Security Bank profit up 66%
Security Bank Corp. posted a 66 percent year-over-year increase in net income to P2.7 billion in the first quarter, driven by growth in core businesses, lower credit provisions and normalized income tax provisions.
Net interest income increased 5 percent to P7 billion. Total non-interest income likewise increased 8 percent to P2.3 billion.
Gross non-performing loan (NPL) ratio decreased to 3.65 percent from 3.94 percent in previous quarter. NPL reserve cover was 90 percent.
Return on shareholders’ equity increased to 8.81 percent from 5.38 percent a year ago.
Return on assets likewise increased to 1.55 percent from 0.96 percent last year
First Gen books lower recurring net income
First Gen Corp. booked a lower recurring net income in the first quarter of the year to P3 billion, a 21 percent decline from P3.8 billion in the same period last year.
The company attributed this to the drops in the operating income of both its natural gas and geothermal platforms.
Consolidated revenues from the sale of electricity for the period, increased by 18 percent to P29.1 billion from P5.8 billion due to higher electricity sales that was supplemented by elevated fuel prices and wholesale electricity spot market prices.
Record-breaking
GMA Network Inc. yesterday sealed the first quarter of 2022 with another record-breaking net income and revenues driven by the growth of political advocacies and advertisements in this year’s national and local elections.
GMA posted a net income of P2.1 billion in first quarter up 5 percent from P2.01 billion in the same period last year. Consolidated revenues grew 7 percent to P5.9 billion in first quarter this year from P5.5 billion in the same period last year.
Political advocacies and advertisements contributed more than a billion pesos during the quarter. Sale of services slightly overtook last year by 8 percent, sealing at P241 million, while sale of goods dipped by P54 million compared with first quarter of 2021.
Total consolidated operating expenses from January to March this year reached P3 billion, up by 9 percent compared with same period last year.
Earnings before interest, taxes, depreciation and amortization rose 6 percent to P3.2 billion in the first quarter year.
PHirst Park Homes lifts CPG’s Q1
Century Properties Group Inc. (CPG) reported P2.61 billion in consolidated revenues for the first three months of 2022, up 26 percent from P2.08 billion in the same period last year.
CPG’s affordable arm, PHirst Park Homes Inc., contributed P1.2 billion or 46 percent of total revenues, a significant increase from its 22 percent segment contribution in same period last year. The balance came from the in-city vertical and leasing segments contributing 42 percent and 8 percent, respectively.
The consolidated net income for the first quarter was at P249 million or 22 percent higher compared to same period last year. The increase was primarily due to the higher margins as a result of the growing share in revenues of the affordable housing and leasing business segments of CPG.
CLI revenues grow 53%
Cebu Landmasters Inc. (CLI) reported strong revenue growth of 53 percent in the first quarter of the year, with all business units registering stellar performance, the company said yesterday.
CLI said its revenue rose to P3.56 billion in the first three months of 2022, from P2.3 billion in the same period in 2021.
The surge in revenues was driven by real estate sales from a number of projects that have been increasing over the years.
Sales take-up also surged to P4.5 billion or 36 percent more than the first quarter of 2021’s P3.3 billion.
