Atlas back to profit
Atlas Consolidated Mining and Development Corp. booked a turnaround after reporting a net income of P420 million in the first quarter of 2021 compared with the net loss of P37 million for the same period last year.
The company said higher copper prices more than offset lower volume of production and shipment.
Atlas Mining said price of copper rose 55 percent to $3.93 per lb. and of gold price by 14 percent to $1,797 per ounce.
Wholly-owned subsidiary Carmen Copper Corp. reported lower production due to lower grades of ore milled from 27.92 million pounds in 2020 to 15.93 million pounds.
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RLC nets P3B
Robinsons Land Corp. (RLC) registered profit of P2.92 billion in the first quarter, down 7.59 percent from P3.16 billion last year.
Revenues amounted to P16.67 billion, up 35 percent from 2020’s P12.33 billion.
“Overall EBITDA (earnings before interest, taxes, depreciation and amortization) and EBIT registered at P4.17 billion and P2.91 billon, respectively,” the company said.
RLC said its development portfolio accounted for P12.58 billion of consolidated revenues for a 91 percent growth, primarily driven by sales from RLC’s Chengdu Ban Bian Jie project in China.
“Business environment in the first quarter improved on the back of reduced quarantine restrictions and increased economic activity. We maintain a positive outlook for the future after the successful rollout of vaccination programs,” said Frederick Go, RLC president.
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RFM sales rise 4%
RFM Corp., said profit for the first quarter of the year reached P320 million, up 51 percent from P483.2 million, attributed to “sustained topline growth in milk, pasta, and flour, as well as the rebound in its ice cream and institutional bunline sales and income.”
Sales reached P3.3 billion, up 4 percent.
“RFM’s consumer brands Selecta Fortified Milk and Fiesta and Royal pasta and sauce brands grew 9 percent from year ago levels alongside its ice cream business. The White King hotcakes and bowl mixes business also grew 3 percent for the quarter,” the company said.
“RFM’s portfolio of leading consumer food brands continue to deliver good sales growth and income momentum with the return of normal consumer behavior following the strict lockdowns in 2020. Nonetheless, we see headwinds in the form of commodity and raw material price hikes that can dampen demand and squeeze margins. But the coming election spending should provide a good shot in the arm for consumer spending in the latter part of 2021,” said Jose A. Concepcion III, RFM president.
“We need to be more efficient in all aspects of the value chain for us to minimize the impact of the higher prices of oil, milk, wheat, paper and other costs of production. To target a growth in net income for 2021 despite the inflationary pressures on raw materials, we need better volume leverage and efficiency in operations” he added.
Concepcion also noted that consumer demand and spending can pick up as the vaccination rollout gains momentum by June onwards.
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CPG revenues hit P11B
Century Properties Group Inc. recorded P1.15 billion in profit in 2020, down 22.2 percent from 2019’s P1.48 billion.
Revenues amounted to P10.84 billion, down 24.3 percent from P14.31 billion.
Ponciano Carreon, Jr., Century Properties chief financial officer, said the decline in the company’s revenues and net income are “within expected levels that the company has prepared for, considering the significant impact of quarantine restrictions during the coronavirus pandemic, which drastically slowed down sales, collections, and construction activities.”
The high-margin segments of affordable housing and office leasing proved to be resilient throughout the year and contributed 93 percent to the net income compared to 43 percent last year, Carreon said.
Century Properties’ affordable housing contributed 35 percent of the bottomline, while leasing contributed 58 percent of the bottomline.
