LTG net flat
LT Group Inc. (LTG) posted profit of P6.53 billion in the first quarter of the year, relatively flat percent from P6.49 billion last year.
The tobacco business accounted for P4.21 billion or 64 percent of total attributable income.
Philippine National Bank (PNB) contributed P1.61 billion or 25 percent. Tanduay Distillers Inc. added P330 million or 5 percent of total while Eton Properties Philippines Inc. contributed P127 million or 2 percent. Asia Brewery Inc. accounted for P80 million or 1 percent.
The 30.9 percent stake in Victorias Milling Company Inc. added P111 million or 2 percent of total. LTG parent also booked net other income of P65 million or 1 percent of total income,”it added.
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PAL returns to profitability
Philippine Airlines Inc. (PAL) has returned to profitability after six years, registering an operating income of P1.7 billion and net comprehensive income of P1.2 billion in the first quarter of 2022.
PAL generated a consolidated revenue of P24 billion in the first quarter, 185 percent higher than last year’s same period total of P8.3 billion, due to the growth in passenger volume by 222 percent and the continued growth in air cargo by 84 percent.
The airline said the uptick in revenues reflects a stronger recovery in travel volumes as borders reopened in the Philippines and other key markets in Asia, Australia and North America, while the cargo sector continued its strong performance.
The flag carrier incurred operating expenses of P22.3 billion in the same period, up by 50 percent, attributed to the significant rise in fuel prices along with the increase in the number of operated flights.
“We welcome the financial turnaround demonstrated by the positive operating results for the first quarter of 2022,” said Captain Stanley Ng, PAL president and chief operating officer.
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Tollways post profit
The tollways units of Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) reported profit growth in the first quarter of the year due to higher traffic volume as the economy gradually reopens.
MPTC unit NLEX Corp., which operates the North Luzon Expressway and Subic-Clark-Tarlac Expressway posted a P1.5-billion net income, up by 44 percent from P1.06 billion.
NLEX recorded revenues of P3.9 billion, 13 percent higher than the P3.41 billion revenues last year.
SMC SLEX Inc. which primarily engages in the rehabilitation, construction and expansion of South Luzon Expressway posted a 4 percent increase in net income to P707 million in the first quarter from P679 million in the same period of last year.
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GERI earns P412M
Global-Estate Resorts Inc. (GERI) generated profit of P412.2 million in the first quarter of the year, up 28 percent from P322.6 million last year.
The Andrew Tan-led developer said real estate sales hit P1 billion, up 14 percent, while revenues from hotel operations hit P60.6 million, up 175 percent.
Revenue from leasing declined 7 percent to P112.1 million in the first three months of the year.
“Consumer confidence is on the rise and the rebound in travel and leisure-related activities has been strong. Our products are perfectly positioned to meet this demand and we are optimistic about our ability to sustain our recovery in 2022. We are now looking to expand our property offerings to capitalize on emerging opportunities brought about by the reopening of the economy,” said Monica Salomon, GEIR president.
Salomon said demand for GERI’s property offerings remained high as the company reported P4 billion in reservation sales.
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Shakey’s sales hit P2B
Shakey’s Pizza Asia Ventures Inc. reported profit of P76 million in the first quarter, up 270 percent from last year’s P20.54 million.
Systemwide sales were at P2.2 billion, up 33 percent from last year’s P1.65 billion.
Shakey’s described the first quarter performance as robust driven by easing quarantine restrictions beginning February 2022, leading to a revival in foot traffic.
Vicente Gregorio, Shakey’s president, said the company was able to deliver “healthy business results” attributable long-term approach throughout the pandemic.
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Vitarich revenues rise 19%
Vitarich Corp. said profit in the first quarter hit P40.8 million, down 78.12 percent from P186.52 million last year.
Revenues hit P2.62 billion, up 19 percent P2.21 billion from last year, which was a record.
Rocco Sarmiento, Vitarich president, said the company experienced brisk business in its foods segment which sells chicken broilers, either live or dressed. This business contributed 54 percent of revenues atP1.4 billion, up 54 percent. Sales volume grew 63 percent while average selling prices registered a 2 percent increase.
