INCOME ROUNDUP

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SM Investments nets P43B

SM Investments Corp. grew its profit in the first nine months of the year by 50 percent to P42.9 billion from P28.6 billion last year. Revenues hit P381.9 billion, a 31 percent increase from P292.6 billion in 2021.

Frederic DyBuncio, SM Investments president, said the group continues to gain growth momentum as it benefits from the increased economic activity and strong consumer sentiment.

Banking accounted for 45 percent of reported net earnings, followed by property at 23 percent, and retail at 19 percent.

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SM Retail posted profit of P11.5 billion, up from P4.8 billion on revenues of P258.1 billion, up 26 percent from P204.9 billion.

SM Prime Holdings Inc. registered a net of P22 billion, a 41 percent increase from last year’s P15.6 billion. Revenues amounted to P73.7 billion, up 30 percent from P56.8 billion.

SM Development Corp. posted revenues of P28.3 billion, down 12 percent from P32.1 billion in 2021.

BDO Unibank Inc. recorded profit of P40 billion, up from P32.4 billion last year while China Banking Corp. gained P14.7 billion, up 31 percent.

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MPIC core profit up 26%

Metro Pacific Investments Corp. (MPIC) grew its profit by 6 percent in the first nine months of the year to P13.1 billion compared to last year’s P12.36 billion.

Core profit went up 26 percent to P11.8 billion from P9.5 billion last year, and is on track to post a double-digit growth for the rest of the year with core profit at P14 billion.

Operating revenues grew 16.87 percent to P37.61 billion from P32.18 billion.

MPIC said the uptick in the topline was driven by a strong recovery in toll road traffic, growth in power consumption, and increase in billed water volumes.

“Power accounted for P8.9 billion or 58 percent of percent operating income; toll Roads contributed P4.1 billion or 26 percent; water contributed P2.2 billion or 15 percent; and the other businesses, mainly real estate, hospitals, fuel storage, and light rail, contributed P153 million,” it said.

Manuel Pangilinan, MPIC chairman, said the company’s growth reflects “the strength of years of significant investments in improving the quality of our services.”

“We are on track to sustaining our double-digit growth for the rest of the year and achieving our core net income target for full-year 2022 of approximately P14 billion,” he said.

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Bloomberry rebounds

Bloomberry Resorts Corp. posted a profit of P4 billion in the first nine months of the year, reversing the P3 billion loss last year.

Revenues reached P27.3 billion, up 78 percent from P15.4 billion last year. Bloomberry posted a consolidated gross gaming revenue (GGR) of P35.4 billion, an 80 percent increase from P19.6 billion last year. Solaire’s VIP, mass table, and electronic gaming machine posted a GGR of P11.8 billion, P12.3 billion, and P11.3 billion, a 131 percent, 53 percent, and 75 percent growth, respectively.

“Of note is the combined GGR performance of the domestic-focused mass tables and slots segments which have recovered to well over 95 percent of 2019 levels. Also remarkable is the performance of the slots segment where coin- in has far exceeded pre-pandemic volumes,” the company said.

Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) was at P10.4 billion, 208 percent higher than the P3.4 billion last year.

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GSMI benefits from mobility

Ginebra San Miguel Inc. continues to benefit from the revitalized people’s movement as profit rose 7 percent to P3.4 billion from P3.17 billion last year.

Revenues hit P34.5 billion, a 12 percent uptick from P30.8 billion as volumes increase 8 percent.

“The business felt the full impact of the global effects of the war between Russia and Ukraine and the weakening of the peso versus the US dollar in the third quarter, which brought the costs of fuel, alcohol, and other material inputs, up. Still, volumes remained high, pushed by determined on-ground selling efforts and effective marketing programs for its flagship gin, Ginebra San Miguel, and other major brands, including GSM Blue and Vino Kulafu,” the company said in a statement.

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D&L sales hit P34B

D&L Industries Inc. grew its profit in the first nine months for the year by 17 percent to P2.54 billion from P2.16 billion.

Sales reached P33.9 billion, up 51 percent from P21.53 billion last year.

Alvin Lao, D&L president, said the amount is nearly at par with the full year income last year of P2.6 billion and is  the highest nine-month income for the company.

In third quarter alone, D&L booked a record quarterly net income of P910 million, which was up 18 percent.

“With the strong earnings momentum so far this year and near-term catalysts such as the anticipated holiday- induced spending and the lifting of mask requirements indoors, our earnings are on-track to possibly exceed our record net income booked in 2018,” Lao said.

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RRHI net income up 63%

Robinsons Retail Holdings Inc. said profit for the first nine months of the year reached grew 62.7 percent to P4.41 billion from P2.71 billion last year.

Sales amounted to P127.09 billion, a 16. 7 percent increase from P108.93 billion last year.

In the third quarter alone, profit hit P1.67 billion, a 60.8 percent increase from P1.04 billion last year. Revenues were at P44.72 billion, up 19.3 percent from P37.48 billion last year.

The company said earnings were underpinned by double-digit topline growth across most segments, gross margin expansion, better operating leverage, and foreign exchange ) gains.

Same store sales growth (SSSG) was at 15.1 percent, reversing the 1.3 percent contraction last year.

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Monde Nissin revenues grow 7%

Monde Nissin Corp. reported that profit for the first nine months of the year grew 141.8 percent to P6.5 billion compared to P2.69 billion last year.

Revenue growth was at 6.7 percent to P54.9 billion from P51.45 billion.

Core gross profit dropped 7.1 percent to P18.2 billion from P16.99 billion last year, for a gross margin of 33.2 percent, down 490 basis points.

The company said it reeled from the elevated raw material and energy costs partly due to the impact of commodity lock-ins entered earlier in the year, partially mitigated by fair price increases.

Henry Soesanto, Monde Nissin chief executive officer, said the company was affected by the selective recall of its noodles business in the European Union which translated into flat overall revenues for the third quarter.

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