SM Investments profit up 32%
SM Investments Corp. grew its profit in the first half of the year by 32 percent to P36.5 billion from P27.7 billion in the same period last year.
Revenues rose 18 percent to P286.3 billion from P242.6 billion.
The strong results were driven by solid consumer sentiment on the back of a positive economic environment.
The company said retail accounted for 17 percent of its topline; property, 26 percent; banking, 47 percent and; portfolio investments, 10 percent.
SM Retail’s profit grew 21 percent to P8.4 billion from P7 billion. Revenues were up 15 percent to P188.9 billion from P164.3 billion.
SM Prime Holdings Inc. recorded a 38 percent growth in profit to P19.4 billion from P14.1 billion, with revenues up 29 percent growth to P59.9 billion from P46.3 billion.
BDO Unibank Inc. posted profit of P35.2 billion while China Banking Corp. posted profit growth of 7 percent to P10.8 billion.
Bloomberry revenues hit P25.6B
Bloomberry Resorts Corp. said it grew its profit in the first half by 160 percent to P6.4 billion from P2.5 billion last year.
Revenues reached P25.6 billion, up 48 percent from P17.2 billion last year.
Integrated gaming operator for Solaire Resort Entertainment City in Manila and the Jeju Sun Hotel & Casino in Korea reported posted a 41 percent increase in gross gaming revenue (GGR) at P31.2 billion from P22 billion in 2022.
Solaire posted a GGR of P31.2 billion, up 41 percent from 2022.
Earnings before interest tax depreciation and amortization (EBITDA) rose 66 percent to P11.2 billion from P6.7 billion last year.
“During the (second) quarter, all our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019. Gaming volumes in both VIP and mass gaming extended their gains year-over-year, highlighting the strength of the Philippines’ domestic gaming market and gradually recovering international visitation profile. We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead,” said Enrique Razon Jr., Bloomberry chairman.
FistGen’s recurring net at P9B
First Gen Corp. booked a 30 percent increase in recurring net income in the first half of the year at $167 million (P9 billion) compared to the previous $128 million (P7 billion) mainly delivered by higher earnings of its subsidiary, Energy Development Corp. as a result of better operating income from higher electricity prices.
First Gen said it also benefited from higher interest income due to high yields from internally generated cash.
The company also recorded a 1 percent increase in its revenues for the period at $1.29 billion (P71 billion) from $1.27 billion (P66 billion) from the same period in 2022.
First Gen said the slightly higher revenues are from elevated natural gas and Wholesale Electricity Spot Market prices.
Monde Nissin earnings drop
Monde Nissin Corp. said profit in the first half of the year dropped 17 percent to P3.5 billion from P2.99 billion, attributed to the restructuring of its meat alternative business under Quorn Foods.
Revenues grew 7 percent to P39.2 billion from P36.64 billion.
First half core gross margin declined by 290 basis points to 30.5 percent due to dilutive effect of price increases versus inflation, higher overhead costs, and lower volume, it said.
Monde said that its Asia Pacific branded food and beverage business posted a 10 percent increase in sales at P32.1 billion, with the domestic market up 9.3 percent to P30 billion.
International revenue increased by 20.8 percent to P2.1 billion.
“Core gross profit for the first half grew by 7.1 percent on a comparable basis to P10.2 billion with core gross margin down by 90 basis points to 31.7 percent due to commodity cost inflation, partially mitigated by price increases,” it said.
Century Pacific sales rise 8%
Century Pacific Food Inc. said profit in the first half of the year grew 8 percent to P3.2 billion from P2.96 billion last year.
Sales rose 8 percent to P33.4 billion from P30.92 billion, with the company’s branded products growing by 11 percent from last year.
“The branded business, which comprised the majority of topline, is composed of marine, meat, milk, and other emerging segments, catering predominantly to the domestic Philippine market,” the company said.
The company’s tolling business for tuna and coconut exports posted a 7.1 percent decline in sale.
The segment saw a quarter-on-quarter growth of 21.2 percent with the easing of logistical challenges in specific areas of the business.
The company said it posted a net profit margin of 9 percent for the first half.
MREIT reports 12% profit growth
MREIT Inc. said profit in the first half of the year reached P1.4 billion, up 12 percent from P1.25 billion last year.
Revenues grew 15 percent to P2.1 billion from P1.8 billion last year. The company said it started to recognize revenues from the four newly-acquired Grade-A office towers worth P5.3 billion that started contributing to MREIT bottomline starting January 1.
MREIT said average occupancy rate was at 96 percent, better than Metro Manila’s office industry’s average occupancy rate of around 82 percent.
“Out of the total occupied space, 79 percent are BPO tenants while 15 percent are traditional office tenants, both of which are made up of high-quality and sticky tenants,” the company said.
DMCI earnings at P16B
DMCI Holdings Inc., said profit in the first half of the year dropped 22 percent to P15.9 billion from P20.3 billion last year, attributed to lower contributions from its coal, nickel, real estate and construction businesses.
In the second quarter alone, profit dropped 9 percent at P8.2 billion from P9 billion.
“Excluding a nonrecurring gain of P37 million in 2022 attributable to DMCI gain on sale of land and a nonrecurring loss of P12 million this year due to Maynilad donations and net foreign exchange losses, consolidated core net income declined by 8 percent from P9 billion to P8.3 billion,” the company said.
“Our bottom line was propped up by the strong rebound of our power and water businesses,” according to Isidro Consunji, DMCI Holdings chairman.
“Although coal and nickel prices dropped double digits and construction volumes are on a downtrend, we were able to deliver our second highest Q2 ever,” he added.
D&L sales decline 27%
D&L Industries Inc. said profit in the first half of the year declined by 28 percent to P1.24 billion from P1.72 billion last year.
Sales dropped 27 percent to P16.23 billion from P22.32 billion. The company said its high-margin specialty product comprise 63 percent of its sales for the period.
D&L said the first half result has yet to reflect the contribution of its Batangas plant which it said will be a game changer for the company.
