ABS-CBN trims losses
ABS-CBN Corp. said it posted a P3.39 billion loss in the first half of the year slightly lower than last year’s P3.93 billion by 13.74 percent.
Services revenues reached P8.15 billion, down 38.88 percent from P13.32 billion last year.
The company whose franchise was not renewed by the government last year said the drop in revenues were due to decline on advertising and consumer sales business following the denial of its congressional franchise.
Advertising revenues dropped 57 percent to P2.2 billion from P5.2 billion due to absence of the company in free-to-air advertising space after its franchise was not renewed.
Consumer sales were down 27 percent to P5.9 billion from P8.1 billion.
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Vitarich posts record H1
Vitarich Corp. said profit for the first half of the year reached P276.9 million, up 2,288.74 percent from P11.56 million last year.
Revenues reached P4.41 billion, up 14.84 percent from last year’s P3.84 billion, with all product categories delivering solid momentum, particularly the foods segment.
“The historic performance was fueled by growing customer demand and increased pricing along with lower costs of raw materials and more efficient production from higher plant capacity utilization,” the company said.
“Operating income climbed to P382.0 million, up by almost nine-fold from a year ago. The progress reflects the company’s multi-year plan to scale up and improve efficiency, with operating expenses now at 6 percent of total revenues from 10 percent for the same period in 2016,” it added.
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Filinvest REIT nets P1.05B
Newly listed Filinvest REIT Corp. said profit for the first half of the year reached P1.05 billion, up 8 percent from last year’s P974.71 million.
Revenues reached P1.96 billion, down 13.27 percent from P2.26 billion last year.
Filinvest REIT said the increase in profit was supported by “lower provisioning for taxes mainly caused by the derecognition of projects transferred to parent company, Filinvest Land Inc. (FLI).”
“We are pleased with the results of our first-half performance considering the general economic climate. The BPO (business process outsourcing) sector, which accounted for 90 percent of our tenants at the end of June 2021, remains to be resilient. We are also happy to note that we are on track to meeting our target distributable income, the basis of forthcoming quarterly dividend distributions, that we promised our potential shareholders during the initial public offering (IPO) of Filinvest REIT,” said Josephine Gotianun-Yap, Filinvest REIT chairman.
Filinvest REIT listed with the Philippine Stock Exchange (PSE) last August 12 and raised P12.6 billion.
