Taylor Swift wins most prizes at MTV Europe Music Awards

November 15, 2022 | 12:04 am

TAYLOR SWIFT receives the award for the Best Video during the 2022 MTV Europe Music Awards (EMA) at the PSD Bank Dome in Duesseldorf, Germany, Nov. 13. — REUTERS/WOLFGANG RATTAY

DUESSELDORF — Taylor Swift walked away with four prizes at MTV’s Europe Music Awards (EMA) on Sunday, including best video for her 10-minute “All Too Well.”

Double-award winners included Nicki Minaj for best song and best hip-hop, and the French DJ and record producer David Guetta won the best electronic award and best collaboration.

The event, broadcast on MTV from Duesseldorf in western Germany, honored musicians from Brazil to South Korea.

It featured an appearance by Ukraine’s Kalush Orchestra, the winner of this year’s Eurovision Song Contest, which performed “Stefania” in an arena glowing with Ukraine’s national colors of blue and yellow.

The US pop singer Ms. Swift, wearing a dress of bejeweled mesh, won best artist, best pop song, best video, and best long-form video.

“I felt like I learned so much about how making film can be a natural extension of my storytelling,” Ms. Swift said as she accepted the long-form video award. In “All Too Well,” Ms. Swift draws inspiration from 1970s Hollywood and recounts a fraying romantic relationship that disintegrates, leaving behind only a scarf and memories.

“It was rare, I was there, I remember it all too well,” Ms. Swift sings.

Ms. Minaj’s winning song “Super Freaky Girl” incorporates the 1981 hit “Super Freak” with lyrics “I can lick it, I can ride it while you slippin’ and slidin’.” British pop star Harry Styles won in the “best live” category and the Thai-born Lalisa “Lisa” Manoban won best K-pop. South Korea’s BTS, the global K-pop sensation, won the biggest fans category.

The hosts for the show were British pop star Rita Ora and the film director Taika Waititi, who married this year. Ms. Ora herself won for “best look.” Duesseldorf has a musical heritage as home to the pioneering German electronic band Kraftwerk, which influenced generations of pop and dance musicians with mesmerizing tracks such as “Autobahn.”

The city also hosted the Eurovision Song Contest in 2011.

Screaming teens watched the stars walk down a red carpet before the event was broadcast from the PSD Bank Dome.

Julian Lennon, the son of the Beatles’ John Lennon, said as he entered that he had not seen a concert in years and was looking forward to it.

The rock band Muse, which won the best rock award, said it was dedicating its victory to the people of Ukraine and Iran.

Kalush Orchestra’s frontman Oleh Psiuk, donning a pink hat, said before the performance that he hoped more Ukrainian bands would be present next year. — Reuters

Full list of MTV EMA 2022 winners:

Best Song — Nicki Minaj – “Super Freaky Girl”

Best Video — Taylor Swift – “All Too Well” (10 Minute Version) (Taylor’s Version)

Best Artist — Taylor Swift

Best Collaboration — David Guetta and Bebe Rexha – “I’m Good (Blue)”

Best Live Performance — Harry Styles

Best Pop Performance — Taylor Swift

Best New Performer — SEVENTEEN

Best K-Pop Performer — Lisa

Best Latin Performer — Anitta

Best Electronic Performer — David Guetta

Best Hip Hop Performer — Nicki Minaj

Best Rock Performer — Muse

Best Alternative Performer — Gorillaz

Best R&B Performer — Chlöe

Best Longform Video — Taylor Swift – “All Too Well” (10 Minute Version) (Taylor’s Version)

Video For Good — Sam Smith – “Unholy” (featuring Kim Petras)

Biggest Fans — BTS

Best Push — SEVENTEEN

Best Metaverse Performance — BLACKPINK “The Virtual PUBG Mobile”

Best Look “Personal Style” — Rita Ora

Generation Change — Lina Deshvar, Anna Kutova and Anfisa Yakovina

Apex Mining swings to profitability with P898-M income

November 15, 2022 | 12:03 am

APEX MINING CO., INC. posted P897.95 million in third-quarter consolidated net income on the back of higher production and revenues, reversing its P624.35-million net loss a year ago.

In a stock exchange disclosure on Monday, the listed mining company said its gross revenues rose by 43.8% to P2.74 billion. Of the total, gold accounted for P2.63 billion while silver made up P111.38 million.

According to Apex Mining, its gold and silver production rose 35% and 15% to 26,962 ounces and 100,899 ounces, respectively. Its Maco mine milled 209,585 tons, 14% higher year on year with a mill throughput of 2,334 tons per day with mill grades of 4.02 grams per ton for gold and 18.72 grams per ton for silver.

It added that in the third quarter, the foreign exchange rate averaged P56.62 versus P50.30 in the same quarter last year or an increase of 13%.

For the nine-month period, Apex Mining posted P2.46 billion in net income, a reversal of the P135.73-million net loss recorded in the same period last year.

Gross revenues for the January-to-September period reached P7.51 billion, up from P4.99 billion in the same period last year.

It said milling throughput for the Maco mine site was 601,730 tons or 2,299 tons per day, as compared with 514,008 tons or 2,017 tons per day for the same period a year ago.

“The weighted average foreign exchange rate during the comparative period was P53.85 and P49.03 to one dollar, a gap of 10%,” it added.

On Monday, shares in Apex Mining rose P0.02 or 1.31% to close at P1.55 apiece. — Revin Mikhael D. Ochave

LANDBANK posts higher nine-month net profit as interest earnings rise

November 15, 2022 | 12:03 am

LAND BANK of the Philippines (LANDBANK) recorded a 54% growth in its net income in the first nine months of the year on the back of higher interest earnings from loans and investments.

The state-run bank’s net income rose to P25.69 billion at end-September from P16.7 billion in the same period last year, pushing the lender closer to meeting its P25.71-billion profit target by yearend.

The nine-month figure translated to a return on equity of 14.89%, while return on assets was at 1.15%.

The growth in LANDBANK’s net income was driven by higher interest earnings, supported by increases from foreign exchange and non-recurring miscellaneous income, it said.

“The sustained earnings and solid capital base of LANDBANK keeps it in prime position for sustainable growth, which extends to the development sectors that we serve,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said in a statement on Monday.

“We will continue to direct our robust loan portfolio to drive support for agriculture alongside other key industries,” Ms. Borromeo added.

LANDBANK’s capital reached P204.4 billion in the nine-month period.

Net interest margin was at 3.1%.

The state-run lender said its sound financial position is broadening its capacity to give financial support to development sectors.

The bank’s total outstanding loans to the agriculture sector stood at P259.2 billion, while the total number of farmers and fishers assisted reached 3.36 million.

The lender’s assets grew by 8% to P2.8 trillion at end-September from P2.6 trillion in the same period in 2021.

Deposits with the state-run bank totaled P2.4 trillion. Deposits were largely from private individuals, local government units, and national government agencies.

LANDBANK’s net income climbed by 27% to P21.75 billion in 2021 amid lower loan loss provisions. — Keisha B. Ta-asan

Jung Ho-Yeon’s rollercoaster ride

November 15, 2022 | 12:03 am

Jung Ho Yeon 2 ---- photo by Michelle Anne P. Soliman — KOREAN actress and model Jung Ho-Yeon — PHOTO BY MICHELLE ANNE P. SOLIMAN

“I’VE never like been through that kind of roller coaster in just a few hours in that day,” said Korean actress and model Jung Ho-Yeon of the day she won the award for Outstanding Performance by a Female Actor in a Drama Series for her role in Squid Game at the 28^th Screen Actors Guild Awards (SAG). It was her first SAG nomination and win.

Her win came shortly after the show failed to win in its other nominated category, Outstanding Performance by an Ensemble in a Drama Series.

The actress, who also goes by the name Hoyeon, was speaking to the Philippine press about life after 2021’s Squid Game — the ultra-violent Netflix Original series which follows desperate cash-strapped players who accept a strange invitation to compete in a series of deadly children’s games with an eye on winning a tempting prize. Moderator Sam Oh translated for the actress during the press conference on Nov.11 at the Marco Polo Ortigas.

One of the memorable experiences she had this year, she said, was taking her mother to the 74^th Emmy Awards. “That was the one of the biggest things that happened to my life,” the 28-year-old model-turned-actress said, switching to English.

The actress was in the country for a fan meet at the New Frontier Theater in Quezon City on Nov. 11. The event was arranged by network marketing company IAM Worldwide — Ms. Jung was named its international ambassador in March this year.

“It has been such a great honor, and this is my first time to travel here [in the Philippines] for work. Aside from trips that she’s taking more personal leisure. I am enjoying so much and I going to come back no matter what,” translated Ms. Oh.

Ms. Jung earned worldwide recognition for her work in Squid Game where she plays Kang Sae Byeok, Player 67, a North Korean defector who joined the game in hope of reuniting with her family.

More than the character’s qualities, she said that “being in a different country, a different place where she did not grow up and had to go into this foreign place with a different culture, earn money there and live there,” was the experience that she related to most with her character.

Since her work in Squid Game, Filipino fans have flocked to her — Filipinos are the second biggest group among her 22.5 million followers on Instagram.

To keep herself grounded, the actress said she makes sure to spend some time alone.

Ms. Oh translated her words: “She first needs to understand what is happening to her life… And then from there, she also goes even further to think ‘What am I going to do now moving forward?’ She wouldn’t go as far as saying that she’s planning out her next steps, but it’s really just about giving herself that mental space and emotional space just to be by herself and to process all of it and then go from there.”

After Squid Game, Ms. Jung is set to appear in an Apple+ TV series Disclaimer, directed by Alfonso Cuarón and starring opposite Cate Blanchett. Also in the works are a film from production house A24 titled The Governesses, and a new project with Netflix Korea.

“I get asked this question a lot,” Ms. Jung said of the next roles she hopes to take on.

“The answer honestly is that I don’t have one. It could be because I have a very adventurous and maybe it’s because I’m greedy as well. But I want to try all kinds of genres and I want to play all kinds of characters,” she said. — Michelle Anne P. Soliman

Lease contracts boost CREIT’s net income to P305M

November 15, 2022 | 12:02 am

Citicore Energy REIT Corp. (CREIT) recorded a third-quarter net income of P305.32 million, more than 10 times the P29.39 million posted in the same period last year, due to the start of its lease contracts.

In a disclosure to the stock exchange on Monday, CREIT saw its revenues for the quarter increase by more than five times to P333.26 million from P59.95 million in the same period last year.

For the third quarter, the company’s gross expenses increased by 8.3% to P19.83 million from P18.31 million a year ago.

In the nine months to September, CREIT’s net income surged to P906.46 million, up by P787.87 million or more than seven times higher than the P118.59 million recorded a year ago.

The company attributed the profit rise to its lease contracts on freehold properties in Armenia in Tarlac City and San Ildefonso in Bulacan, its leasehold properties in Toledo City in Cebu, Silay City in Negros Occidental, and Dalayap in Tarlac City, and its solar farm in Clark Freeport Zone, Pampanga.

For the nine-month period, CREIT posted gross revenues of P996.84 million, more than five times higher than the P190.68 million logged a year ago, which mainly consist of income from its freehold and leasehold properties and solar plant.

Meanwhile, its gross expense from January to September increased by 30.3% to P67.45 million from P51.76 million a year ago.

CREIT declared a cash dividend of four centavos per outstanding common share for the third quarter, payable on Jan. 5 next year to shareholders on record as of Dec. 9.

On Monday, shares in the company closed unchanged at P2.12 apiece. — Ashley Erika O. Jose

PNB books lower net earnings in the third quarter

November 15, 2022 | 12:02 am

PHILIPPINE National Bank (PNB) booked a lower net income in the third quarter as it set aside more loan loss provisions.

The bank’s attributable net profit plunged 87.55% year on year to P270.14 million in the third quarter from P2.17 billion last year, based on its financial report disclosed to the local bourse on Monday.

The lender said its net income dropped in the third quarter “mainly due to the recognition of P3.9-billion additional provisions for impairment, credit and other losses for the third quarter of 2022.”

The third-quarter performance brought the Tan-led lender’s attributable net earnings for the first nine months of the year to P11.31 billion, 53.36% lower than the P24.25 billion booked in the same period of 2021.

Return on average equity stood at 8.5% as of September, down from 14% a year ago. Return on average assets also went down to 1.2% from 1.8%.

The decline in the bank’s nine-month income was attributed to a one-off gain of P33.6 billion in 2021 from the transfer of prime real estate properties in exchange for shares of PNB Holdings Corp.

Taking out the effect of the one-off transaction, PNB’s operating income increased by 14% year on year in the nine-month period, it said.

“PNB continues to be profitable as it showed improvements in efficiency pushing our momentum towards achieving our strategic priorities,” PNB Acting President Florido P. Casuela said in a statement.

“Our results indicate that we have the right strategy to deliver real value to our clients, our investors, and the overall economy in these challenging times,” he added.

PNB’s net interest income in the third quarter grew by 5.96% to P9.43 billion from P8.9 billion in the same quarter in 2021 on the back of higher yields on investment securities, deposits with banks, and interbank receivables.

This brought the nine-month total to P26.78 billion, higher by 3.96% from the same period last year, amid higher interest rates.

The bank’s net interest margin as of end-September was at 3.4%, inching up from 3.3% last year.

Meanwhile, net income from service fees and commissions went down by 17.02% to P1.17 billion in the third quarter from P1.41 billion a year ago amid lower loan, credit card-related, and bancassurance fees. For the first nine months, net service fees and commission income declined by 8.27% to P3.55 billion.

Other income also dropped by 7.67% to P927.92 million in the three months ended September from P1.005 billion in the same period in 2021 as gains from the sale of loans in September 2021 propped up its earnings last year. Still, this was partly offset by higher net trading and foreign exchange gains seen in the period this year.

For the first nine months of 2022, other income went down to P7.31 billion from P37.03 billion last year due to a one-off gain in 2021 and net trading and investment securities losses this year.

PNB’s operating expenses rose 14.15% to P7.34 billion in the third quarter. Year to date, operating expenses grew 12.27% to P22.24 billion due to property sale taxes as well as higher amortization costs for its leased properties that were the subject of the properties-for-shares swap conducted last year.

The bank’s provisions for impairment losses more than doubled to P3.87 billion in the third quarter from P1.42 billion a year earlier.

This brought PNB’s provisions for the first nine months to P714.088 million, down from P20.445 billion in the same period of 2021, when the bank built up its loan loss reserves in anticipation of higher nonperforming loans due to the pandemic.

“The bank’s gross loan portfolio expanded to P638.3 billion as of end-September 2022, slightly up by 1% from the loan level last year as the bank further stretched its lending to large corporates during the period,” PNB said.

Despite the slight growth in loans, the bank’s gross nonperforming loan (NPL) ratio went down to 6.4% at end-September from 10.8% a year earlier, while its net NPL ratio was at 2.6%, down from 5.2% a year prior.

Its NPL coverage ratio was at 82% as of September, up from 60.1% a year ago.

“Likewise, the bank continued to build up its current and savings deposits, resulting in a modest 1% increase in total deposits from year-ago level, tempered by the bank’s initiatives to further trim down high-cost time deposits, amid the rise in benchmark interest rates,” PNB added.

The bank’s consolidated total assets increased 1% to P1.15 trillion as of September, backed by higher loans and treasury assets.

Its capital adequacy ratio stood at 14.3% as of September, up from 14.3% last year, while common equity Tier 1 ratio was at 13.8%, also higher than 13.5% a year prior. Both are above minimum regulatory requirements.

PNB closed at P19.70 each on Monday, rising by 34 centavos or 1.76%. — K.B. Ta-asan

Anticipating holiday spending: Malls, retailers cash in as consumer traffic rises

November 15, 2022 | 12:02 am

051122_santa09 — A CHRISTMAS tree display was unveiled at SM City Marikina in this undated file photo. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

FILIPINO consumers’ propensity to shop and visit brick-and-mortar malls is starting to rebound. We now see the resurgence of high-density retail segments such as family entertainment centers, and this should result in greater traffic in malls.

Many mall operators are reporting that consumer traffic is starting to return to 2019 levels. Colliers sees holiday-induced spending further propping up the sector and supporting a slight rise in rents through end-2022. More retailers are now willing to take up physical space, which should bode well for retailers and mall operators. We are optimistic that vacancy will improve by 2024 and this should lift mall lease rates.

We recommend that developers take advantage of the retail sector’s rebound and the lifting of travel curbs by strategically opening malls sized to the catchment area considering the new retail environment; curate retail mixes; future-proof high density retail; and utilize activity centers to draw more customers and entice them to spend.

TAPERED NEW SUPPLY
From the second quarter to third quarter this year, Colliers recorded the delivery of 16,000 square meters (sq.m.) of new retail space with the completion of neighborhood malls such as The Shops at Ayala Triangle in Makati central business district (7,000 sq.m.), The Link at Robinsons Metro East in Pasig City (5,000 sq.m.) and Waltermart Novaliches in Quezon City (4,000 sq.m.).

In 2022, we expect the delivery of about 356,000 sq.m. of new supply, 13% lower than our previous forecast of 409,000 sq.m. as some developers pushed back completion of their projects. From 2022 to 2025, we see the annual completion of 247,700 sq.m. Of the new supply, 80% will likely be in the Bay Area and Quezon City.

MARGINAL RISE IN VACANCY
In the third quarter, vacancy across malls in the capital region reached 15.4%, a slight increase from the 15.2% recorded in the first quarter. Major developers have been reporting that consumer traffic has now reverted to 85-95% of pre-pandemic levels.

Retailers have also been active in taking up physical mall space from the second quarter to third quarter this year, as they take advantage of rising consumer traffic, coupled by an anticipated increase in purchasing power due to the holiday season. Among the retailers that took up space during the period include: Skechers and Superga in Powerplant Mall, Rumba at The Shops at Ayala Triangle, Café Kitsune at The Podium, Ever New Melbourne at Trinoma and Yoshinoya at Eastwood Mall.

In our view, the headwinds that will likely hinder the retail sector’s expansion include supply chain disruptions, global recession fears, and persistently high inflation.

The Bangko Sentral ng Pilipinas reported that third quarter consumer confidence was −12.9%, 7.7 percentage points lower quarter on quarter. However, the outlook for consumer confidence in the next 12 months turned more optimistic, reaching 33.4% in the third quarter from the 32.4% reported in the second quarter.

Meanwhile, the Philippine Retailers Association is also bullish on the sector’s growth trajectory despite rising inflation as more consumers return to physical retail formats. The rise in remittances as well as release of employees’ holiday bonuses should also boost retail spending in the fourth quarter.

Colliers retains its forecast of a 16% vacancy in 2022 from 14.8% in 2021. We attribute the rise to the completion of 356,000 sq.m. of new supply. We project vacancy to further rise to 17.0% in 2023 before receding to 14% in 2024.

SLIGHT RISE IN RENTS
Colliers recorded a slight uptick in lease rates in the third quarter, up 0.4% compared to the 1.7% correction in the first quarter. In our view, the projected pick up in retail space absorption and consumer traffic for the remainder of 2022 should support the rebound in rents. In 2022, we project rents to grow by 1%, an improvement following a combined 15% correction from 2020 to 2021.

MONITOR RETAIL SEGMENTS VULNERABLE TO INFLATION SPIKES
Data from the Philippine Statistics Authority show that inflation in the first nine months averaged 5.1% from 4.0% in 2021. In our opinion, this will constrain spending on some consumer subsegments.

Hence, Colliers recommends that mall operators and retailers constantly monitor which segments are likely to be affected by inflation spikes and which are likely to withstand the impact of rising consumer prices.

Despite rising inflation, we have observed that retailers from the food and beverage (F&B) and fashion segments continue to take up physical space. Colliers’ data show that the F&B segment will likely account for about 50% of the upcoming retailers, followed by clothing & footwear at 21%. This should also enable mall operators to better curate and future-proof their retail mixes.

ASSESS IDEAL SIZES FOR NEW MALLS
Colliers encourages developers to reassess the ideal sizes for upcoming retail outlets as they welcome more consumers under a better and newer normal. From 2024 to 2026, we see the delivery 62,000 sq.m. of new mall space yearly, only a fifth of the annual completion of 327,200 sq.m. of new retail space that we recorded from 2017 to 2019.

INNOVATIVE USE OF SPACES TO DRAW CONSUMERS
Colliers believes that mall operators should reactivate their event spaces or activity centers and attract more mallgoers by organizing events such as trade fairs, exhibits and concerts to drum up retail interest. Meanwhile, F&B and clothing and footwear retailers should consider opening pop-up stores, especially those testing the Metro Manila retail market which is starting to rebound post-Covid.

FUTURE-PROOF HIGH-DENSITY RETAIL SPACES
High-density retail spaces were greatly affected by the coronavirus disease 2019 (COVID-19) lockdowns. Now that restrictions have eased and consumers are starting to go out and gather, Colliers recommends that retailers continue encouraging social distancing measures and implementing regular sanitation and other health and safety protocols. Now is an opportune time to ramp up marketing of these high-density retail spaces.

Joey Roi Bondoc is associate director for research at Colliers Philippines.

Black Panther sequel ignites box office with $330 million global debut

November 15, 2022 | 12:02 am

Black-Panther--Wakanda-Forever-(2022) — A SCENE from the film Black Panther: Wakanda Forever

LOS ANGELES — Marvel Studios adventure Black Panther: Wakanda Forever brought crowds to movie theaters around the globe over the weekend, selling an estimated $330 million in tickets and setting a November record in the United States and Canada.

The sequel to 2018 Oscar-nominated blockbuster Black Panther racked up roughly $180 million at North American theaters Thursday night through Sunday, distributor Walt Disney Co. said. That marked the highest total ever for a film opening in November, topping the $158.1 million for 2013 film The Hunger Games: Catching Fire.

Outside the North American market, Wakanda Forever pulled in an estimated $150 million from Wednesday through Sunday. It ranked as the top-grossing Hollywood release in all markets.

The results provided a boost to movie theaters, which have struggled to return to pre-pandemic levels of ticket sales. The North American total ranked as the No. 13 movie debut of all time.

“One of the top 15 openings of all time tells me the box office is pretty healthy when there is something audiences what to see,” said Jeff Bock, senior media analyst at Exhibitor Relations Co. “Marvel time and time again offers something audiences want to see.”

The original Black Panther, starring Chadwick Boseman as King T’Challa, broke ground as the first superhero movie with a predominantly Black cast. The film took in $1.3 billion at worldwide box offices over its run and became the only superhero movie ever nominated for best picture at the Academy Awards.

Marvel had to rework Wakanda Forever after Mr. Boseman died of cancer in 2020 just before filming was supposed to begin.

The studio decided not to cast another actor in the role of T’Challa. Instead, writer and director Ryan Coogler crafted a new film that centers around T’Challa’s younger sister Shuri (Letitia Wright), his mother Queen Ramonda (Angela Bassett) and other women who step up to help lead the grieving nation.

Film critics praised the sequel, saying Marvel had succeeded in paying tribute to Mr. Boseman while offering a compelling film despite the loss of the popular lead character.

The movie scored an 84% positive rating from movie critics, and 95% positive from audiences, in reviews collected on the Rotten Tomatoes website.

Mr. Bock said his local theater was buzzing with a packed crowd for one of the first Wakanda Forever screenings. “I hadn’t seen that for months,” he said.

Box office year-to-date ticket sales stand at $6.5 billion through Sunday in the North American market, according to Comscore. That is 33% below the pre-pandemic year of 2019.

The problem is a thin slate of films, Mr. Bock said. Many Hollywood studios are still dealing with COVID-induced production delays. The number of wide releases in 2022 is 37% lower than in 2017.

Theaters are looking ahead to Disney’s Avatar: The Way of Water in December, and a larger number of films in 2023, to increase ticket sales. — Reuters

Philippines falls to 80^th rank in INSEAD’s talent competitiveness list

November 15, 2022 | 12:02 am

THE PHILIPPINES dropped 10 spots in an annual global ranking of countries’ ability to attract and retain a skilled workforce, reflecting the challenges faced by companies amid the coronavirus pandemic. Read the full story.

Metro Manila retail

November 15, 2022 | 12:01 am

FILIPINO consumers’ propensity to shop and visit brick-and-mortar malls is starting to rebound. We now see the resurgence of high-density retail segments such as family entertainment centers, and this should result in greater traffic in malls. Read the full story.

First Georgetown Ventures planning to open The Grid Co-Living in January

November 15, 2022 | 12:01 am

The-Grid-MAIN-LOBBY-ENTRANCE — THE Grid Co-Living is set to open in Makati City in January 2023. — COMPANY HANDOUT

FIRST Georgetown Ventures, Inc. (FGVI) is set to open in January a new community-based complex, The Grid Co-Living, in Makati City.

FGVI recently appointed Hospitality Innovators, Inc. (HII) to operate The Grid, a 10-storey building located along Yakal, Lumbayao, and Bakawan Streets, in San Antonio Village, Makati City.

The Grid’s first two floors are allocated for commercial establishments and the rest for residential living.

“We chose to partner with HII given their well-established reputation and experience in operations and property management of hotels, resorts, and serviced apartments. We want to be able to serve our clients well and, at the same time, we want our building to be properly maintained. We believe that HII is the perfect partner for these objectives,” FGVI President Kristopher Yang said.

The Grid targets office workers, medical frontliners, and students who want to live near their workplaces and schools in Makati.

“The influx of working professionals in Makati and the horrible traffic going to and from workplaces prompted us to venture into a co-living project. We envision The Grid to be the young urban workers’ home near their offices. We hope that cutting their travel time to and from work would improve their overall well-being,” Mr. Yang said.

The Grid offers different unit types such as single (13.67-13.91 square meters), triple (14.18-17.52 sq.m.), and quadruple (15.98-20.71 sq.m.), which include bunk beds.

For four-in-one (36.1-39.99 sq.m.) and eight-in-one (36.1 sq.m.) units, there are multiple rooms with single beds, a shared kitchen and living/dining space.

Amenities include a swimming pool, gym, roof deck, retail shops, and several open spaces.

The company, led by George Yang, operates hotels in Laguna and El Nido, Palawan. FGVI also develops primary and secondary homes catering to the middle-income segment.

HII has over 24 years of experience in hotel and property management. It currently has 17 properties in its portfolio, including Hue Hotels & Resorts Boracay & Puerto Princesa, Charlie’s El Nido, The Picasso Boutique Serviced Residences, Parque España Residence Hotel, and Harvest Hotel. — Cathy Rose A. Garcia

Medilines posts P31-M profit, reverses last year’s net loss

November 15, 2022 | 12:01 am

MEDILINES Distributors, Inc. posted a P30.97 million attributable net income in the third quarter, turning around from its P706,960 net loss recorded last year, after booking higher revenues.

During the July-to-September period, Medilines’ revenues totaled P352.76 million, more than two times last year’s P138.49 million.

Meanwhile, the company booked direct costs amounting to P285.52 million, more than double the P138.95 million registered a year ago.

For the nine-month period, Medilines’ net profit reached P111.93 million, up by 12.7% from P99.34 million last year. Its revenues grew by 26.6% to P1.21 billion from P953.58 million previously.

In a press release on Monday, it said the major revenue contributor is its cancer therapy equipment, which contributed 56%. Its dialysis consumables shared 16%, up from 13% last year. The dialysis equipment and diagnostic imaging segments contributed 10% and 18%, respectively.

From January to September, Medilines registered a 50% sales growth for its dialysis consumables to P193 million. Sales of dialysis equipment rose by 7% to P122 million, while sales from diagnostic imaging increased by 5% to P213 million.

To date, the company has five ongoing projects from which it still expects to recognize 48% of net sales from its cancer therapy product segment until the first half of 2023.

“There will be significant opportunities in the healthcare industry which will drive the growth of the company for the coming years. Such will further solidify Medilines’ leadership in said market,” Medilines Chairman Virgilio Villar said. — Justine Irish D. Tabile