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AboitizPower Q2 profits hit ₧10.3B
By Lenie Lectura @llectura
Aboitiz Power Corp. posted a net income of P10.3 billion in the second quarter, bringing its first-half earnings to P17.8 billion.
its net income in the second quarter rose by 46 percent from last year’s P7 billion while the first-half earnings were 79 percent higher than the P10 billion recorded last year.
t he company attributed its strong performance to the “fresh contribu- tion from GNPower Dinginin Ltd. Co. (GNPD) and higher availability across the company’s portfolio.” it also recognized non-recurring gains of P37 million during the sixmonth period, mainly due to derivative gains from commodity hedging. t he Company had an exceptional performance in the first six months of 2023, driven by fresh contributions of our strategic investments and operational excellence outcomes.
We remain on track toward
By Jovee Marie N. Dela Cruz @joveemarie
ALAWMA k ER on Wednesday urged the country’s corporate giants—San Miguel Corp. (SMC), Ayala Corp., and Metro Pacific investments Corp. (MPiC)— to help fund the revival of the “bicol Express” or the proposed Philippine National Railways (PNR) South Long Haul Project.
achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” said AboitizPower President and CEo Emmanuel Rubio.
t he company’s generation and retail supply business recorded P30.2 billion in earnings before interest, taxes, depreciation and amortization (Ebit DA) from January to June, up 31 percent from last year’s level.
its distribution business recorded an EbitDA of P6 billion, 101-percent higher compared to the same period a year ago.
As of end-June, total consolidated assets remained flat at P478.7 billion.
“We envision a future of continued success in achieving our corporate objectives, where AboitizPower is recognized as a driving force in the country’s energy sector, delivering sustainable growth and substantial returns to our investors,” added Rubio.
Co N CEPC i o N i n dustrial Corp. (CiC), a manufacturer of refrigerators and airconditioners, on t hursday said its income rose 33 percent to P350.3 million in the first half from the previous year’s P263.76 million on strong sales.
t he company attributed its performance during the period to better sales in the second quarter, “favorable” foreign exchange rates, and income contribution from its associate, Concepcion Midea inc.
t he company said it had sustained its topline growth trajectory, generating P7.23 billion in net sales for the first half, an 8 percent growth from last year’s P6.72 billion.
our second quarter performance demonstrated the strength of our core business and our ability to drive growth through our expanded portfolio, end-to-end customized solutions, and long-term relationships with our customers,” company chairman and CEo Raul Joseph A. Concepcion said.
“We will continue to focus on these fundamentals, continue to generate operating leverage and explore business opportunities to complement our strategy that would reinforce our position as the top consumer lifestyle and building and industrial solutions provider in the country.” its air conditioning business grew 18 percent, while its other appliance businesses expanded more than double, mainly the laundry products. t his was, however, offset by the decline in the elevator equipment and refrigerator businesses. t he consumer segment accounted for the largest proportion of sales at 74 percent. t he strong demand for window room airconditioner and laundry products led to a 3 percent year-on-year sales growth to P5.3 billion in the first half. t he growth was, however, partly offset by lower demand for refrigerators. t he company said its commercial business, which represents the remaining 26 percent of sales, posted a 23 percent increase in net sales to P1.9 billion in view of higher project deliveries. t he aftermarket business for both air conditioner and elevator businesses delivered 23 percent yearon-year growth. t his was offset in part by lower elevator equipment sales due to a higher base coming from a large project last year. t he company’s unconsolidated associate, Concepcion Midea, had strong sales across all product lines at P1.8 billion, 32 percent higher compared to last year. it posted a net income of P54.8 million, reversing last year’s loss of P98.4 million.
For the second quarter alone, its income grew 10 percent to P257.08 million from the previous year’s P233.12 million.
For the second quarter alone, net sales jumped 20 percent from the prior year to P4.4 billion.
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Net income for the quarter rose 10 percent to P257.1 million, while net sales climbed by half, as sales volume improved sequentially. VG Cabuag
REAL estate company Filigree has launched a new residential project called 1001 Parkway Residences in Filinvest City, Alabang, with its soon-to-rise P4.2-billion tower one.
According to Filigree bu siness Unit Head Daphne Sanchez, the residential market in this side of Muntinlupa City has already seen an uptick across all segments since the second half of last year.
“So i think buyers of residential developments are very much open and raring to purchase already [now that the] pandemic [is over],” she told the businessMirror on the sidelines of their kick off ceremony held at the bloc 10 Retail Community Center in Filinvest City, Alabang on Wednesday.
1001 Parkway Residences is a twotower residential condominium complex that offers its future residents all the benefits of high-rise living and a fashionable cosmopolitan lifestyle.
“it gives unparalleled access to the exhilarating pace of urban life and modern sensibilities, while at the same time enjoying the luxury of indulging in the slower, more meditative and meaningful moments so simply priceless,” she said. Roderick L. Abad bicol Saro Partylist Rep. br ian in his second State of the Nation Address (SoNA), President Ferdinand Marcos Jr. renewed his commitment to keep infrastructure spending under his administration at 5 to 6 percent of GDP to guarantee efficient economic growth. t his project has long been proven viable for private investors considering that some of our corporate giants have long expressed interest in reviving the long-idle bicol Express,” said Yamsuan, who is also the vice-chair- person of the Committee on bicol Affairs and Economic Development in the House of Representatives. it is among the big-ticket rail projects included in the list of priority infrastructure projects under House bi ll 8078, which provides for a 30-year national infrastructure program for 2023 up to 2052. t he bill was approved on third and final reading last May.
Raymund Yamsuan said private investors can team up with the government and put up a consortium to bring new life to the bicol Express project.
Yamsuan said that the President also stressed in his SoNA that “collaboration is the key”, including between the government and the private sector, to realize these ambitious plans for infrastructure development and the other priority programs of his administration.
“ t he Department of transportation (Dotr) said that it is currently looking for private investors for some of its rail projects, including the South Long Haul Project that will run all the way to bicol.
He recalled that under past administrations, at least three big private firms have confirmed their interest in reviving the bicol Express through a public-private partnership scheme.
SMC, Ayala, and MP i C have expressed interest in bidding for the b i col Express project way back in 2015, Yamsuan recalled. However, the plan was stalled because MP iC was concerned over the timing of the bidding for the project, which at that time was less than a year before the late President b e nigno Aquino i ii was to step down from office.
Yamsuan said that with private investors earlier being able to put up a consortium and present an unsolicited proposal to rehabilitate the Ninoy Aquino i nternational Airport (NA i A), the same could be done with the modernization of the bicol Express.
Estimated to cost P142 billion, the first package of the bicol Express under the PNR’s South Long Haul Project connects Metro Manila to bicol and is expected to reduce travel time between the two points from the current 14 to 18 hours to just 4 to 6 hours.
Marcos has also included the bicol Express project in the list of 194 infrastructure projects under his administration’s P8.3 trillion “bu ild better More” (bbM) program, which he said in his SoNA is “currently in progress and being vigorously implemented.” He has instructed the Dotr to renegotiate the loan agreement with China, which had previously agreed to fund the bicol Express project.
Li G H t Rail Manila Corp. (LRMC) said on t hursday the first phase of the Light Rail transit (LRt ) Line 1 Cavite Extension is now at 88 percent, a “significant progress” according to the company’s president.
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LRMC President and CEo Juan F. Alfonso said the company achieved this feat thanks to the “completed design works, nearly completed procurement processes, ongoing construction works, and testing and commissioning.” t he initial phase covers the construction of 6.7 kilometers of rails between Redemptorist Station and
“We give credit to the hardworking men and women of LRMC and our contractors who are tirelessly working on the ground for this milestone of LRt-1 Cavite Extension Phase 1 Project. t h is is a testament that we at LRMC remain highly attuned to our common goal of upgrading the commuter experience, especially in the southern part of Metro Manila with Phase 1 traversing the cities of Pasay and Paranaque,” he said.
Dr. Santos. it also involves the development of five stations, all of which are in “various stages of development with ongoing works on civil and structural, structural steel, architectural, mechanical, electrical, plumbing, and fire protection.” Redemptorist Station, which will be the next station after the existing b a claran Station southbound, has registered 59.8 percent completion with progress highlighted on the commencement of roof sheeting installation, and escalator installation during the reporting period.
Closet to the aiport, Mi A Station has so far registered a 66.8-percent completion rate with the latest developments on the installation of roof sheeting and fire pump. t he Asia World Station, meanwhile was at 54.6 percent completion. it will be connected to the Paranaque integrated terminal Exchange. Meanwhile, the Ninoy Aquino Station was at 59.3 percent completion rate, while the Dr. Santos Station registered a 71.1-percent completion rate. Lorenz S. Marasigan