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ABS-CBN, GMA Network 3rd quarter earnings decline on lower ad revenues

MEDIA companies ABS-CBN Corp. and GMA Network, Inc. reported lower earnings in third quarter, due to a slump in advertising revenues.
In a regulatory filing, ABS-CBN said its net income attributable to equity holders of the parent company dropped 19% to P776.9 million during the July to September period.
The Lopez-led media company said its third quarter revenues grew by 4% to P10.6 billion, as advertising sales fell 2% to P5.302 billion.
For the first nine months of 2018, ABS-CBN saw its attributable net income decline by 32% to P1.627 billion.
Consolidated revenues for the January to September period was flat at P29.49 billion, from P29.51 billion a year ago. Advertising revenues also dipped 3% to P14.87 billion, while consumer sales rose 3% to P14.6 billion on a 24% rise in sales of TV Plus boxes.
ABS-CBN recorded a 5% rise in direct costs and expenses during the nine-month period at P28.190 billion. This was attributed to a 8% growth in production costs at P9.56 billion and 8.4% hike in general and administrative expenses at P8.892 billion.
Meanwhile, in a regulatory filing, GMA Network reported its attributable net income went down 4% to P738.28 million during the third quarter, as revenues declined by 5% to P3.892 billion.
During the January to September period, GMA Network reported its attributable net income slumped 15% to P1.9 billion, amid 6% lower revenues to P11.142 billion. Consolidated operating expenses dipped 2% to P8.4 billion during the first nine months.
GMA Network said its year-to-date sales from television and radio airtime, which is 88% of the company’s revenues, dipped 6% to P9.845 billion.
“[T]he contraction in airtime advertising was felt across the broadcasting industry thus providing the main drag for the revenue shortfall. Nonetheless, mixed results were seen among airtime-revenue generating platforms, Radio and Regional TV operations remained steadfast, managing to pull ahead in their topline year-on-year, while Ch-7 and GNTV-11 succumbed to lukewarm sales in between periods,” it said.
PNB Securities, Inc. President Manuel Antonio G. Lisbona said the drop in earnings for both companies only shows that advertisers are shifting to online platforms.
“Looking at both companies’ stock prices even for the last 24 months, you can see that both have been declining steadily because of this. That said, both companies have also begun shifting and diversifying into the online space,” he said in a text message on Thursday.
GMA said sales from international operations, subsidiaries and other businesses led by its digital arm GMA New Media grew 2% to P1.297 billion in the nine-month period. For ABS-CBN, its digital platforms delivered consolidated revenues of P627 million, up 46% from last year. — Denise A. Valdez

Lopez Holdings nets P1.7B in July-Sept. period

LOPEZ Holdings Corp. reported a 24% increase in net income attributable to the equity holders of the parent firm of P1.74 billion during the third quarter, the holding firm said in a regulatory filing.
The higher profit comes as the Lopez group, whose subsidiaries have interests in power generation and multimedia communications, posted revenues of P32.51 billion, up 22.9% from P26.46 billion a year ago.
Of the holding firm’s revenues for the July to September period, sale of electricity accounted for nearly 86% at P27.83 billion. Real estate, and contracts and services made up 9.3% and 3.5%, respectively. Sale of merchandise contributed the rest.
Lopez Holdings posted double-digit growth in its bottom line despite the nearly 18% increase in its cost and expenses to P24.94 billion from P21.16 billion.
For the nine months to September, the firm recorded a net income attributable to the equity holders of the parent of P3.91 billion, up 23.7% from P3.16 billion in the same period last year.
Revenues during the three quarters hit P91.19 billion, higher by 17% from P77.94 billion a year ago.
Lopez Holdings attributed the period’s performance to the better financial results of the energy group under its associate First Philippine Holdings Corp. (FPH).
FPH’s net income attributed to equity holders of the parent rose by 54% while ABS-CBN Corp. reported a 35% decline in profit after registering flat revenues, a 3% slide in airtime sales, and 4% increase in costs and expenses.
FIRST GEN
Meanwhile, the Lopezes’ power generation company First Gen Corp. posted a 54.6% increase in third-quarter net income attributable to the equity holders of the parent firm of $66.18 million from $42.81 million in the same quarter last year.
Revenues from the sale of electricity during the July-September period reached $523.39 million, up 22.6% from $426.99 million in the same quarter last year. The company reports its financial data in dollars, its functional currency.
For the January-September period, First Gen recorded a net income of $151.04 million, up 50% from $100.81 million. Revenues rose 14% to $1.46 billion from $1.28 billion.
In a statement on Thursday, First Gen President and Chief Operating Officer Francis Giles B. Puno said the company’s investment in new capacity through the San Gabriel plant started serving the power needs of Manila Electric Co. (Meralco) customers in the third quarter.
“Contrary to perception, First Gen is clearly proving the price competitiveness of clean low-carbon natural gas-fired power versus more polluting coal-fired power even at full baseload dispatch,” Mr. Puno.
First Gen said recurring net income attributable to equity holders of the parent at $180 million as of end-September was 45% higher than the previous year’s $124 million. It said its natural gas platform surged 60.9% and delivered recurring earnings of $140 million versus $87 million previously.
First Gen said its newest and most modern plant, the 420-megawatt (MW) San Gabriel flex plant, benefited from markedly higher dispatch and revenues as it sold power in the spot market at attractive prices in the first half of 2018, and its full production to Meralco under its power supply agreement in the third quarter.
It said numbers were made better by lower interest expenses and higher interest income as a result of its deleveraging initiatives. Savings in interest expense offset unrealized foreign exchange losses and higher deferred taxes.
First Gen primarily utilizes clean and indigenous fuels such as natural gas, geothermal energy from steam, hydro-electric, wind and solar power. — Victor V. Saulon

DMCI unit secures contracts worth P10B

D.M. CONSUNJI, Inc. (DMCI) secured P10.6 billion worth of new contracts in the first nine months of 2018, as it was engaged mostly by private firms for building projects.
The construction arm of diversified engineering conglomerate DMCI Holdings, Inc. said the newly-signed projects pushed its order books eight percent higher to P28.5 billion, compared to the same period a year ago.
Its newly-signed projects include Ortigas and Company’s residential condominium called Connor worth P1.1 billion, STRC Apartment Ridge of ST 6747 Resources Corp. worth P1.3 billion, and the DLS College of St. Benilde Academic Sports and Dormitory Buildings, among others.
To note, ST 6747 Resources Corp. is the joint venture firm between the SM Group and tycoon George S.K. Ty’s Federal Land, Inc. for the development of a residential condominium in Makati City, on a property considered to be the last parcel of undeveloped land in the business district.
D.M. Consunji has also been tapped for the Metro Manila Skyway Stage 3 Nagtahan Rampway worth P1 billion.
The company’s major ongoing projects include the Cavite-Laguna Expressway project of MPCALA Holdings, Inc., Prima Infra Dev. Corp.’s Bued Viaduct and Roadway, LRT Line 2 East Stations under the Department of Transportation, Ortigas & Company’s Maven at Capitol Commons, and Anchor Land Holdings, Inc.’s Anchor Grandsuites.
“Right now our order book is skewed toward private sector-led construction projects but we expect more big-ticket projects under the Build, Build, Build program to come on-stream within the next few months,” D.M. Consunji President and Chief Executive Officer Jorge A. Consunji said in a statement.
The company is currently bidding for the first package of the North-South Commuter Railway (NSCR), which seeks to connect Tutuban, Manila to Malolos, Bulacan. The project will have a capacity of 100,000 passenger per hour, reducing travel time from Tutuban to Malolos to about 35 minutes from two hours before.
The project will be partially funded by Japan’s official development assistance loan signed in 2015. The government targets to start the project by next year.
“2019 will be a busier year for public construction, and we are very eager to participate in this infrastructure modernization program of the government,” Mr. Consunji said.
Earnings of D.M. Consunji rose by 19% to P343 million in the third quarter of 2018, pushing its nine-month profit 21% higher to P1.1 billion. — Arra B. Francia

Megawide sees Q3 earnings decline

MCIA T2 2
MACTAN-CEBU International Airport Terminal 2 opened in July. — MAYA M. PADILLO

MEGAWIDE Construction Corp. posted a 9% decline in attributable net income to P415 million during the third quarter, as higher revenues from its airport business failed to offset the drop in construction operation revenues.
In a regulatory filing, the diversified engineering and infrastructure conglomerate said its revenues fell 17% year-on-year to P3.936 billion during the July to September period.
Megawide reported a 28% fall in contract revenues to P2.98 billion, while airport operations revenues rose 51% to P857.35 million and airport merchandising revenues surged 88% to P89.8 million.
The Mactan-Cebu International Airport (MCIA) Terminal 2, which is operated by Megawide’s joint venture with Indian company GMR Infrastructure Ltd., started operations in July.
Megawide’s nine-month attributable net income slipped 4% to P1.321 billion versus last year’s P1.383 billion.
Revenues declined by 11% to P12.746 billion, “as a result of the cyclical nature of the construction business segment.” The bulk or 81% of revenues came from the construction business, while the airport business contributed the rest.
Revenues from its construction operations stood at P10.4 billion as of end-September, 17% lower than the same period last year “due to the varying stages of construction of projects in the order book and scheduled start of construction of the new projects booked towards the end of 2017.”
Megawide said it booked P16.8 billion worth of new contracts as of end-September. “This brought the total outstanding order book to P39.7 billion by the end of third quarter, providing revenue visibility for the next two years,” it said.
Airport operations increased its 9-month revenues by 26% to P2.180 billion, as the MCIA saw double-digit growth in passenger volume. As of end-September, MCIA handled 8.6 million passengers.
“Non-aero or commercial revenues, which contributed 32% to the total, grew by 30% to P698.4 million. Passenger service charge, representing 55% of airport revenues, increased by 25% to P1.207 billion driven by the double-digit growth in passenger throughput. The remaining 13% is accounted for Aero-related revenues, which increased by 24% to P273.7 million,” it said.
“Megawide’s prospects remain promising with the continued strong growth of the airport business with the opening of the MCIA Terminal 2. This is combined with our solid prospects in the construction business as we continue to expand the order book levels, ensuring revenue visibility for the next two to three years, at least,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra was quoted as saying in a statement. — D.A.Valdez

Cagayan Valley, MIMAROPA wage orders to take effect in late Nov.

MINIMUM WAGE adjustments will take effect in late November for Region II (the Cagayan Valley) and Region IV-B (Mindoro, Marinduque, Romblon, and Palawan, or MIMAROPA), the national wage commission said.
The Regional Tripartite Wages and Productivity Boards (RTWPB) of Cagayan Valley and MIMAROPA released there Wage order No. RTWPB-02-19 and Wage Order No. RB-MIMAROPA-09, respectively, this week. Wage order No. RTWPB-02-19 was issued on Oct. 22 while Wage Order No. RB-MIMAROPA-09 was issued on Oct. 9. Both wage orders met the public notice requirements via their publication this month.
The National Wages and Productivity Commission (NWPC) said in a social media post on Tuesday that the wage order for Cagayan Valley private sector workers will take effect on Nov. 25.
“Regional Tripartite Wages and Productivity Board — Cagayan Valley Region released a copy of new wage order granting a P10 increase in the basic wage and another P10 Cost of Living Allowance (COLA). This will take effect on Nov. 25, 2018,” NWPC said.
The new wage order for Cagayan Valley states that workers in the non-agriculture sector and retail/service establishments that employ more than 10 workers will receive a daily minimum wage of P360. Workers in the agriculture sector will earn P340 a day and those working in retail/service establishments with less than 10 employees will get P320.
In MIMAROPA, NWPC said on Wednesday that the new wage order will take effect on Nov. 27.
“Regional Tripartite Wages and Productivity Board — MIMAROPA released a copy of new daily minimum wage rates in the region. This will take effect on Nov. 27, 2018,” the commission said.
According to Wage Order No. RB-MIMAROPA-09: “The covered workers in the establishment employing ten (10) workers and above shall receive a basic wage increase of P20.00 daily and the workers establishments employing less than ten (10) workers shall receive a basic wage increase of P12.00.”
The new minimum wages for MIMAROPA will be P320 for workers in establishments with 10 or more workers and P283 for workers in establishments employing less than 10 workers.
The MIMAROPA order also outlines an P11 wage increase for employees in establishments that employ less than 10 workers effective Feb. 1, 2019. These workers will have a daily minimum wage of P294 starting Feb. 1. — Gillian M. Cortez

Fraternal blood makes fraternal hands unclean

A CLASSIC tale of sibling rivalry is what GMA is one of its biggest shows the network is launching this year for its prime time bloc. Cain at Abel hits the small screen on Nov. 19.
Named after the biblical siblings — one of which killed the other — and sharing the name with Lino Brocka’s 1982 film, GMA’s version focuses on two brothers who were separated young and lived drastically different lives: one raised in wealth and the other raised in poverty.
After years of separation, the brothers meet again — at the end of each other’s guns as they get embroiled in a scheme that might lead to the death of one or both of them.
The series stars Jose Sixto “Dingdong” Dantes and Abelardo “Dennis Trillo” Ho in the main roles of Daniel and Miguel/Elias.
“We can say that there have been stories like this before but, I guess, not realized on this scale,” Don Michael Perez, the director, told the media shortly after the series’ launch on Nov. 13 at Prime hotel in Quezon City.
Mr. Perez said that while there have been countless stories using the same premise — he himself just finished one: Kambal Karibal whose 178 episodes ended its run in August — what drew him to the project is how “tight” the story is.
“It’s been a long time since I’ve read a script I haven’t written that I want to direct so badly,” he said.
“Expect it to be really bloody,” Mr. Perez said, pointing out the promotional trailer shown to the media where both stars shoot at each other in a tenement housing project.
But despite the abundance of chases and a scene of an exploding car, Mr. Perez doesn’t like calling the series an “action-drama.”
“I would call it a drama with a lot of action because in the end, it’s all about family, it’s about sacrifice,” he said.
He explained that one of his influences when directing the series was Willy Russell’s Blood Brothers, about fraternal twins separated at birth, one who lived in wealth and the other poor. Both fall in love with the same girl which leads to their deaths.
He also took cues from the aforementioned Lino Brocka film — “it was also bloody and both brothers died.”
This doesn’t mean, however, that the brothers in the GMA series will suffer the same fate as Mr. Perez said the ending is still under debate.
“We have an idea where it’s going, but the big question is: who dies? Who lives?” he said.
Joining Mr. Dantes and Mr. Trillo in the series are Solenn Heussaff, Sanya Lopez, Eddie Gutierrez, Chanda Romero, Dina Bonnevie, Ronnie Henares, Tommy Abuel, and Bing Pimentel, among others.
The series is helmed by Mr. Perez, Mark Reyes, and Toto Natividad and was written by head writer John Roque.
Cain at Abel premieres on Nov. 19 on GMA after 24 Oras. — Zsarlene B. Chua

Alcantara firm slumps to loss

ALSONS Consolidated Resources, Inc. (ACR) posted a net loss attributable to the owners of the parent firm of P41.58 million in the third quarter, reversing the P31.63-million profit recorded in the same period last year, the Alcantaras’ listed holding firm reported to the stock exchange.
Revenues slipped 6% to P1.54 billion during the July to September period, with energy fees accounting for the bulk of the top-line figure. Energy fees slipped 7% to P1.53 billion from P1.64 billion previously.
Third quarter expenses went up 1% to P1.54 billion.
ACR posted an after-tax net income of P77.09 million, down 8% from P83.97 million in the same quarter last year.
For the nine months to September, the company registered a net loss of P137.33 million attributable to the owners of the parent, from a net income of P117.66 million a year ago. After-tax income was at P197.4 million, down 28.1% from P274.48 million in the same period last year.
The net attributable to shareholders takes out the non-controlling interests, aiding management and investors in identifying the company’s profit allocated to each outstanding share.
Revenues as of end-September reached P5 billion, down 4% from P5.21 billion in the same nine-month period last year.
Alsons attributed the decline to the “realignment of some of its diesel assets to serve markets outside of Mindanao such as some of the off-grid areas and some parts of the Visayas where there is higher growth potential and greater demand for diesel power.”
The company said it was “preparing to reposition some of its diesel plants from being primarily generators of baseload power to becoming providers of back-up and ancillary services for the National Grid Corp. of the Philippines (NGCP) in order to help stabilize the Mindanao power grid.”
Alsons Chief Finance Officer Robert F. Yenko said he remains optimistic about future growth prospects, noting the three major projects coming on-line starting next year.
He also cited the group’s additional run-of-river hydroelectric power projects in Negros Occidental, Sarangani, Davao Oriental, Zamboanga del Norte, the two Agusan Provinces, and Surigao del Sur. The projects have a total hydro capacity potential totaling more than 145 megawatts (MW).
Alsons’ power group claims to be Mindanao’s first and most experienced independent power producer. It operates four power facilities on the island.
Two of these plants Southern Philippines Power Corp. in Alabel, Sarangani and Western Mindanao Power Corp. in Zamboanga City recently offered to provide ancillary services to system operator NGCP.
The group also runs the 103-MW Mapalad Power Corp. diesel plant in Iligan City and the first 105-MW section of the 210-MW Sarangani Energy Corp. baseload coal-fired power plant in Maasim, Sarangani province.
The Sarangani plant’s second 105-MW section is expected to begin commercial operations in the first quarter of 2019.
The group’s other projects that are lined up for the coming years are the 15.1-MW Siguil River hydroelectric power plant in Sarangani, which is set to start operating in 2021, and the 105-MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City, which is expected to begin operating in 2022. — Victor V. Saulon

House panel approves bill allowing early retirement for civil servants

A BILL lowering the optional retirement age for government employees to 56 years has been approved by the House Committee on Government Enterprises and Privatization.
The still unnumbered Substitute Bill was written principally by ACT Teachers Representatives Antonio L. Tinio and France L. Castro.
The bill will amend Republic Act No. 8291, The Government Service Insurance System Act of 1997, which currently grants employees an option to retire at 60.
“While the… mandatory retirement age (of 65) remains, government employees should be given the freedom to retire earlier, especially those who are suffering from ailments and are in need of intensive medical attention,” the bill’s authors said in a statement on Thursday.
They said the measure will not deplete the workforce, as a majority in government service prefers to remain at work up to age 65.
“These civil servants dedicate 20, 30 years of their lives in the service of the nation. It is high time that the government heed their clamor for the option to retire at an earlier age in order for them to enjoy their retirement benefits for as long as possible,” Mr. Tinio said.
He noted the member of Congress from ACT Teachers have been pushing for the measure since the 16th Congress.
Ms. Castro said the measure has long been on the wish list of public school teachers.
“It is imperative that Congress listen to these government workers who have devoted their lives to honing the minds and nurturing the hearts of our youth, in spite of receiving meager salaries, working in underfunded schools and doing additional, usually unpaid, miscellaneous tasks.” — Charmaine A. Tadalan

Spinal Tap creators, Vivendi to mediate $400-million lawsuit

THE CREATORS of This Is Spinal Tap have agreed to put their fraud lawsuit against Vivendi SA on hold while a mediator tries to resolve their $400-million case over the 1984 cult film.
In a court filing on Tuesday, lawyers for Vivendi and for the plaintiffs Christopher Guest, Michael McKean, Rob Reiner, and Harry Shearer said they have chosen a mediator who will “attempt to resolve or narrow” the lawsuit.
A mediation was scheduled for March 11, 2019, the earliest date everyone could agree on, and the case against Paris-based Vivendi was stayed until April 1, 2019.
The filing followed an Aug. 28 ruling by US District Judge Dolly Gee in Los Angeles that the plaintiffs could try to show that Vivendi’s StudioCanal unit deprived them of a “fair return” from Spinal Tap, its music and its merchandise by breaching a 1982 agreement to finance and produce the film.
Vivendi has controlled Spinal Tap rights for nearly three decades. The plaintiffs have said it has estimated their share of Spinal Tap income as just $81 from merchandising between 1984 and 2016, and $98 from music sales between 1989 and 2016.
This Is Spinal Tap is a pioneering example of the mock documentary, known for details including the deaths of drummers under bizarre circumstances, and amplifiers that “go to 11” rather than the normal maximum volume of 10.
The case is Century of Progress Productions et al v Vivendi SA et al, U.S. District Court, Central District of California, No. 16-07733. — Reuters

SM opens 1st mall in eastern Visayas

SM PRIME Holdings, Inc. is expanding in Eastern Visayas region with the opening of a new mall in Ormoc, Leyte.
In a disclosure, the listed property developer said SM Center Ormoc covers 20,000 square meters, with 85% of the space already leased out. Among its stores include SM Supermarket, SM Appliance Center, Watsons, Ace Hardware, Simply Shoes, Surplus, Miniso, as well as Banco De Oro.
The mall also has an al fresco dining area on its second level, and four SM Cinemas, including a Director’s Club Cinema.
“It is SM Prime’s pride and joy to finally open our first mall in the Eastern Visayas Region. SM Center Ormoc will be a great addition to the growing local economy of Ormoc City and the continuously developing province of Leyte. We look forward to more growth opportunities for the people of this region along with SM’s brand of lifestyle and entertainment,” SM Prime President Jeffrey C. Lim said.
SM Center Ormoc brings to 79 the number of SM malls, which include seven in China.
In the first nine months of 2018, SM Prime has opened four new malls, namely SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, SM City Telabastagan in Pampanga and SM City Legazpi in Albay.
SM Prime’s 9-month net income climbed 17% to P23.44 billion, after a 16% surge in revenues to P34.91 billion. Its shopping mall business contributed 58% to its revenues during the period.

Youthworks training program to seek applicants in January

A P1 billion US-funded employment training program for the youth organized by the Philippine Business for Education (PBEd) will start recruiting beneficiaries early next year.
In an interview with BusinessWorld last week, PBEd executive director Lovelaine B. Basillote said that Youthworks Ph, a workforce development program, will begin seeking out applicants at the beginning of 2019.
“We’ll start recruiting youth not in education in January,” she said.
The project is funded by the United States Agency for International Development (USAID) which has given assistance worth $25 million or over P1 billion.
The Department of Labor and Employment (DoLE) and the Technical Education Skills Development Authority (TESDA) have also signed a Memorandum of Understanding (MoU) to participate in the project.
Ms. Basillote said Youthworks will be launched in the National Capital Region (NCR) in January.
“(The) public launch in NCR will be in January next year but we’re already in operation,” she said.
Other locations where Youthworks will have work-based training sites are Cebu, Iloilo, Cagayan De Oro, General Santos City, Zamboanga City, and Davao City.
Youthworks is developing training curricula in agriculture; banking and finance; construction; energy; hospitality and tourism; and manufacturing.
Ms. Basillote also said that for some locations such as Zamboanga and Cagayan De Oro, training in food processing will also be available.
In September, Youthworks Ph Chief of Party Karol Mark Yee expressed interest in creating a short-term renewable energy course in Cagayan De Oro. — Gillian M. Cortez

Aretha Franklin’s Amazing Grace concert film finally debuts

NEW YORK — Three months after her death and 46 years after she first recorded it, Aretha Franklin’s live gospel concert is coming to the big screen.
Amazing Grace, filmed in January 1972 when the Queen of Soul was just 29 years old, follows Franklin over two nights giving a concert at the New Missionary Baptist Church in Los Angeles.
Belting out gospel songs like “What a Friend We Have in Jesus,” “Climbing Higher Mountains,” and an 11-minute version of “Amazing Grace,” Franklin brought churchgoers and guests (including Rolling Stones front man Mick Jagger) to their feet.
But Franklin herself stands still, saying little in the 90-minute film.
“It’s a church service. It’s basically just our aunt standing there singing,” Sabrina Owens, Franklin’s niece and executor of her estate, told Reuters Television.
“She doesn’t have much conversation with anybody beyond some of the technical crews that’s around her. At some point she asked about a key and other point she asked about water, but she’s just basically standing there singing, giving her all, doing what she does best,” said Owens, who is also a producer on the film.
The service was released as an album in 1972, becoming a best-seller for Franklin. But the film languished for years over problems with synchronizing the visuals and the audio. Advances in technology made it possible to fix that issue and producer Alan Elliott, who took over the project some 10 years ago, got agreement from Franklin’s estate following the singer’s death in August to finally release the film.
Owens said Elliott told her about the film some three years ago. “I had never even heard about it and he sent me the link, and I was like, ‘Oh wow! This is really good’.”
Amazing Grace got its world premiere in New York on Monday, winning warm reviews, and will get a limited release in the city and in Los Angeles in late November and early December, making it eligible for Hollywood’s awards season.
Britain’s Guardian newspaper said the film is “a spine-tingling sensation” while the Hollywood Reporter called it “somewhat shapeless as a movie… But it does contain moments of bliss.” — Reuters

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