2 minute read

7-mo sales boost optimism of local carmakers–Campi Megawide swings to income in Jan-June

By Andrea E. San Juan @andreasanjuan

Campi made the pronouncement after it released a report which showed that vehicle sales in January to July jumped by 31.1 percent to 239,501 units from last year’s 182,687. The report included data from the Truck Manufacturers a ssociation (TM a)

“The auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation,” Campi said in a statement on Tuesday.

The group said the automotive industry is aiming to sustain its “positive growth trend” as sales of new motor vehicles recorded increases for 17 consecutive months starting in March 2022. “The industry hopes to maintain this trend for the year.” with the continued growing demand for motor vehicles, Campi said it is “truly inspired to expand its product and service offerings to the consumers and businesses.” i n terms of vehicle segments, data from Campi-TM a indicated that sales of heavy trucks and buses jumped by 87 percent year-on-year in July while passenger car went up by 49.8 percent; medium trucks and buses, 40.9 percent; light commercial vehicle, 32.7 percent; commercial vehicle, 28.5 percent; aU V by 14.1 percent; and light trucks, 0.2 percent. led year-to-date sales with 110,158 units, followed by Mitsubishi Motors Philippines Corp. with 43,831 units, and Ford Motor Company Phils inc. with 16,611 units. Campi and TM a said in March that they are optimistic that vehicle sales would grow by as much as 15 percent and allow them to hit the 395,000-unit mark this year.

The Campi-TM a report indicated that their members sold 37,086 units of vehicles in July, up by 33.3 percent from the 27,813 units sold a year ago.

On a monthly basis, sales of vehicles went up by 2.1 percent from the 36,311 units sold in June.

Toyota Motor Philippines Corp.

Megawide Construction Corp. on Tuesday said it posted a consolidated net income of P362.61 million in the first half, a reversal of last year’s P441.14million net loss.

Continuing operations, which reflected the same amount as the consolidated net income, was also an improvement from the P347.5 million last year, the company said.

Consolidated revenues grew 51 percent to P11.31 billion from the previous year’s P7.46 billion, of which construction operations accounted for the bulk at P10.97 billion while landport operations contributed the balance of P191 million.

“Construction is on its way to recovery and we are starting to see it. we have yet to capitalize on the big-ticket infrastructure projects in our portfolio, such as the Metro Manila Subway Project (MMSP), which has yet to commence,” edgar Saavedra, the company’s president and CeO, said.

“Our landport is also recovering in terms of foot traffic, office occupancy, and commercial sales. a l l in all, we are confident of sustaining the momentum for the remainder of the year.”

The company said its order book of P50 billion remains “healthy and diverse.” More than half of the projects are still in the 0-20 percent completion stage, providing a significant balance for bookable revenues in the coming periods, it said. in addition, the company expects to gradually reap the benefits from its acquisition of affiliate PH1 world developers inc. over the years in terms of revenue stability and profitability.

“Our property development arm, PH1 world, will be a significant contributor to our consolidated performance moving forward. a side from generating synergies and providing long-term project visibility, PH1 world’s healthy pipeline will also strengthen our order book quality by de-risking it from contractual and collection issues,” Saavedra said. average daily foot traffic at the Paranaque integrated Terminal exc hange [Pi T X] as of June breached the 100,000 level anew, after falling below this threshold in the first few months of the year.

Together with the improvement in foot traffic, is the increase in average passenger spend to P35.4, its highest ever level to date, from P28.5 per passenger at the start of the year. This was attributed to strong leasing performance at 82 percent occupancy and robust sales from new tenants like dunkin donuts, Bonchon, Tim Horton’s, Highlands Coffee, watsons and many more. VG Cabuag

This article is from: