Advertisements


SM Prime income halved in H1 due to impact of pandemic

SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, posted a 46 percent drop in consolidated net income to P10.4 billion in the first half of 2020 from P19.3 billion in the same period last year. In a disclosure to the Philippine Stock Exchange, SM Prime said its consolidated revenue for the first six months of 2020 registered a 23 percent decline to P43.7 billion from P57.0 billion in the first six months of 2019. SM Prime said it continues to innovate and strategize to recover from the unprecedented effects of the pandemic brought about by Coronavirus Disease 2019 (COVID-19) including continuous support in the operations of tenants as well as assistance to various stakeholders across the country. “The first half of 2020 has been one of the most challenging periods we’ve faced as a company. With the government maintaining the implementation of quarantine protocols in most key areas in the Philippines where our businesses are, SM Prime is committed to sustaining its operations while adhering to the strict safety measures implemented by the government and continue providing convenience to our customers,” said SM Prime President Jeffrey C. Lim. SM Prime’s Philippine malls’ rent income dropped by 44 percent to P13.1 billion in the first half of 2020 from last year’s P23.3 billion on the back of lower mall revenue of P14.4 billion, 49 percent lower from P28.1 billion of the same period last year. This is driven primarily by waived rent and rental discounts granted to tenants since the start of the quarantine measures in March, which amounted to P11 billion as of end of June. SM Prime’s residential business, led by SM Development Corporation (SMDC), recorded P23.7 billion revenue in the first half of 2020, 11 percent higher from P21.4 billion in the same period last year. This accounts for 54 percent of the consolidated revenue of the Company. SMDC generated P42.4 billion reservation sales in the first six months of 2020, amidst the quarantine measures. SM Prime’s commercial properties business’ revenue has grown 16 percent to P2.5 billion in the first half of 2020. Operating income registered at PHP2.2 billion, 22 percent higher than P1.8 billion during the first half of the previous year. The offices business of SM Prime has business process outsourcing (BPO) offices as primary tenants, which were allowed by the Philippine’s Inter-Agency Task Force (IATF) to continue its operations throughout the quarantine period. The hotels and convention centers business segment contributed P1 billion to consolidated revenues in the first half of 2020 despite limited operations. Conrad Manila, Park Inn Clark, Park Inn North EDSA and Park Inn Iloilo remained operational to cater to BPO employees and returning overseas Filipino workers/seafarers. The Company’s biggest events center, the Mall of Asia Arena, on the other hand, was converted into Mega Swabbing Facility in partnership with various government agencies to help front- liners as well as returning overseas workers. “The Company is doing its part to help the country to contain the spread of the virus. For our employees and agency workers, we have conducted antibody rapid testing and RT- PCR testing during the start of GCQ in the country to assure the safety and uninterrupted delivery of services to customers and to protect its workforce,”Lim added......»»

Category: sportsSource: abscbn abscbnAug 3rd, 2020

SM Prime& rsquo;s profit fell 48% to P14.4 b in 1st& nbsp;9 months

Property developer and shopping mall operator SM Prime Holdings Inc. said Monday net income dropped 48 percent in the first nine months to P14.4 billion from a year ago, even as the company reported a slight recovery from the impact of the pandemic in the third quarter......»»

Category: sportsSource:  abscbnRelated NewsOct 26th, 2020

Thailand Moves a Step Closer to Welcoming Back Foreign Tourists

Thailand will start issuing special visas to foreign tourists starting October, easing a more than five-month-old ban on visitors to revive the nation’s ailing tourism-reliant economy. Prime Minister Prayuth Chan-Ocha’s cabinet approved a proposal to issue visas to tourists planning to stay between 90 and 280 days in Thailand, according to government spokeswoman Traisuree Taisaranakul. The tourists will undergo a mandatory 14-day state quarantine on arrival at partner hotels or hospitals and follow health and safety regulations, she said. The government expects about 1,200 visitors to avail themselves of these visas each month, generating about 1.2 billion baht ($38.5 million) in revenue. The easing of border restrictions may boost the nation’s pandemic-battered tourism industry and cushion the blow to an economy projected to contract 8.5% this year. The news of cabinet approval for special visas triggered a rally among hotel and travel operators in Bangkok. A measure of Thai tourism and leisure stocks jumped 4.5%, the biggest gainer among the Stock Exchange of Thailand’s 28 industry groups. It was also the index’s largest increase since May 26. While Hotel operators Erawan Group Pcl and Central Plaza Hotel Pcl surged more than 8%, Minor International Pcl advanced 5.5%. Thailand’s tourism and hospitality sectors are counting on the return of international visitors, who contributed to two-thirds of tourism income before the pandemic, to reverse the slump in businesses and save millions of jobs. A government campaign to boost travel by locals through hotel and air travel concessions has failed to make up for the slump in earnings, but the move to allow foreigners in small batches will still be a relief to the industry. “There will not be a huge economic impact from this as it still can’t compensate for the revenue lost, but it will help,” Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl said. “This plan still targets a higher-spending group of foreign visitors which will not benefit tourism industry operators that have lower to mid-price points, who will still suffer.” The move to relax curbs on foreign tourists also follows Thailand’s relative success in containing the coronavirus outbreak. The nation went without a local transmission for 100 days before the virus-free run was ended early this month. Though Thailand was the first country outside China to report the deadly virus, its cumulative cases stand at 3,480 with most patients already discharged from hospitals. The reopening to foreign tourists may be risky, but it is a manageable risk worth taking, Bank of Thailand’s Senior Director Don Nakornthab wrote in an article on the central bank’s website. The country may be headed for a second straight year of contraction in 2021 if it continued to restrict foreign visitor arrivals, Don wrote......»»

Category: sportsSource:  abscbnRelated NewsSep 15th, 2020

Insurance industry posts lower premium income in 1st half

The local insurance industry recorded a slightly lower premium income from January to June as some players have started to feel the impact of the coronavirus pandemic and mobility restrictions, the Insurance Commission said yesterday......»»

Category: newsSource:  philstarRelated NewsDec 28th, 2020

ATI net income down 31% in 9 mos.

Asian Terminals Inc. registered lower net income in the nine months ending September as revenues fall on the back of lower container volumes resulting from the impact of the coronavirus pandemic......»»

Category: financeSource:  philstarRelated NewsNov 16th, 2020

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020

Megaworld& rsquo;s profit up by 7% to P2.2b in the third quarter

Condominium and office builder Megaworld Corp. said Wednesday net income bounced back in the third quarter after two consecutive quarters of decline as rental business gradually recovered from the impact of the pandemic......»»

Category: financeSource:  thestandardRelated NewsNov 12th, 2020

EastWest Bank sees profit reaching P7 billion this year

Gotianun-led East West Banking Corp. is now expecting a net income of P7 billion instead of P5 billion to P6 billion this year as earnings surged by 28 percent from January to September despite the tripling of provisions for potential bad loans due to the impact of the pandemic......»»

Category: financeSource:  philstarRelated NewsNov 11th, 2020

RCBC& rsquo;s net profit decreased 11% to P4b in 3rd quarter

Rizal Commercial Banking Corp., one of the country’s largest banks and a member of the Yuchengco Group of Companies, said Tuesday unaudited consolidated net income declined 11 percent in the first three quarters to P4 billion from P4.5 billion a year ago, as it increased provisions for possible loan losses because of the impact of the COVID-19 pandemic......»»

Category: financeSource:  thestandardRelated NewsNov 10th, 2020

MacroAsia losses reach P856.7 million

Lucio Tan’s MacroAsia Corp. continued to feel the impact of the pandemic as it incurred a net loss of P856.7 million in the nine months ending September, a reversal of the P932.7 million net income recorded in the same period last year......»»

Category: financeSource:  philstarRelated NewsNov 10th, 2020

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

SMIC posts 54% drop in 9-month profit to P15.2 billion

SM Investments Corp., the listed conglomerate of the Sy Group, reported a 54 percent drop in consolidated net income to P15.2 billion in the first nine months as the company continues to feel the impact of the COVID-19 pandemic on the business environment......»»

Category: financeSource:  philstarRelated NewsNov 4th, 2020

Latin America to bear worst impact from coronavirus: World Bank

Latin America and the Caribbean will suffer the worst economic and health impact from the coronavirus, the World Bank said Friday, forecasting a nearly 8.0 percent drop in regional GDP. “Our region is suffering the worst economic and health impacts of Covid-19 of anywhere in the world,” according to Carlos Felipe Jaramillo, the Bank’s regional vice president. He said the findings in the report “calls for clarity on how to combat the pandemic and put the economies back on track for a swift recovery.”  In its report, “The Cost of Staying Healthy” the Bank addresses the impact of the pandemic in a region with with high Covid-19 mortality and infection rates such as Brazil, Mexico and Peru. “The number of deaths per million people is as high as in advanced economies, if not more, but the resources available to counter the shock are much more constrained,” it said.  The bank forecasts a recovery with growth of 4.0 percent in 2021. The report forecasts a region-wide 7.9 percent drop in GDP, a slightly more negative outlook for 2020 than its last assessment in June of a likely 7.2 percent contraction. Crisis-wracked Venezuela — in acute recession for several years and with a government that at least 50 countries refuse to recognize — is not taken into account in the figures. The Covid-related economic crisis follows “several years of disappointing economic growth and limited progress on social indicators, and right after a wave of social unrest,” the report said. “The social damage is immense” the institution warned, adding that unemployment rates had soared across the region, “sometimes substantially.”  Surveys conducted in 13 countries in the region showed that the share of households suffering a decline in income is higher than the share experiencing job losses, it said. The findings suggest that “the impact of the crisis is not only severe but also potentially long-lasting.”.....»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

Knocking on Goliath’s Doors

Most people love a David vs. Goliath story, cheering when the underdog comes out on top, defying all odds and expectations. In all probability, part of the attraction comes from how seldom it happens. In the consumer goods corporate arena, for example, what we’ll read about more often is how some creative, forward-looking, independent enterprise is gobbled up by a multinational, or big player. So here’s something that’s different, a David calling on the Goliaths to partner with ‘him,’ to forge something collaborative, rather than adversarial or acquisitive. Founders of the Australian-based social enterprise, Thankyou, Daniel and Justine Flynn Thankyou is an Australian social enterprise founded in 2008 by a group of university students. Offering consumer products – personal care and baby product ranges – in Australia and New Zealand, their mission vision and business model is to make and distribute the Thankyou products to help end extreme poverty. As Daniel Flynn, Thankyou co-founder with his wife Justine and Jarryd Burns, reminds us, ‘With $63 trillion spent on consumer goods each year while 736 million people are stuck in extreme poverty (based on WB, OECD data), we believe that business as usual is broken. But we also believe that we, together with people and a partnership with one of the two biggest companies in the world, can change this by funneling the dollars spent on consumer goods into helping extreme poverty.” To achieve this, and drum up attention to their ‘call’ to P&G and Unilever to make and distribute Thankyou products globally; Thankyou has embarked on a global Social Media campaign, No Small Plan. The ‘plan’ is to muster enough global viral support that one of these giants will take notice, and team up with Thankyou. It’s the collective impact of voices around the world that Thankyou is asking for. To show our support, Thankyou is asking us to:– Post a photo or share the campaign social title with the caption ‘I’m in, are you?’ – Tag @proctergamble and @unilever. – Hashtag #thankyoutotheworld. – Share Thankyou’s video to help spread this even further.And you might have begun seeing these ‘I’m in, are you?’ IG posts, wondering what they were all about. A Thankyou-funded water supply & sanitation project in Asia. Thankyou will then set virtual meetings with both consumer goods giants – this to happen at the end of the social campaign. And on November 5th, Thankyou will announce which multinational will be their partner, on one of the largest and most iconic digital billboards of the world, New York City’s Time Square.  It’s a daring gambit by this company that is as much social movement and engaged community, as it is distributor of consumer goods. To date, Thankyou has raised over A$17 million for their impact partners serving the world’s poorest populations. They’ve helped over 857,000 people in over 20 countries, from Asia to Africa; addressing water, health, sanitation, economic development programs, maternal and child health programs in low-income communities. Tackling extreme poverty, the supported programs and impact partners help alleviate the problems of people living on less than $1.90/day. Thankyou doing something for Education in Africa. To date, the verdict is still out on to what extent this COVID pandemic will affect the global economy. Needless to say, we can be certain that the gap between the rich and the poor will only widen, inequalities heightened. Thankyou offers a new business model, where it’s not just the CSR programs that reach out to ameliorate social ills; but that the business model itself gets a much-needed makeover. Make your voice heard if you share in Thankyou’s vision of tomorrow......»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

Oxfam, Microsoft to provide P5,000 cash aid to COVID-19 patients in QC

To scale up government efforts to curb the impact of the pandemic, international development and humanitarian organization Oxfam and Microsoft partnered to provide cash assistance to low-income families of confirmed and suspected COVID-19 patients in Quezon City......»»

Category: newsSource:  thestandardRelated NewsAug 18th, 2020

Oxfam, Microsoft partner to provide cash aid to COVID-19 patients

To scale up government efforts to curb the impact of the pandemic, international development and humanitarian organization Oxfam and Microsoft partnered to provide cash assistance to low-income families of confirmed and suspected COVID-19 patients in Quezon City. .....»»

Category: techSource:  thestandardRelated NewsAug 17th, 2020

ANI income soars to P357 million in H1

AgriNurture Inc., the listed agriculture company chaired by businessman Antonio Tiu, managed to grow its net income in the second quarter and in the first half despite the negative impact of the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsAug 17th, 2020

Alliance Global cuts earnings to P4.1 billion in H1

Alliance Global Group Inc., the holding company of tycoon Andrew Tan, saw a 67 percent decline in its first half income to P4.1 billion, largely due to the negative impact of the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsAug 14th, 2020

RLC profit slips 8% to P3.7 billion in 6 months

Robinsons Land Corp.posted an eight percent decline in its first half net income to P3.7 billion due to the impact of the coronavirus pandemic......»»

Category: financeSource:  philstarRelated NewsAug 7th, 2020

LG announces 2nd quarter financial results

Seoul— LG Electronics Inc. second-quarter 2020 financial results were affected significantly by the worldwide impact of the pandemic. Consolidated revenue of KRW 12.83 trillion (USD 10.51 billion) was 17.9 percent lower than the same period of 2019, while operating profit of KRW 495.4 billion (USD 405.65 million) declined 24.1 percent from last year’s record second-quarter operating income. The resilient company managed its supply chain and cost structure to weather the storm of the global public health and economic crises. .....»»

Category: newsSource:  inquirerRelated NewsAug 7th, 2020

SMIC reports 69% drop in H1 earning

SM Investments Corp., the listed holding company of the Sy Group, reported a consolidated net income of P7.1 billion in the first half of the year, down 69 percent as some of its businesses were hit by the negative impact of the coronavirus pandemic......»»

Category: financeSource:  philstarRelated NewsAug 6th, 2020