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ICTSI income grows 43% to $152M in Q2

LISTED port operator International Container Terminal Services, Inc. (ICTSI) saw its attributable net income for the second quarter of 2022 grow 43% to $152.2 million despite external challenges.

“Our… team, expertise and experience remain key as we continue to navigate geopolitical and economic uncertainties,” Enrique K. Razon, Jr., ICTSI chairman and president, said in an e-mailed statement on Thursday.

“Despite these external challenges, we remain confident in driving growth across our global business and generating long-term sustainable value for the benefit of all our stakeholders,” he added.

The company’s second-quarter revenue from global port operations grew 20% to $534.6 million from $447 in the same period last year.

Earnings before interest, taxes, depreciation, and amortization improved 25% to $334.3 million from $267.7 million previously.

Meanwhile, net income rose 40% to $165 million from $118.2 million in the same period in 2021.

“Diluted earnings per share for the second quarter of 2022 was 57% higher at $0.070 compared to US$0.045 in the same period in 2021,” the company said.

Meanwhile, for the first half, revenue from the company’s global port operations reached $1.06 billion, an increase of 20% from the $882.6 million reported for the first six months of 2021.

Its net income attributable to equity holders for the period reached $294.5 million, 50% more than the $196.7 million earned in the first half of 2021.

The improvement in the second-half net income was “primarily due to higher operating income; higher net foreign exchange gain, increase in equity share in net profit of joint ventures; and strong contribution of new terminals; partially tapered by increase in depreciation and amortization, and interest on loans, concession rights payables and lease liabilities.”

ICTSI shares closed 1.57% higher at P187.90 apiece on Thursday. — Arjay L. Balinbin

11 films competing in Cinemalaya 18

Talkbacks, Gawad Alternatibo the highlights in this year’s independent film fest

THE 18th edition of the Cinemalaya Philippine Independent Film Festival, which carries the theme “Breaking Through the Noise,” will feature 11 full-length films and 12 short features. After two consecutive years of online streaming, Cinemalaya returns to onsite screenings, with the competing films to be screened in venues around the Cultural Center of the Philippines (CCP) from Aug. 5 to 14, in partner cinemas from Aug. 10 to 17, in regional theaters from Aug. 22 to 29, and online via the CCP’s Vimeo account from Oct. 17 to 31.

The 11 full-length films in this year’s film festival are: 12 Weeks by Anna Isabelle Matutina, Angkas by Rain Yamson, Bakit ’Di Mo Sabihin? by Real S. Florido, Batsoy by Ronald Espinosa Batallones, Blue Room by Ma-an L. Asuncion-Dagńalan, Bula Sa Langit by Sheenly Gener, Ginhawa by Christian Paolo Lat, Kaluskos by Roman S. Perez, Jr., Kargo by TM Malones, Retirada by Milo Alto Paz and Cynthia Cruz-Paz, and The Baseball Player by Carlo Obispo.

The short films in the main competition are: Ampangabagat nin Talakba ha Likol (It’s Raining Frogs Outside) by Maria Estela Paiso, Black Rainbow by Zig Dulay, City of Flowers by Xeph Suarez, Dikit by Gabriela Serrano, Distance by Dexter Paul de Jesus, Duwa-Duwa by Nena Jana Achacoso, Kwits by Raz de la Torre, Mata Kang Busay by Nińo B. Maldecir and Cypher John T. Gayorgor, Mga Handum nga Nasulat sa Baras (The Dreams that are Written in the Sand) by Arlie Sweet Sumagaysay and Richard Jeroui Salvadico, See You, George! by Mark Moneda, Si Oddie by Maria Kydylee Torato, and Roundtrip to Happiness by Claudia Fernando.

RETROSPECTIVE OF SHORT FILMS
Cinemalaya will also be screening the Retrospective Shorts section on Aug. 7, 9, 10, and 12 at the CCP’s Tanghalang Manuel Conde. The Retrospective Shorts section gives a chance for audiences to see the short films of the 16th (2020) and 17th (2021) editions of Cinemalaya.

Award winners Tokwifi (Star) by Carla Pulido Ocampo, Pabasa Kan Pasyon by Hubert Tibi, and Quing Lalam Ning Aldo (Under the Sun) by Reeden Fajardo will be shown on Aug. 7, 9 p.m. and Aug. 9, 3 p.m., along with finalists Ang Gasgas na Plaka ni Lolo Bert (The Broken Vinyl Record) by Janina Gacosta and Cheska Marfori, and Fatigued by James Robin Mayo.

Living Things by Martika Ramirez Escobar, and Ang Pagpakalma Sa Unos (To Calm the Pig Inside) by Joanna Vasquez Arong, which received the Best Direction and Special Jury Prizes, respectively in 2020, will be screening on Aug. 9, 6:15 p.m., and Aug. 10 at 9 p.m., along with Excuse Me, Miss, Miss, Miss by Sonny Calvento, The Slums by Jan Andrei Cobey, Utwas (Arise) by Richard Salvadico and Arlie Sweet Sumagaysay.

Audience Choice Award, Special Jury Prize, NETPAC Jury Prize winner during Cinemalaya 2021, An Sadit na Planeta (The Little Planet) by Arjanmar H. Rebeta is among the films showing on Aug. 9 at 9 p.m., and Aug. 10 at 3:30 p.m. Cinemalaya 2021 Best Short Film Beauty Queen by Myra Aquino will be screening on Aug. 10 at 6:15 p.m., and Aug. 12 at 9 p.m.

TALKBACK SESSIONS
Cinemalaya 18 will feature eight days of Talkback sessions with the directors of the films in competition, from Aug. 3 to 13. The sessions will provide an opportunity for the audience to acquire deeper insights about the film they have watched through an interactive discussion with the filmmakers themselves.

The following is the schedule for the Talkback sessions for the competition films (full-length films and short features), which will primarily take place at the CCP Cinemalaya Tent and the Main Gallery.

There are three planned at chosen malls: SM Megamall, Glorietta, and TriNoma:

On Aug. 6, 5:30 p.m., director Rainerio C. Yamson II will his film Angkas (The Backride) at the Cinemalaya Tent. Angkas tells the story of two estranged friends mending their broken past as they embark on a journey while riding a habal-habal to fetch the corpse of their deceased pal. At 6:30 p.m. in the same venue, Bakit Di Mo Sabihin (Tell Her) director Real S. Florido will discuss his film, which is about a deaf couple who discovers that what is separating them is not their inability to communicate verbally or audibly.

On Aug. 7, 5:30 p.m., director Ronald Espinosa Batallones will talk about his film Batsoy, at the Cinemalaya Tent. Batsoy is about two young brothers who start on a fantastical adventure to satisfy their intense hunger for batsoy. Later at 8:30 PM, director Roman S. Perez, Jr. is set to talk about his film Kaluskos (Rustles) at the same venue. His film follows a single mother who is in the midst of a custody dispute who discovers something under her daughter’s bed that will make her doubt whether she truly loves the child.

On Aug. 8, 5:30 p.m., director Sheenly Gener’s talkback for Bula sa Langit (Trigger) is slated at the CCP Main Gallery. Her film is about a young soldier who returns home after surviving a siege. The talkback for Shorts A is slated for 8:30 p.m. at the Cinemalaya Tent.  Shorts A comprises six films namely: Roundtrip to Happiness by Claudia Fernando, Mata Kang Busay (Vision of The Falls) by Niño B. Maldecir, Ampangabagat Nin Talakba Ha Likol (It’s Raining Frogs Outside) by Maria Estela Paiso, Kwits (Quits) by Raz de la Torre, Mga Handum Nga Nasulat sa Baras (The Dreams That Are Written On The Sand) by Arlie Sweet Sumagsay and Richard Jeroui Salvadico, and City of Flowers  by Xeph Suarez.

On Aug. 9, 5:30 p.m., director Carlo Obispo talks about his film The Baseball Player at the Cinemalaya Tent. It is about a Moro child soldier who dreams of becoming a baseball player in the midst of an all-out war. The talkback for Shorts B follows at 8:30 p.m. in the same venue. Shorts B is composed of six films: Si Oddie by Maria Kydlee Torato, Duwa-Duwa (The Play) by Nena Jane Achacoso, Distance by Dexter Paul De Jesus, Dikit by Gabriela Serrano, See you, George! by Mark Moneda, and Black Rainbow by Zig Dulay.

On Aug. 10, 6:30 p.m., director Christian Paolo Lat will talk about his film Ginhawa (Solace) at SM Megamall. It’s about an aspiring boxer who gets punched by the harsh reality of the sport. At 8 p.m. at Glorietta, director TM Malones expounds on his film Kargo (Cargo), about a woman who finally exacts retribution on the person who killed her whole family.

On Aug. 11, 5:30 p.m., 12 Weeks is open for discussion with its director Anna Isabelle Matutina at the CCP Main Gallery. Her film tackles the struggles of a single, 40-year-old woman as she is pushed to deal with the thoughts of motherhood. Following at the same venue is another talkback for Ginhawa (Solace) at 8:30 p.m. with director Christian Paolo Lat. At 3:30 p.m. at TriNoma, directors Cynthia and Milo Paz will discuss their film Retirada (The Retiree), about a retired government official’s new hobby which causes existential crisis and financial difficulties.

On Aug. 12, 8:30 p.m., director Ma-an Asuncion will talk about her film Blue Room at the Cinemalaya Tent. The film follows the members of a progressive rock band who must decide whether to choose freedom or to stick to their principles.

On Aug. 13, 3 p.m., there will be another discussion on Kargo (Cargo) with TM Malones at the Cinemalaya Tent. Following at 8:30 p.m., the last talkback is with directors Cynthia and Milo Paz for their film Retirada (The Retiree).

GAWAD ALTERNATIBO
One of the highlights of the Cinemalaya film fest is the Gawad CCP Para sa Alternatibong Pelikula at Video or Gawad Alternatibo. Established in 1987, it is recognized as the longest-running independent film and video competition of its kind in Asia.

It will showcase this year’s finalists at the Tanghalang Manuel Conde on Aug. 6-14.

There are four main categories — Animation, Documentary, Experimental, and Short Feature. There will be 10 entries for Animation, 10 for Documentary, 11 for Experimental, and 15 for Short Feature.

Talkbacks will be held on Aug. 6 for Documentary, Aug. 7 for Experimental and Animation, and Aug. 8 for Short Feature.  There will be exhibition sections such as the Curated List and Retrospective films feature the GAWAD Alternatibo Winners from 2020 to 2021.

The Gawad Awards Night will be on Aug. 13, 6:15 p.m., at the Tanghalang Manuel Conde.

Visit www.gawadalternatibo.org  and www.facebook.com/gawadalt to learn more about Gawad Alternatibo. For information on the 18th Cinemalaya Film Festival screening schedules and other offerings, follow the official CCP and Cinemalaya social media sites on Facebook, Twitter, and Instagram.  For additional information, go to the CCP website at www.culturalcenter.gov.ph.

Tickets are available at Ticketworld https://premier.ticketworld.com.ph/shows/show.aspx…; SM tickets https://www.smtickets.com/cinemalaya and at the CCP Box Office. The Festival Passes (P2,500) are still available at the CCP Website and CCP Box Office.

Robinsons Retail’s earnings surge to nearly P1.6B

ROBINSONS Retail Holdings, Inc. (RRHI) reported an attributable net income of P1.56 billion in the second quarter, more than double last year’s P724 million last year, as operations improved and after applying austerity measures last year.

“Our banners performed very well during the second quarter. Our cost-efficiency efforts have also continued to yield positive results,” RRHI President and Chief Executive Officer Robina Gokongwei-Pe said in a press release on Thursday.

The company said that its attributable income for the April-June quarter showed a 44.7% increase from the 2019 pre-pandemic level.

RRHI’s net sales rose by 19.8% to P42.94 billion from last year’s P35.83 and by 7.7% versus the pre-pandemic level. The company attributed this to the 15.5% same-store sales growth (SSSG).

“The significant increase in SSSG, which was a huge turnaround from previous year’s minus 3.4%, was due to higher transaction count across segments, given improvements in mobility and easing of border restrictions,” the company said.

Year to date, RRHI’s attributable net income rose to P2.74 billion, a 64% increase from P64 million in the previous year.

Its net sales grew by 15.3% in the first half to P82.37 billion from last year’s P71.45 billion where e-commerce sales accounted for 3.6% or an increase from 2.8% last year.

“Robust gains from the second quarter enhanced performance for the first half of 2022,” the company said.

“We are in a position of renewed fervor and strength to further widen our already expansive offline and online reach and broaden our ecosystem of products & services in order to gain more valuable customer relationships,” Ms. Gokongwei-Pe said.

At the stock exchange on Thursday, RRHI shares rose by P1.90 or 3.29% to P59.70 apiece. — Justine Irish D. Tabile

Stuff to do (08/05/22)

JOSEPH the Dreamer

Joseph the Dreamer adds 2 performances

TRUMPETS, INC. has announced the addition of two more performances for the closing weekend of the Bible-based musical Joseph The Dreamer. “The audience demand for tickets has surged since the opening weekend, so we decided to open two new shows to give the audience more chances to watch the musical,” Butch Jimenez, head of Trumpets, said in a statement. It stars Sam Concepcion, Gary Valenciano, and Kayla Rivera. The additional shows are scheduled for Aug. 6, 3 p.m., and Aug. 7, 8 p.m., at the Maybank Theater in BGC, Taguig. Tickets are available at Ticketworld (8891-9999).

Paolo Sandejas performs at Alabang Town Center

SINGER Paolo Sandejas will perform his hits — such as “Sway,” “Dad Jeans,” “Rock With You,” “Different Shade of Blue — in a mall show on Aug. 6, 6 p.m., at Alabang Town Center (ATC). Fans can get a seat by presenting a receipt for a minimum P1,000 spend from any ATC store (dated July 3 to Aug. 6) at the concierge. Official merchandise such as shirts and tote bags will be also sold during the event. 

Talk, mural highlight PHL Book Fair in Lipa

A TALK with contributors to the Harvest Moon climate literature anthology will be held on Aug. 7, 3 p.m., as part of the Philippine Book Fair (PBF) in Lipa, Batangas. This will be alongside the creation of a mural in support of the When Is Now poetry/arts campaign, led by young artists in Batangas. The PBF will be held on Aug. 5 to 7 at The Outlets at Lipa, Batangas. For more information about Harvest Moon, When Is Now, and other projects of the Agam Agenda, visit http://agamagenda.com.

Ortigas Art Fest showcases art by political prisoners

CONCERNED Artists of the Philippines, vMeme, and Kapatid present the exhibit “When We’re Finally Out,” a showcase of artworks by political prisoners, at the Ortigas Arts Festival in Estancia Mall East Wing. The show runs until Aug. 7. Admission is free.    

Language preservation focus of free film screenings

SELECTED international feature films and documentaries which highlight the significant role of language in identity-making were chosen by the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde to be screened for free via Zoom. The films are: Tongues of Heaven (2013) by Anita Chang, an experimental documentary which focuses on the importance of saving a language, will be screened on Aug. 10; Keep Talking (2017) by Karen Lynn Weinburg, follows four Alaska Native women as they fight to preserve the endangered language Kodiak Alutiiq, Aug. 17; In My Blood It Runs (2019) by Maya Newell, is an observational historical film that tackles the inherited generational trauma caused by the dispossession of Aboriginal land, Aug. 24; Conlanging: The Art of Crafting Tongues (2017) by Britton Watkins is a feature documentary about the hobby of creating constructed languages such as Dothraki and High Valyrian, Klingon, and Na’vi, among others, Aug. 31. To register for the screenings, which are open to the public, e-mail mcad@benilde.edu.ph. For more information, visit the official Facebook page of MCAD https://www.facebook.com/MCADManila. 

RFM earnings down by 3.5% to P355M

RFM Corp. reported an attributable net income of P355 million in the second quarter, a 3.5% decrease from the P368 million posted last year on higher input costs.

“[The group’s] net income… was mainly affected by the continuous increase in input costs,” the manufacturer of flour and flour-based products said in a disclosure on Thursday.

Meanwhile, its topline expanded by 17.5% to P4.57 billion from the previous year’s P3.89 billion.

“All segments contributed to the growth with the improvement in selling prices and some in combination with higher volume,” the company said.

Expenses jumped by 19.3% in the second quarter to P4.08 billion from P3.42 billion last year.

Year to date, RFM’s attributable net income slightly decreased by 0.15% to P687 million from the P688 million in the same period last year.

Its net revenues in the first half rose to P8.47 billion, a 17.19% increase from last year’s P7.22 billion.

For the first half, expenses grew by 19.9% to P7.53 billion from last year’s P6.28 billion.

RFM is engaged in manufacturing, processing and selling of wheat, flour products, pasta, milk, juices, margarine, and other food and beverage products.

At the stock market on Thursday, RFM shares were shaved off by P0.05 or 1.28% to P3.85 apiece. — Justine Irish D. Tabile

What to see This Week (08/05/22)

Katips

WRITTEN and directed by lawyer and filmmaker Vince Tañada, Katips the musical drama by Philstagers Films was adapted from the 2016 stage musical Katips: Ang Mga Bagong Katipunero. It follows a group of rebels, led by student leader Greg, subversive writer Panyong, and Alet, and their efforts to fight against the Marcos dictatorship even when the odds seem stacked against them. The film stars Vince Tañada, Jerome Ponce, Adelle Ibarrientos, Nicole Laurel, Johnrey Rivas, Joshua Bulot, Vean Olmedo, Dexter Doria, Lou Veloso, OJ Arci, Dindo Arroyo, Afi Africa, Patricia Ismael, Carla Lim, Chris Lim and Mon Confiado. It features music by Pipo Cifra and an ensemble cast from Philippine Stagers Foundation.

MTRCB Rating: R-16

Maid in Malacañang

THE VIVA Films and Vincentiments-produced film tackles the final 72 hours that the Marcos family spent in Malacañang Palace before being forced into exile in Hawaii by the EDSA I Revolution in 1986. Written and directed by Darryl Yap, it stars Cesar Montano as Ferdinand Marcos, Sr., Ruffa Gutierrez as Imelda Marcos, Cristine Reyes as Imee Marcos, Diego Loyzaga as Bongbong Marcos, and Ella Cruz as Irene Marcos.  It also stars Elizabth Oropesa, Beverly Salviejo, and Giselle Sanchez. 

MTRCB Rating: PG

Vitarich earnings rise 18% to P107M

VITARICH.COM

VITARICH Corp. on Thursday announced that its second-quarter net income attributable to equity holders rose by 18.2% to P106.91 million from P90.42 million.

Revenues likewise surged by 22.34% to P2.91 billion from P2.38 billion in 2021.

“We delivered record-breaking revenue performance even in the face of challenging macroeconomic headwinds. Through volume gains, responsible price increases, and operational efficiencies, we limited the impact of higher input costs on our profitability,” President and Chief Executive Ricardo Manuel M. Sarmiento said.

“At the same time, we successfully executed on our strategic plan of growing our core. We added several key accounts to our hotels, restaurants, institutional (HRI) customer list — including some leading fastfood chains — and launched our branded chicken products, Cook’s, in various parts of the country,” he added.

In the first half of the year, net income dropped by 46.7% to P147.74 million from P276.94 million.

On the other hand, revenues increased by 20.7% to P5.53 billion from P4.58 billion in the prior-year period, led by the foods business.

“Cost of goods climbed 25% to P4.9 billion primarily due to higher sales volume and prices of raw materials, such as wheat, soybean, and corn, which saw an average increase of 32% compared to the same period last year,” Vitarich said.

“Similarly, the recent surge in fuel, energy, and labor costs impacted cost of sales as well as operating expenses, which also rose 25%. As a result, gross profit was P591.9 million, representing a gross margin of 11% compared to 14% in the first half of 2021, and operating profit was P241.9 million,” it added.

The foods segment recorded a 55% increase in first-half revenues to P2.99 billion. It is the largest contributor to group revenues at 54%.

“Volume expanded 45% supported by an average price increase of 6%. Demand was particularly high in Luzon and Mindanao,” the firm added.

The segment added a total of 13 HRI customers including some leading fastfood chains, providing custom product and menu development suited to customer specifications, quality, and cost requirements.

Cook’s dressed chicken was introduced in Isabela, Camarines Sur, Camarines Norte, Albay, and Northern Samar and is now available to HRI customers, supermarkets, and wet markets in these areas.

Meanwhile, feeds revenues, which comprise 7% of the group’s total, grew 5% to P2.24 billion driven by pricing, which rose over the past two quarters to mitigate high input cost inflation.

“Specifically, pricing increased 14% compared to the year-ago period versus input costs at 23%. As expected, pricing had an unfavorable impact on volume which slightly contracted by 7%,” it added.

The segment expanded its distribution network across the Cordillera Administrative Region, Negros Occidental, Capiz, and Antique through additional retail stores and end users such as backyard farms.

On the other hand, revenues from the farms segment declined 44% to P291.5 million. The segment comprised 5% of revenues.

“The marked increase in feed input costs exerted a significant strain in reaching optimal feed conversion ratios targets. As a result, some poultry growers cut costs either by reducing volume or using feed input alternatives, while some carried out price hikes and passed on the increased cost to consumers,” Vitarich said.

It added that the combination of tighter local border restrictions and the unusually hot weather led to a mid-to-high single-digit decline in harvest recovery rates.

The shortage of important feed inputs, which is mainly corn, was a contributing factor to the chicken supply gap in June and is expected to persist as a major source of uncertainty for the industry unless effective measures are implemented to improve the long-term competitiveness of the corn industry, Vitarich said.

“We expect input costs to remain elevated as we move through the balance of the year. We are taking necessary actions to manage through the current market conditions while remaining focused on our growth plans and long-term opportunities. We are innovating, sourcing, and finding alternative raw materials, when possible, while more prudently managing inventory levels, especially of imported items, in view of pressures on the foreign exchange rate and inflation impact,” Chief Finance Officer Maria Alicia C. Arnaldo added.

At the stock exchange, Vitarich shares ended unchanged at P0.60 on Thursday. — Luisa Maria Jacinta C. Jocson

Brad Pitt action movie Bullet Train speeds into theaters

LOS ANGELES — Action movie Bullet Train starring Brad Pitt is pulling into its final stop — cinemas — starting on Wednesday.

(The film is scheduled to open in the Philippines on Aug. 10, with an MTRCB rating of R-13.)

The film sees Mr. Pitt’s hitman character, Ladybug, seemingly taking on his easiest job as he is asked to locate a suitcase on a high-speed train and then disembark. Unbeknownst to him, he is not the only assassin looking for the case, or for revenge. The other assassins traveling with intent include Lemon (Brian Tyree Henry), Tangerine (Aaron Taylor Johnson), Prince (Joey King), Hornet (Zazie Beetz) and Wolf (Bad Bunny).

Mr. Pitt said he read the script while under lockdown during the COVID-19 pandemic and found himself laughing.

“It’s just like the salve for what we needed,” Mr. Pitt said at the movie’s red-carpet premiere in Hollywood. “Now it’s summer, we can be out and release it, and it just feels fun.”

The movie, directed by Deadpool 2 filmmaker David Leitch, was filmed while pandemic lockdowns and extensive COVID prevention protocols were still in place.

“We had the outer circle and people could only be on the train from the inner circle,” Mr. Pitt said in an interview. “We had to get off the train for the outer circle to come on. It was just like a bit of a Keystone Cop situation.”

The film sees Mr. Pitt’s character go toe-to-toe with the other assassins in high octane and often humorous fight scenes.

Mr. Henry, who speaks with a Cockney accent in the film, said the fight sequences with Mr. Pitt were “the most therapeutic thing that ever happened.”

“I think that the consensus is everyone left a little bit better after slapping the shit out of Brad, so it was a lot of fun,” Mr. Henry said. — Reuters

Horror author Stephen King says writers hurt by book publishing mergers

Horror author Stephen King — STEPHENKING.COM
Horror author Stephen King — STEPHENKING.COM

WASHINGTON — Horror author Stephen King said writers will have fewer places to shop their books if Penguin Random House is allowed to merge with Simon & Schuster, in testimony on Tuesday in a trial to determine if the deal may go forward.

In a trial that began on Monday, the US Justice Department is trying to convince a federal judge to block a $2.2 billion merger of two of the “Big Five” book publishers. It has argued the deal would lead to lower advances for some authors who earn $250,000 or more rather than a more traditional argument that consumers would pay more for books.

Mr. King, author of The Shining, Carrie and other blockbusters, took issue with pledges that the companies have made to allow Simon & Schuster imprints, basically different brands of books, to continue to bid against Penguin Random House independently for books.

“You might as well say you’re going to have a husband and wife bidding against each other for the same house. It’s kind of ridiculous,” he said in court.

Looking more like an accountant than the blood-curdling author of Misery, King’s appearance in a merger trial shifted the conversation from dry discussions of the economics of publishers competing for books in auctions to a celebrity author telling how a publishing executive once laughed at him when he asked for a $2 million advance for two books.

Mr. King modestly said he wasn’t sure how many best sellers he had written but acknowledged it was more than 60.

The defense, led by lawyer Daniel Petrocelli who defeated the Trump administration’s 2018 bid to stop AT&T, Inc. From buying Time Warner, had no questions for King. The publishers have rejected the idea that the largest booksellers will be able to reduce advances.

The trial is expected to last two to three weeks. Coming witnesses include testimony from the chief executives of the two publishers. — Reuters

Nickel Asia profit up 40% on higher ore prices

NICKEL Asia Corp. reported that its first-half attributable net income increased by 40.3% to P3.83 billion from P2.73 billion, due to higher nickel ore prices and favorable exchange rates.

“The first half of 2022 was not without its challenges especially for our mining operations, brought about by weather conditions at our mine sites, particularly in Surigao, and continuing lockdowns in China, our major market,” Nickel Asia President and Chief Executive Martin Antonio G. Zamora said in a disclosure on Thursday.

In its unaudited financial and operating results, the firm reported that its revenues increased by 7% to P11.78 billion from P11.01 billion despite the lower ore volume sold during the period.

Earnings before interest, tax, depreciation and amortization (EBITDA) also grew by 19% to P6.33 billion from P5.32 billion the year prior.

Meanwhile, Nickel Asia’s four operating mines sold a combined 6.95 million wet metric tons (WMT) of nickel ore during the first half of the year, down 16% from 8.30 million WMT in the same period last year.

“The drop in sales volume was almost in direct proportion to unrealized workable days caused by inclement weather that adversely affected the company’s mining operations during the period,” the firm said.

In the first half of the year, the weighted average prices of nickel ore sales rose by 18% to $30.03 per WMT against $25.54 per WMT in the same period last year.

“The company also realized P52.56 per US dollar from these nickel ore sales, a 9% increase from P48.25 last year,” it added.

Nickel Asia also reported that its renewable energy business and subsidiary Emerging Power, Inc. (EPI) energized another 38-megawatt (MW) solar farm in Subic, Zambales in June, bringing the total capacity of the site to 100 MW.

“For 2022, the Subic plant has been operating at an 18-19% plant efficiency factor with 90% of generation contracted under power sales agreements,” the firm added.

EPI has another 100-MW service contract for the Subic site and will commence construction of a 68-MW facility in August. It is expected to be completed by the third quarter of next year.

The subsidiary was chosen by Shell Overseas Investments B.V. to be its exclusive local partner in solar, onshore wind, and battery storage joint venture that aims to contribute up to 3 gigawatts (GW) to the Philippines’ renewable energy capacity.

Nickel Asia said it is evaluating a range of financing alternatives including accessing global debt capital markets to raise EPI’s share of the equity required for an initial 1-GW target by 2028, among other uses.

“We remain confident that our mining and renewable energy businesses provide a solid foundation… which is to become the premier ESG investment in the country and to be counted among the top 25 Philippine Stock Exchange-listed companies in terms of market capitalization by 2025,” said Mr. Zamora.

At the stock exchange on Thursday, Nickel Asia shares dropped by 0.34% or two centavos to finish at P5.83 apiece. — Luisa Maria Jacinta C. Jocson

PSBank’s profit surges in 1st half

PHILIPPINE SAVINGS BANK (PSBank) saw its net income more than double in the first half on the back of better revenues and controlled expenses, it said on Thursday.

The thrift banking arm of the Metrobank Group booked a net profit of P1.84 billion in the first semester, surging by 109% from the P880 million posted in the same period last year.

PSBank said the increase was driven by the improvement of its loan portfolio quality, a growth in revenues amid better non-interest income, and a contained increase in operating expenses.

“We observed a significant increase in consumer lending activity during the first semester of 2022. The bank remains optimistic that this can be sustained for the remainder of the year despite ongoing geopolitical events and other external factors,” PSBank President Jose Vicente L. Alde said.

“We will continue to be proactive in our strategy to adapt to the changing market conditions with our focus on productivity, operational discipline, innovation and customer experience. As the economy grows, we expect increased business opportunities; and the bank is well-prepared to provide the banking needs of consumers,” Mr. Alde added.

The bank’s net interest income reached P5.45 billion as net service fees and commissions grew by 13%.

“A strong revenue growth of 101% in other non-interest income lines was likewise achieved. These were driven by increased business activities from the opening up of the economy, and further relaxation of mobility restrictions,” PSBank said.

Its operating expenses “remained under control,” growing by just 3% year on year amid efficiency initiatives.

The bank said its gross non-performing loans (NPL) “contracted by almost half” from a year ago. This led PSBank to set aside less loan loss provisions worth P625 million in the first semester from P2.17 billion a year prior.

The bank’s net NPL ratio was at 1.96% as of June, which it said was “better than pre-pandemic levels.”

Meanwhile, deposits were “stable” at P220 billion, with its low-cost deposits rising by 10% year on year.

PSBank’s assets stood at P268 billion as of June 2022, while capital grew by 4% to P36.06 billion.

Its capital adequacy ratio was at 24.6% at end-June while its common equity Tier 1 ratio stood at 23.5%, both well above the regulatory requirements of the central bank.

PSBank’s shares went up by P1.70 or 3.07% to end at P57 apiece on Thursday. — BVR

Appeals court rules against employer that failed to deploy worker overseas

PHILSTAR FILE PHOTO

THE Court of Appeals (CA) has upheld the Department of Labor and Employment’s (DoLE) administrative sanction against infrastructure firm Balfour Beatty Group Ltd. for failing to deploy a worker overseas in breach of his contract.

Previously, DoLE had affirmed a Philippine Overseas Employment Administration (POEA) decision to disqualify the firm from future participation in the overseas employment program.

In a 12-page decision issued July 27, the CA Thirteenth Division found that DoLE did not abuse its discretion in holding the company liable for breach of contract.

“The DoLE did not commit grave abuse of discretion amounting to lack or excess of jurisdiction when it affirmed the Philippine Overseas Employment Administration’s (POEA) ruling that the petitioners were liable for breach of contract, and that the petitioners were disqualified from further participation in the overseas employment program,” according to the ruling written by Associate Justice Nina G. Antonio-Valenzuela.

The court noted that the “unilateral and unreasonable” failure to deploy a migrant worker exposes the employer to administrative sanction.

The POEA had found that Balfour Beatty was obliged to deploy Romeo H. Lequido after agreeing to sponsor his deployment to the UK.

The company hired Mr. Lequido as a linesman in 2008 and deployed him to the UK from June 2009 to October 2010 and to New Zealand from October 2010 to October 2012.

Upon his return to the Philippines, he was required to undergo training before his next deployment to the UK.

On Feb. 18, 2013, Balfour Beatty required Mr. Lequido to sign a written statement of employment that required him to complete all documentary requirements and to pass a health assessment to be eligible for deployment to the UK.

The company terminated Mr. Lequido in July 2013, citing “the length of time it has taken to obtain his work visa (for) the UK.”

Under Republic Act 8042 or the Migrant Workers and Overseas Filipinos Act of 1995, an employer’s failure to deploy a migrant worker without valid reason is considered illegal recruitment and grounds for disciplinary action. — John Victor D. Ordoñez

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