Manila Water nets P6.91B
Manila Water Co. Inc. grew its profit by 37 percent in the first half of the year to P6.91 billion from P5.05 billion in 2023, driven by the 5- percent improvement in total billed volume for the period at 686.5 million cubic meters (mcm) from 650.9 mcm.
Revenues reached P18.35 billion, up 19 percent from the previous year’s P15.39 billion.
Billed volume in the east zone went up by 2 percent at 263.4 mcm compared to last year’s 258.9 mcm.
Other Manila Water local subsidiaries that recorded big improvements for billed volumes were Calasiao Water with 0.6 mcm from 0.5 or a growth of 32 percent; Boracay Water with 1.8 mcm from 1.6 mcm, up by 13 percent; and Tagum Water with 5.2 mcm from 4.7 mcm or a jump of 11 percent.
“Our performance results are a clear indication of the resurgence in economic activity being experienced in the different areas we operate. Against this backdrop of potential growth opportunities, both in the communities we currently serve and in the markets which we look to enter, it becomes even more important that we are efficient in our operations and effective in our project execution. I am confident that we in Manila Water will be up for these exciting challenges ahead,” said Jocot de Dios, Manila Water chief executive officer. – Jed Macapagal
ACEN grows profit to P6.3B
ACEN Corp. recorded a 49- percent jump in net income for the first half of the year at P6.3 billion compared to last year’s P4.2 billion, driven by a significant growth in its attributable renewable energy generation as well as improved net selling position in the Wholesale Electricity Spot Market (WESM).
As of end-June 2024, the company’s attributable renewables capacity stood at around 4,800 megawatts (MW) across its global portfolio. Of that capacity, 69 percent or approximately 3,300 MW is fully or partially operational.
For the period, the company said its net seller position in the WESM grew by 80 percent to 606 gigawatthours due to the operationalization of several plants that allowed ACEN to benefit from favorable spot market price movements, besides offering additional capacity to the retail electricity supply business which grew its portfolio by 51 percent to 265 MW.
“We have strong momentum on the back of a robust increase in operating earnings and steady progress with our project pipeline. We have won several new projects that we expect to add to our capacity within the next six to twelve months. We remain on track with our goal of achieving 20 gigawatts of renewables capacity by 2030,” said Eric Francia, CEO of ACEN. – Jed Macapagal
Chelsea Logistics cuts loss
Chelsea Logistics and Infrastructure Holdings Corp. has reduced its net loss by 54 percent to P148 million in the first quarter of the year from P324 million in the same period last year.
The quarter saw a strategic focus on optimizing the fleet through increased availability of vessels, supporting the recovery in passenger volumes and enhancing service capacity across all segments.
“Our performance in the first quarter of 2024 is a testament to our strategic focus on growth and efficiency. We remain committed to delivering value to our stakeholders and are optimistic about sustaining this momentum throughout the year,” said Chryss Alfonsus Damuy, Chelsea Logistics president and CEO.
Chelsea Logistics reported consolidated revenues of P1.779 billion for the first quarter of 2024, a 4 percent increase from the P1.708 billion recorded in the same period last year.
The growth was driven by the resurgence in the passage, chartering, tugboats and logistics segments, as well as an increase in vessel activity, the company said.
Earnings before interest, taxes, depreciation and amortization increased by 41 percent to P498 million, indicating strong operational performance and financial health, it added.
The company said it has reduced operating expenses by 33 percent, demonstrating effective cost management strategies and operational efficiencies. – Myla Iglesias
Dominion Holdings nets P134.5M
Dominion Holdings Inc. (formerly BDO Leasing and Finance Inc.) grew its first semester profit to P134.5 million from P125.3 million last year.
The company said it benefited from the high interest rate environment as well as the reversal of provisions for probable losses on bond investments, which matured in the second quarter of 2024.
The investment portfolio declined to P2.0 billion as of June 2024 from P6.1 billion, while assets contracted to P3.3 billion from P6.3 billion, respectively, from a cash dividend declaration amounting to P3.2 billion.
