
GT Capital Holdings Inc. posted a 24 percent increase in profit to P8.3 billion in the first half from P6.7 billion last year.
Core profit rose 39 percent to P8.1 billion from P5.8 billion in the previous year.
“This was driven by Metropolitan Bank & Trust Company (Metrobank), whose net income rose by 33 percent. Higher net income contributions from Toyota Motor Philippines (TMP), Federal Land Inc. (Federal Land), and GT Capital associate Metro Pacific Investments Corp. (Metro Pacific) also supported the conglomerate’s positive performance during the period,” the company sad.
“GT Capital’s 2022 first half results mirror the impressive GDP growth of the economy.
Given the gradual return to normalcy, greater mobility, resurgent consumption, and the new administration’s pronouncements in support of sustained economic growth policies, we are confident that our Group will fare very well for the rest of the year. Furthermore, we have recently entered into key strategic partnerships in our property business that will ensure a healthy pipeline of projects for many years to come,” meanwhile said Carmelo Maria Luza Bautista, GT Capital president.
Vista Land revenues down 4%
Vista Land & Lifescapes Inc. reported an 11.45 percent increase in profit to P4.28 billion from P3.84 billion.
Revenue dropped 4.2 percent to P15.43 billion from P16.12 billion.
“Gross margin improved by 400 basis points to 57.5 percent while consolidated earnings before interest, taxes, depreciation and amortization margin also registered marked improvement due to the price increases implemented and the various operational efficiency measures undertaken during the year,” the company said.
“We remain optimistic with the industry for the rest of the year, especially with an economic backdrop that I consider on a rebound given strong GDP growth numbers so far and is forecasted at 7 percent to 9 percent growth for 2022. We have also seen sustained growth in OF remittance which is projected to grow 4 percent this year. Demand from overseas Filipino remained strong which is a factor in the 8 percent growth in our reservation sales of P32 billion for first half,” said Manuel Villar Jr., Vista Land chairman.
Security Bank profit doubles
Security Bank Corp. doubled its profit to P6.2 billion from P3.1 billion last year, driven by growth in core businesses, lower credit provisions and normalized income tax provisions.
Net interest income increased 6 percent to P14.4 billion. Total non-interest income was at P4.8 billion. Service charges, fees and commissions grew 22 percent to P2.6 billion, led by increase in fees from deposits, credit cards and capital markets. Other non-interest income excluding securities trading gains and fee income rose 47 percent to P2.2 billion, driven mainly by foreign exchange income and recovery on charged-off assets.
Operating expense was 4 percent higher, driven by investments in technology and manpower to improve customer experience. Cost-to-income ratio was 55.9 percent compared to 56.4 percent a year ago.
Pre-provision operating profit was P8.5 billion, up 6 percent year-on-year.