LOSSES of PAL Holdings, Inc. (PAL) ballooned in the third quarter, due to a decline in passenger and cargo revenues.
In a regulatory filing, the listed operator of Philippine Airlines (PAL) doubled its attributable net loss to P5.16 billion in the third quarter, from P2.52 billion during the same period last year.
For the July to September period, revenues were down 0.28% to P36.7 billion, “due to the decrease in passenger and cargo revenues offset by the increase in ancillary revenue.”
Broken down, passenger revenues slipped 0.43% to P31.5 billion. Cargo revenues declined by 11.05% to P2.4 billion, but this was offset by a 13.32% rise in ancillary revenues to P2.71 billion.
Expenses were flat at P39.51 billion, but other charges surged to P3.45 billion from P706 million a year ago.
“‘Other Charges’ in total showed a significant increase of P2.7 billion, primarily attributable to higher financing charges by P1.76 billion as a result of the Group’s adoption of PFRS (Philippine Financial Reporting Standards) 16, Leases in 2019 and higher other charges by P0.99 billion as there were significantly less credit memos received from aircraft manufacturers,” PAL Holdings said.
In the nine months ending September, PAL’s attributable net loss widened 116.2% to P8.5 billion from last year’s P3.92 billion, as expenses and financing charges increased.
Revenues rose 5.6% to P117.92 billion, primarily as passenger and ancillary revenues increased due to additional frequencies and new routes which contributed to the growth in passenger volume.
However, expenses also increased 2% to P117.138 billion. Financing charges as of end-September ballooned 142% to P9.45 billion from P3.8 billion a year ago, which the airline attributed to the adoption of PFRS 16, leases and additional aircraft financing.
The higher passenger and ancillary revenues helped offset the 8% drop in cargo revenues to P6.89 billion. Passenger revenues increased 5.76% to P102.7 billion, while ancillary revenues went up 18% to P8.25 billion. — Arjay L. Balinbin
FRANKFURT — To unclog bottlenecks last year at his Tesla Inc plant in California, Elon Musk flew in six planeloads of new robots and equipment from Germany to speed up battery production for its Model 3.
Now the Tesla CEO is trying to tap that German automation ecosystem directly with Tuesday’s announcement that the electric carmaker will build a European car and battery factory near Berlin.
So far, Musk has failed in his plans to create a factory so highly automated that it allows Tesla to make cars more efficiently than much bigger rivals. As a result, the automaker has struggled to meet production goals and been hit with defections of key staff members to rival firms.
The new German factory is designed to help change all that.
“Everyone knows German engineering is outstanding for sure. You know that is part of the reason why we are locating Gigafactory Europe in Germany,” Musk said at a prestigious German car awards ceremony in Berlin late on Tuesday.
BMW has a factory in Leipzig, where it builds its i3 electric vehicles and it will source battery cells from a factory in Erfurt run by China’s Contemporary Amperex Technology Ltd (CATL).
VW is retooling a plant in Zwickau to build 330,000 electric cars and German engineering giant Siemens AG, which has an industrial and technology hub in Berlin, last week said it met with Musk to discuss projects in the area of advanced manufacturing and car charging.
German carmakers and suppliers are tapping in to a 1 billion euro ($1.10 billion) fund set up by Germany to increase battery cell production and are further aided by a government-funded research facility to increase battery cell development know-how.
PRODUCTION GOAL
Tesla has yet to meet its goal of building more than 500,000 Model 3 cars by 2018. That goal was set back in 2016 and since then Tesla’s production guru, Peter Hochholdinger, a former Audi production expert, quit to joined rival Lucid.
This year Tesla expects to deliver 360,000 to 400,000 cars, a target that includes selling all models.
By contrast, the Volkswagen brand delivered 6.24 million cars last year and is readying its global production network to build 22 million electric cars by 2028.
To ramp up manufacturing, Tesla started making its Model 3 in a tent, but the California-built cars often failed to meet German quality standards.
In August, German car rental company Nextmove walked away from a 5 million-euro ($5.55 million) order for 85 Tesla Model 3 electric vehicles, following a dispute over how to fix quality issues.
POTENTIAL FOR AUTOMATION
Although Tesla has chosen a high-cost location, there is higher potential for automation with electric cars since they are less complex to build than combustion engined vehicles.
A combustion engined car has 1,400 components in the motor, exhaust system and transmission. By contrast, an electric car’s battery and motor has only 200 components, according to analysts at ING.
While the average combustion engine takes 3.5 hours to make, and the average transmission requires 2.7 hours of assembly, an electric motor takes only about 1 hour to assemble, consultants at Alix Partners said in their Global Automotive Outlook study.
“Personnel is not a high cost factor in the production of electric cars,” Evercore ISI analyst Arndt Ellinghorst said.
Today the biggest cost factor is still battery packs, which amount to between 30% and 50% of the cost of an electric vehicle.
QUALITY VS SCALE
By adding the “Made in Germany” quality, Tesla could significantly boost sales of its electric cars, which are already class-leading.
On Tuesday Tesla’s Model 3 was awarded the “Golden Steering Wheel” by Germany’s Auto Bild magazine, with jury member Robin Horning saying the Model 3 had beaten the new BMW 3 series and the Audi A4 in “mid and premium class” category.
Volkswagen Chief Executive Herbert Diess congratulated Musk on winning the prize.
“I want to congratulate you. With all this competition in Germany it is a great achievement,” he said at the awards ceremony. “I thank you for pioneering, for pulling us and pushing us. Elon is the innovator.” — Reuters
State-owned Development Bank of the Philippines’ (DBP) net earnings slipped in the third quarter due to higher provisions for impairment losses and taxes as well as growing operating expenses.
In a press release on Thursday, DBP said its net profit went down 1.56% to P4.42 billion in the July-September period from the P4.49 billion it booked in the same quarter last year.
“DBP remains confident of reaching its financial targets for this year. We have already achieved 75% of our net income target for 2019 due to a realization rate of 103% on our net income target for the third quarter,” DBP President and Chief Executive Officer Emmanuel G. Herbosa was quoted in the statement.
Mr. Herbosa said DBP, which is the country’s official infrastructure bank, saw its loan portfolio increase by 33.8% in the third quarter to P329.1 billion from P246 billion in the same period a year ago.
Of this total 40% or P152 billion went to the infrastructure and logistics sector, followed by loans to social services worth P67.33 billion, credit for environmental projects worth P44.6 billion and loans to micro, small and medium enterprises totalling P24.6 billion.
He said the credit growth was driven by the bank’s “aggressive lending activities” via its 22 lending centers that have streamlined credit application processes.
“DBP will continue with its drive to promote economic inclusion and remain a relevant and responsive partner of the national government in promoting sustainable development particularly in the countryside,” Mr. Herbosa said.
Meanwhile, the lender’s gross income climbed 28.6% to P24.2 billion in the third quarter from P18.9 billion from a year earlier.
As of end-September, its total deposits went up by 12.1% to P502 billion from P447.8 billion from a year ago “backed by aggressive deposit generation activities.”
The bank’s capital adequacy ratio stood at 14.7% as of end-September, relatively higher compared to the industry average of 12.2%, the bank said.
The projects it funded in the infrastructure and logistics sector include energy, water resources, information and communication technology, transportation, construction, and manufacturing initiatives in Central Luzon, Davao, Central Visayas as well as in the regions of Cavite-Laguna-Batangas-Rizal-Quezon or CALABARZON and the National Capital Region.
As for social infrastructure projects, Mr. Herbosa said that among the DBP-funded ones are health care, education, housing, and solid waste management initiatives, especially in underserved provinces and municipalities nationwide.
DBP is the eighth largest bank in the country in terms of assets with P700.9 billion on record as of end-September. It targets to become a P1-trillion bank in terms of assets by 2022.
So far, the bank has 137 branches including 10 branch-lite units and a total of 833 automated teller machines spread across the country. — Beatrice M. Laforga
THE JOSHUA TREE TOUR is the first ever concert of the iconic Irish rock band U2 in the Philippines. The concert will be held at the Philippine Arena in Bulacan on Dec. 11. Smart subscribers have a chance to attend the concert for free via the new Smart MVP Rewards program: download the MVP Rewards app in the App Store or Play Store and register your details; enroll your Smart account to start earning stars (open to all Smart subscribers, prepaid and postpaid); click on your stars to visit the Marketplace to click on the U2 raffle icon and participate for free. All customers who click on the U2 raffle icon will only have one e-raffle ticket for the entire promo duration. Entering the Smart MVP Rewards U2 Raffle Promo gives customers a chance to win two tickets to the U2 The Joshua Tree Tour concert, plus access to the Smart Music Live VIP Lounge during the concert proper. The promo is ongoing until Dec. 5. Winners will be drawn on Dec. 6. and Smart subscribers can only win once.
BLOOMBERRY Resorts Corp. reported its attributable net income surged 246% to P3.92 billion in the three months ending September, on continued growth in gaming revenues.
In a regulatory filing, the listed company said consolidated revenues rose 49% to P13.2 billion in the third quarter from P8.8 billion a year ago.
Bloomberry, in a separate statement, said total gross gaming revenues at Solaire Casino and Resort Manila increased by 46% to P17.11 billion, “driven by higher hold in VIP and strength in the mass gaming segments.”
Bloomberry said VIP volume dropped 5% to P198.655 billion, although revenues jumped 117% to P8.65 billion as the hold rate went up to 4.35% in the third quarter from 1.91% a year ago.
Solaire’s mass table drop and electronic gaming machine (EGM) coin-in rose to record levels of P13.48 billion (up 10% year-on-year) and P66.9 billion (up 23% year-on-year) during the July to September period.
Revenues from mass tables inched up 2% to P4.2 billion, while those from slot machines jumped 19% to P4.25 billion in the third quarter.
At Solaire Korea, gross gaming revenues slumped 44% to P109 million “due to an unfavorable hold percentage at Jeju Sun.”
Enrique K. Razon, Jr., Bloomberry Chair and CEO, noted the company recorded strong profit growth in the third quarter “despite incurring higher interest expenses and foreign exchange losses.”
Bloomberry logged foreign exchange losses of P59.48 million, and interest expense of P1.39 billion in the three-month period.
“We are now in the last stretch of 2019 and we look forward to delivering a strong set of full year results,” he was quoted as saying in a statement.
For the first nine months, Bloomberry posted a 28% rise in attributable net income to P8.16 billion, on the back of a 24% jump in revenues to P35.36 billion.
Nine-month gross gaming revenues went up 20% to P42.65 billion, driven by a 32% increase in revenues from VIP tables to P20.8 billion “as a result of higher VIP win rate.” Revenues from mass table rose 6% to P12.2 billion, while those from slot machines went up 18% to P12.2 billion.
Solaire reported its mass table drop rose 13% to P37.4 billion and slot coin-in grew 17% to P187.1 billion. Volume from the VIP segment slipped 5.3% to P561.6 billion as of end-September.
The Manila casino attracted 4.9 million visitors in the first nine months, 0.7% lower than the same period a year ago.
WASHINGTON — The head of the Southwest Airlines Co. pilot union Wednesday sharply criticized Boeing Co. and questioned whether the manufacturer was trying to speed up the timeline for the 737 MAX’s return to service.
Boeing’s best-selling 737 MAX has been grounded since March, after two deadly crashes in five months killed 346 people, and it has come under harsh criticism from US lawmakers.
Jon Weaks, who heads the Southwest Airlines Pilots Association (SWAPA), said in a note to pilots Wednesday, reviewed by Reuters, that “Boeing is increasingly publicizing that they may have to shut down their production line due to running out of room to store completed MAX aircraft. There is some concern that this is simply another tactic to push the (return to service) timeline up.”
He added doing so would “force operators to resume making payments on MAX aircraft, and transfer some costs, logistics, and responsibilities of storing and restoring the MAX to revenue service to respective operators.”
Boeing did not immediately comment late Wednesday.
Southwest Airlines spokeswoman Brandy King said the airline is “confident in the work being done to return the MAX to service and continue to await additional guidance from Boeing and the FAA regarding timing and next steps.”
On Monday, Boeing spokesman Gordon Johndroe told Reuters that “we expect the Max to be certified, airworthiness directive issued, ungrounded in mid-December.” He added that the company expects “pilot training requirements to be approved in January.”
Boeing noted that the “FAA and other regulatory authorities will ultimately determine return to service.”
Two federal officials told Reuters this week that Boeing’s timetable is aggressive and far from certain, citing hurdles yet to be cleared.
Boeing still must complete an audit of its software documentation before it can schedule a key certification test flight.
Federal Aviation Administration (FAA) chief Steve Dickson on Tuesday said the agency was not “delegating” anything to Boeing in its review and offered no ungrounding timetable, saying it “will be based solely on our assessment of the sufficiency of Boeing’s proposed software updates and pilot training.”
On Friday, Southwest and American Airlines extended Boeing 737 MAX cancellations until early March, just shy of the one-year anniversary of an Ethiopian Airlines crash that led to a worldwide grounding.
Last month, SWAPA sued Boeing, saying it had “deliberately misled” the airline and pilots. The grounding wiped out more than 30,000 Southwest Airlines flights, causing over $100 million in lost wages for pilots, the union said. — Reuters
WASHINGTON — US Federal Reserve Chair Jerome Powell on Wednesday pushed back against a favorite talking point of President Donald Trump’s, telling Congress that the negative interest rates sought by Trump aren’t appropriate for a US economy with ongoing growth, a strong labor market and steady inflation.
Powell over the course of a 90-minute hearing before the Joint Economic Committee dodged several efforts to pull him into pre-election-year politics, alternately saying that the Fed’s job was not to set trade, immigration or federal spending policies, weigh in on Democratic candidates’ wealth tax and other proposals, or dole out credit for the US economy’s record-setting expansion, now in its 11th year.
“It has been a long slow recovery but it has come a long way,” Powell said when asked by Texas Republican Senator Ted Cruz what policies he credited most for a solid decade of continued growth. “I want everybody to get credit for that.”
But the Fed chief did wade into the economics of the negative rates of interest that countries including Switzerland and Germany currently pay on their government bonds. Trump has repeatedly called for Powell’s Fed to cut rates and deliver the same for his government, on Tuesday in New York telling the Fed to “give me some of that money.”
“Negative interest rates would certainly not be appropriate in the current environment,” Powell said in response to a question about why European countries can in effect tax their bondholders by paying back less than is borrowed.
“Our economy is in a strong position. We have growth, we have a strong consumer sector, we have inflation … You tend to see negative rates in the larger economies at times when growth is quite low and inflation is quite low. That’s just not the case here,” he said.
Powell’s opening statement, in fact, emphasized that even after a year in which many market analysts saw a rising risk of a US recession, the Fed’s outlook is for continued growth.
He said the impact of three rate cuts this year are still to be fully felt in supporting household and business spending, and will let the central bank likely stop where it is unless there is a “material” change in the economic outlook.
Investors have read that, so far, to mean rates may be on hold until late next year, perhaps sheltering the Fed from having to make a rate cut or hike during what promises to be a bitter US election campaign focused on economic issues. There was little market reaction to Powell’s congressional appearance.
“We see the current stance of monetary policy as likely to remain appropriate with our outlook of moderate economic growth, a strong labor market, and inflation near our symmetric 2% objective,” Powell said. “The baseline outlook remains favorable … My colleagues and I see a sustained expansion of economic activity … as most likely.”
‘NOT OUR ROLE’
Trump and the 2020 election served as the backdrop to the Fed chief’s appearance before the joint panel of senators and members of the House of Representatives.
It has been a hard topic for Powell to avoid, between the Republican president’s repeated calls for lower rates, and the fact that the administration’s tariff and trade policies are currently considered one of the chief risks to global economic growth and a direct drag on business investment.
It is in part the uncertainty surrounding the administration’s approach to managing the economy that the Fed has bought “insurance” against with its three rate cuts this year.
Powell, who was nominated for the top Fed job by Trump two years ago, continued to walk a fine line in the hearing, explaining that while the central bank has “called out” the risks posed by what he refers to as “trade developments,” the Fed “should never be heard to be commenting on trade policy. It is not our job … Our lane is the economy.”
Several elected officials, however, tried to pull Powell from that lane, Cruz most directly, asking “if a massive tax increase is good or bad for the economy?”
“I just, honestly, don’t want to get into that business if you’ll forgive me,” Powell replied. “It is really not our role to score or evaluate campaign proposals.” — Reuters
THE 8,000++ Filipino fans of the J-pop band Arashi will be happy to know that the band recently opened its official social media accounts after 20 years of being a group to get closer to their fans beyond Japan. Fans can look forward to more social media activities on their official accounts on five social media platforms — Twitter, Facebook, Instagram, TikTok, and Weibo. Arashi is currently on a promotional tour of Asia for Jet Storm, and has just made a stop in Singapore. There are concerts set for May 15 and 16, 2020 at the new National Stadium in Tokyo. A concert in Beijing is also slated to be held in Spring 2020.
FIRST GEN Corp. reported a third-quarter net income of $54.56 million, down 17.6% from $66.18 million a year ago, despite an increase in the company’s revenues from the sale of electricity.
Revenues during the quarter hit $506.98 million, down 1.5% from $499.67 million a year ago. The Lopez-led company uses the US dollar as its functional currency when reporting its financial figures to the stock exchange.
In the nine months to September, attributable net income grew by 45.9% to $220.3 million, with the increase due to the “higher electricity sales of its clean fuel platforms, foreign exchange gains, lower interest expense, and benefits from deferred income taxes.”
The Lopez group‘s energy company reported a 21% increase in recurring net income attributable to equity holders of $217 million from the operations of its 3,492 megawatt (MW) clean and renewable portfolio.
First Gen subsidiary Energy Development Corp. (EDC) contributed recurring earnings from its geothermal, wind, and solar platform of $67 million, higher by 28.8% from $52 million a year ago.
“EDC’s Leyte and Negros geothermal plants performed better due to lower outages and higher average selling prices. Recall that a portion of EDC’s operating assets in Leyte was damaged by Typhoon Urduja in December 2017, which was fully restored in the third quarter of 2018,” First Gen said.
The company said its natural gas-fired power plants delivered increased recurring earnings for the period.
“While the two newer gas plants — the 420 MW San Gabriel and 97 MW Avion — generated higher electricity sales from their respective customers, it was Avion that provided a larger increase in earnings as the merchant plant enjoyed higher dispatch and higher selling prices in 2019,” it said.
“The two older plants — the 1,000 MW Santa Rita and 500 MW San Lorenzo — continue to perform steadily,” it added.
Meanwhile, Lopez Holdings Corp. reported a nine-month net income attributable to equity holders of the parent of P6.061 billion, up 54% from a year ago.
“The energy group under associate First Philippine Holdings Corp. (FPH) continued to perform strongly. Meanwhile, investee ABS-CBN Corp.’s advertising revenues continued to recover, boosted by political placements,” the holding firm said.
Unaudited consolidated revenues rose 9% to P99.767 billion from P91.188 billion.
FPH recorded a 35% rise in net income attributable to equity holders of the parent while recurring net income was higher by 21%, as electricity sales increased by 10%. ABS-CBN reported a 53% rise in net income as advertising revenues increased by 15%.
As of end-September, Lopez Holdings owned 51% of FPH and 56% economic interest in ABS-CBN.
On Thursday, shares in First Gen climbed by 1.44% to P24.70 each, while those of Lopez Holdings slipped by 0.24% to P4.15 each. Shares in FPH also decreased by 0.06% to P78.35 each. — Victor V. Saulon
THE BANKING INDUSTRY should tap the large microfinance market despite the challenges it poses as it is seen to contribute to the development of other sectors which use financial services and ultimately help boost economic growth.
Speaking to delegates and top officials of banks around the world during the 36th Asian Bankers Association Conference held in Makati City yesterday, Rizal Microbank President Raymundo C. Roxas said there is a huge market to tap for microfinancing in poor and low income households and micro-enterprises which belong to the D and E classes.
“We have to remember that most of the end-users are consumers that patronize the products and services of the large companies we serve belong to the base of pyramid and there are a quite number of them. If we do our part in ensuring that these market segments are made part of inclusive growth and development, then we are also ensuring the fate and future of other customers and clients, and ultimately, the fate and future of our own organizations,” Mr. Roxas said.
However, he cited the challenges in venturing into microfinance, including the market’s lack in financial literacy, having minimal real estate properties and fixed assets to offer as collateral, as well as clients having labor-intensive work who are mostly intimidated to go to banks.
“Microfinance clients are geographically dispersed and mostly are found in rural areas, they have no financial records or credit history with formal institutions, they have minimal savings or none at all, and they have limitation in producing valid IDs,” he added.
In fact, Rizal Microbank, the microfinance arm of Yuchengco-led Rizal Commercial Banking Corp., took eight years “to attain a significant portfolio to post a profit” as its loan book needed time to grow since loan sizes are relatively small, he explained.
“With more available technology, the challenge of pursuing the unbanked and the underserved market segments due to the unintended high costs, can now be better addressed and improved,” Mr. Roxas said.
For Philippine National Bank President and CEO Jose Arnulfo A. Veloso, it is up to the industry to “aid the unbanked” and service those who borrow from informal sources from the risks of exploitation, even though he himself admitted that this task is challenging.
As applicants find it difficult to acquire required documents, especially those in the provinces, Mr. Veloso said a national ID system will improve banks’ assessment of applicants and help them process and approve credit faster.
“The road to digital has never been a smooth ride — more so in the Philippines. Friends and colleagues — the digital divide is real and is a serious issue in our country. Inter-connectivity remains to be an issue and price of telecommunications is still relatively expensive for many Filipinos,” he said in his speech in the same forum.
He said that of the country’s total population of over 100 million, 15% still live in municipalities without financial services, while 34% have bank accounts and “a very small number” of 2.6% of the population have borrowed from a bank. — Beatrice M. Laforga
TABLETOP games are one of the attractions at the ManiPopCon this weekend at the Solaire Tent.
THE Manila Pop Culture Convention, or ManiPopCon, hosts different geekdoms under one convention on Nov. 16 and 17 at the Solaire Tent, Solaire Resort and Casino, Pasay City. There will be tabletop games, collectible card games, Dungeons and Dragons (D&D), miniature wargames, geek sundries, toys, Funko Pops, adult collectibles, comic books, science fiction, eSports, VR games, midway games, cosplay, mascots, tabletop ’70s and ’80s displays and memorabilia, and celebrities one didn’t know were geeks. There will be also an after-party called “ManiPopCon After Dark” at 10:30 p.m. on Saturday, at the Waterside restaurant, featuring stand-up comic Mike Unson, disco music by DJ Boyet Sison, and spoken word by the artists of Collaboratory Ph. ManiPopCon’s doors open at 10 a.m. Tickets (P400 for adults, P250 for teens with student IDs, children below 10 get in for free) are available at the entrance or through www.ticketworld.com.ph.
TLC Festival at Boni High Street
ANGIE KING, Pam Pastor, Anton Amoncio, Rico Blanco, and IV of Spades join TLC’s international talents for a day of fun at TLC Festival on Nov. 16 at Bonifacio High Street, BGC, Taguig. Attending are Janet Hsieh, host of TLC’s Fun Taiwan, and Rikki-An Quiapon, eSports shoutcaster. The festival will have music, food, and art. Hosts from TLC and Asian Food Channel Sarah Huang Benjamin, Anton Amoncio, Matthias Rhoads, and May Yacoubi will hold cooking demos. There will be live basic culinary technique and food styling lessons at C1 park and live creative arts and crafts activities at One Bonifacio High. Rock out with funk rock band IV of Spades and rock icon Rico Blanco as they round off the night at the main stage. Admission is free.
Caroling at The Peninsula
AS PART of The Peninsula Manila’s Christmas celebration, there will be Caroling at The Lobby every Friday from 6:30 to 7:15 p.m. Performing today is the Far Eastern University Bamboo Band. Upcoming performers are the Jose Rizal University Ukelele Band (Nov. 22), St. Theresa’s College Sinag Primary Chorale (Nov. 29), 92AD (Dec. 6 and 13), and St. Theresa’s College Sinag Intermediate Chorale (Dec. 20). There is minimum consumption at The Lobby during the show of P1,200 for adults and P600 for children under 12.
Neocolours’ reunion concert
THE 1980s vocal group Neocolours will be holding a reunion concert, Tuloy Pa Rin Ang Banda, at the Music Museum, Greenhills Shopping Center, San Juan, on Nov. 16, 8 p.m. They will perform old favorites: “Tuloy Pa Rin,” “Maybe,” “Kasalanan Ko Ba,” and “Hold On,” and more. Directed by Frank Lloyd Mamaril, the show includes special guests Nicole Asensio, Jett Pangan, and Jamie Rivera. Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph).
Christmas Animated Display
ARANETA CENTER’s Christmas Animated Display at the Times Square Food Park is centered around the stories of five important figures of the Yuletide season. The Christmas Animated Display will have 15-minute shows from 6 to 10 p.m. on Sundays to Thursdays, and from 6 to 11 p.m. on Fridays to Saturdays until Jan. 5. Admission is free to the public.
MSO Pas De Deux
CONDUCTOR Darrel Ang teams up with MSO’s Concertmaster, Juillard-trained violinist Diomedes Saraza, Jr., and Korean cellist Kim Yeinjin for MSO Pas De Deux on Nov. 16, 4 p.m., at the Meralco Theater, Ortigas Ave., QC. The concert features Brahm’s Double Concerto as well as well-loved ballet scores from Tchaikovsky. Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph).
Cats the Musical
THE latest international tour of the award-winning Andrew Lloyd Webber musical is running until Dec. 1 at The Theater at Solaire. The show stars Joanna Ampil as Grizabella. For more information, visit www.catsthemusical.com. Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph).
Van Gogh Alive
A MULTI-SENSORY exhibition about the Dutch painter’s life told through his works and letters is ongoing at the 4F of One Bonifacio High Street in BGC, Taguig City until Dec. 8. For information, visit the official website at www.vangoghalive.ph. Tickets are priced at P750 (adult) and P450 (student) and are available onsite and at The Mind Museum ticket booth.
The Quest for the Adarna
REPERTORY Philippines’ Theater for Young Audiences presents a musical retelling of the Philippine folk tale “Ibong Adarna.” The Quest for the Adarna has performances until Jan. 26, 2020 at Onstage Theater, Greenbelt 1, in Makati. In the kingdom of Berbania, the king falls mysteriously ill and can only be healed by the song of the mythical bird, Adarna, which can be found in its mountain home. His three sons take turns attempting the dangerous journey to help their father. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
SF9 in Manila
SF9 is returning to Manila for a concert on Nov. 16, 7 p.m., called 2019 SF9 Live Fantasy #2 Unixerse in Manila, at the New Frontier Theater, Araneta City, Cubao, QC. Tickets range in price from P3,000 to P8,000 and are available at
Ticket Prices/Categories: WWW.TICKETNET.COM.PH and all Ticketnet outlets. Depending on the ticket prices, fans may get guaranteed Hi-Touch, photo op (20 pax per group), VIP passes with official tour lanyard, a raffle for signed posters and signed Polaroid.
First Jan Ki Yong fan meet in Manila
K-DRAMA fans will have a chance to meet Korean actor and international model Jang Ki Yong who is coming to Manila for the first time on Nov. 17 at the Samsung Hall of SM Aura, BGC, as part of his 2019 Jang Ki Yong 1st Fan Meeting [Filmogtaphy] Tour. On-site activities and up-close interactions await his fans said concert and live events promoter Wilbros Live. Jang Ki Yong is known for his supporting role in “Go Back Couple”, a hit Korean drama series that aired on ABS-CBN last year. Tickets are still available via SMTickets.com and all SM Tickets outlets nationwide. Call SM Tickets at 470-2222 for more information.
PROFITS of Filinvest Land, Inc. (FLI) slipped 6% in the third quarter, weighed down by higher costs.
In a regulatory filing yesterday, the listed real estate arm of Filinvest Development Corp. said its net income in the three months to September stood at P1.39 billion. This came amid an 8% increase in total revenues to P5.8 billion, including equity in earnings of an associate and other income.
Real estate sales inched up 5% to P3.76 billion as rental services grew 22% to P1.75 billion.
Costs, operating expenses and interest and other charges amounted to P4.19 billion, 17% higher than last year.
For the nine months to September, FLI’s attributable net income increased 7% to P4.44 billion as total revenues rose 15% to P18.43 billion. Total expenses stood at P12.8 billion, climbing 19% from last year.
In a statement, FLI President and Chief Executive Officer Josephine Gotianun-Yap said the company is expecting its residential trading and office rental businesses to grow further in the remaining months of 2019.
“We look forward to the growth coming from both the traditional and BPO offices, co-working spaces, as well as the entry of new locators and the expansion of existing clients,” she was quoted as saying. — Denise A. Valdez
