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JG Summit incurs P689-M net loss on oil volatility

LISTED conglomerate JG Summit Holdings, Inc. reported a core net loss of P689 million for the first quarter of the year, compared to a core net income of P232 million in the same period in 2021.

“While the reopening of the economy fueled significant improvements in topline…, unprecedented volatility in oil and input prices weighed on the group’s margins, particularly in JG Summit Olefins Corp.,” the company said in a statement.

“Coupled with peso depreciation and mark-to-market losses, [JG Summit] ended the quarter with a net loss of P2.8 billion,” it added.

Except for Robinsons Land Corp., the company observed revenue growth across all of its subsidiaries. It said that its revenues improved by 7% year on year and 6% quarter on quarter due to relaxed mobility restrictions.

JG Summit’s gearing and net debt-to-equity ratios stood at 0.70 and 0.53, respectively, as of March 2022.

“At the parent level, cash amounted to P23.7 billion while net debt stood at P74.3 billion as of end-March 2022, which shall be further reduced as [the company] expects to receive cash dividends of P11 billion from its investments in the second quarter of 2022,” JG Summit said.

On per-business performance, Universal Robina Corp.’s revenues increased by 22% year on year to P35.8 billion, JG Summit noted.

Meanwhile, Robinsons Land’s revenues and net income decreased by 61% and 51% to P6.4 billion and P1.4 billion, respectively, primarily because of “high base boosted by the lumpy contribution from Chengdu Phase 1 last year.”

JG Summit Olefins saw its first-quarter revenues grow by 37% to P12.4 billion. This was driven by “increased polymer sales value as well as fresh contributions from Aromatics and Butadiene sales, as well as LPG trading,” JG Summit said.

At the same time, Robinsons Bank Corp. saw its revenues improve 5% year on year to P2.4 billion, mainly due to “higher interest income, partially offset by lower trading gains.”

JG Summit likewise saw its equity earnings from Manila Electric Co. rise in the first quarter by 30% to P1.6 billion. This was “driven by strong topline growth given the uptick in energy sales and an increase in pass-through charges of fuel,” it said. — Arjay L. Balinbin

Saclag, Araos lead six Pinoys vying for gold in kickboxing

PHILIPPINE kickboxing team on the way to Bac Ninh Gymnasium in Hanoi. — VNA PHOTO/TUAN ĐUC

BAC NINH, Vietnam – Six Filipinos led by Jean Claude Saclag and Gina Iniong Araos vie for gold medals in the finals of the 31st Southeast Asian (SEA) Games kickboxing tourney on Friday at the Bac Ninh Gymnasium in Hanoi.

Mr. Saclag, the reigning champion in the men’s low kick 63.5kg class, battles Chaleamlap Santidongsakun of Thailand while Ms. Araos, also the defending champion, faces another Thai, Waraporn Jaiteang, in the women’s low kick minus 60kg class.

Also fighting for the gold are Renalyn Dacquel who is up against hometown bet Thi Hang Nga Nguyen in the women’s minus 48kg full contact category; Gretel De Paz who will battle Indonesian Pieter Ariesta in the women’s full contact minus 56kg division; Zeph Ngaya who takes on Vietnamese Huynh Thi Kim Vang in the women’s minus 65kg full contact finale; and Claudine Veloso who clashes with Amanda Loupatty of Indonesia in the women’s minus 52kg low kick division.

Samahang Kickboxing ng Pilipinas (SKP) Secretary-General Atty. Wharton Chan believes the country can surpass the 2019 SEA Games haul of three gold medals, two silvers, and a bronze in this year’s regional showpiece.

“Our athletes have done a tremendous performance and exceptional job despite fighting in a hostile terrain after beating several Vietnamese athletes,” Mr. Chan said. “I predict we can be at 80% or 5-of-6 or maybe 4-of-6 in winning golds in tomorrow’s finals. We can surpass the three golds last time.”

Whatever happens in the finals, the Philippines is assured of bringing home eight medals, counting the bronze medals won by Honorio Banario and Emmanuel Cantores, who suffered 0-3 defeats in the semis.

Mr. Banario lost to Cambodia’s Lvay Chhoeung in the men’s semifinals of the minus 71kg low kick event while Mr. Cantores bowed to Nguyen Quang Huy of host Vietnam in the men’s semifinals of the minus 60kg low kick event.

Former CCP president Bal Endriga, 82

HTTPS://WWW.FACEBOOK.COM/BALTAZAR.ENDRIGA.9
HTTPS://WWW.FACEBOOK.COM/BALTAZAR.ENDRIGA.9

FORMER Cultural Center of the Philippines president Baltazar “Bal” Nacion Endriga passed away on May 10. He was 82 years old.

Mr. Endriga was also an active member and past President of the Philippine Computer Society (PCS) and a former partner of SyCip Gorres Velayo & Company (SGV).

As an educator, Mr. Endriga was one of the founders of Meridian International (MINT) College for business, arts, and technology, where he served as president.

He also actively supported the Artists Welfare Project, Inc. from its inception in 2007.

He is survived by his wife Tessie Endriga, children, and grandchildren.

Filmmaker Dennis Marasigan, with whom Mr. Endriga worked on various projects in the arts in the country and abroad, wrote on Facebook: “We celebrate your life and pledge to continue working for your dreams, even while we extend our sincerest condolences to all those who knew and loved him.”

The wake is being held at the Heritage Memorial Park in Taguig from May 11 to 14. The funeral Mall and interment are on May 15, 9 a.m. — MAPS

Ty-led GT Capital names Sebastian as board chairman

GT CAPITAL Holdings, Inc. has named Francisco C. Sebastian as its new chairman, taking over the post held by Arthur V. Ty in the holding firm of the Ty family’s diversified business interests.

In a press release on Thursday, Mr. Ty said the change in the firm’s chairmanship signals the group’s “initiative and commitment to further professionalize its leadership moving forward.”

“With Mr. Sebastian at the helm, we are confident that GT Capital will continue to prosper and contribute to nation building,” he added.

Since May 2016, Mr. Sebastian has been co-vice-chairman of GT Capital while also a member of its executive committee. He has served the group for the past 25 years, starting out in 1997 as president of First Metro Investment Corp., the investment banking arm of Metropolitan Bank & Trust Co. (Metrobank).

For 14 years, he held the same post in First Metro until he became chairman in 2011. He concurrently serves as vice-chairman of Metrobank. He is also concurrent director of Metro Pacific Investments Corp. and Federal Land, Inc.

Before joining the Metrobank group in 1997, Mr. Sebastian worked in Hong Kong for 20 years from 1977.

Mr. Ty will continue to be a director of GT Capital and the chairman of Metrobank, while concurrently holding various board positions in other companies of the Ty group.

Meanwhile, Alfred V. Ty will remain the vice-chairman of GT Capital and chairman of Toyota Motor Philippines Corp. and Federal Land.

In the media release, GT Capital said it is beginning a new decade “in the good hands of a dedicated, qualified and professional” chairman after having grown and completed its consolidation phase on the 10th year after its initial public offering.

GT Capital earlier reported a 48% increase in core net income for 2021 to P11 billion, while consolidated income grew an even higher 68%, driven by the growth in its banking and automotive businesses.

At the stock exchange, shares in the company dropped by 1.76% or P9.00, finishing at P503 each.

Gymnastic group sees 5-6 gold medals in sport

GYMNAST CALOY YULO — PAOLO DEL ROSARIO/ONE SPORTS
MEN’S artistic gymnastic starts on Friday at Quan Ngua Sports Palace. — ONESPORTS/PAOLO DEL ROSARIO

TWO-TIME world champion Carlos “Caloy” Yulo opens his quest for a multiple gold medal haul as action in the men’s artistic gymnastics (MAG) of the 31st Southeast Asian (SEA) Games unfurls on Friday at the Quan Ngua Sports Palace in Hanoi, Vietnam.

The 22-year-old Mr. Yulo, the world titlist in floor exercise in 2019 in Stuttgart, Germany and vault in Kitakyushu, Japan last year, is gunning to improve on his two-gold, five-silver medal haul in the last edition three years ago in Manila.

Gymnastics Association of the Philippines president Cynthia Carrion said he expects the 28-strong gymnastics team to deliver eight to nine mints in the sport — including four in MAG where Mr. Yulo is seeing action.

“I expect four golds for MAG,” said Ms. Carrion.

Mr. Yulo, accompanied by Japanese coach Munehiro Kugiyama, was part of the big bulk of the Philippine delegation that arrived in the capital on Tuesday that gave him a couple of days to acclimatized to the venue conditions in time for his events set to start at 11 a.m. (Philippine time).

Ms. Carrion also believes they can deliver one or two mints in the women’s artistic gymnastics, one in rhythmic gymnastics and two in aerobic gymnastics.

If the team delivers on its promise, it would surpass the three-gold, five-silver and four-bronze haul in 2019.

Daniela dela Pisa, who stuck gold in hoop in rhythmic gymnastics in 2019, is part of the team that included SEA Games bronze medalists Charmine Dolar (aerobic) and the team of Divina Sembrano, AJ Melgar, Katrina Loretizo and Andrea Mae Emparado (rhythmic). — Joey Villar

A Minute With: The Conversations with Friends cast on

HULU.COM

NEW YORK — A highly-anticipated adaptation of Irish author Sally Rooney’s debut novel Conversation with Friends premieres this weekend, following in the footsteps of her book-turned-television hit Normal People.

Alison Oliver and Sasha Lane star as ex-girlfriends and now best friends Frances and Bobbi, who meet older married couple Melissa and Nick, played by Jemima Kirke and Joe Alwyn, during a Dublin poetry night. The story follows their different relationships as their lives become intertwined.

Reuters spoke to the actors about the series, which premieres on the BBC and Hulu on May 15, and pleasing fans of the book.

Below are excerpts edited for length and clarity.

Q: What’s the central conversation of the series?

Oliver: What I took from the book was that you can’t really control (things)… so much for Frances is control and she realizes you can’t control who you love or how many people you love. You just love them and hope for the best. I think that’s a really interesting message and a journey that they all go on.

Q: Did you feel pressure to please fans of the book?

Alwyn: It’s nice to be a part of something… that people love so much, of course… there’s nerves in that you want to do justice to the book and characters that people care a lot about. But alongside that is an excitement and a privilege to be asked to be a part of (it) and that means a lot. You have to put those nerves aside, at least when making it.

Lane: It’s a show and it’s based on the book… they are two different things. You had real people acting these out, taking emotions that are written down or not even fully… it’s through Frances’ perspective and you’re writing in that way and then you put it into a show where you’re actually including these characters. It’s just a whole different thing.

Q: Were there any unexpected challenges during filming?

Kirke: The challenge of being a mother and being an actor is one that’s not talked about very often, especially as a single mother. It’s actually not a thing. It’s not possible to be good at both. One thing is always lacking on one side… (the) most time I’ve spent away from my kids is probably six or seven weeks and the only other mothers I know who I know of that do that are army moms. — Reuters

DoubleDragon Corp. profit rises 87%

LISTED DoubleDragon Corp. posted an 87.2% increase in its consolidated net income for 2021 to P11.3 billion on the back of higher consolidated revenues.

The company said in a stock exchange disclosure on Thursday that its consolidated revenues last year surged 11.7% to P15.9 billion while its consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) went up 13.9% to P12.9 billion.

Further, DoubleDragon said its total assets increased 17.2% to P141.7 billion while its total equity grew 41.3% to P69.3 billion.

Edgar J. Sia II, DoubleDragon chairman, said the company ended 2021 by surpassing its goal for this year of 1.2 million square meters of gross floor area (GFA) of completed recurring income portfolio.

“We are pleased to have ended 2021, with DoubleDragon surpassing its 2022 goal of 1.2 million square meters GFA of completed recurring income portfolio,” Mr. Sia said.

“We see these 1.2 million completed square meters to like having 1.2 million of real estate seeds planted in prime strategic areas spread out across the country. These string of prime hard assets should mature and generate recurring revenues at different times, but we expect all of them to reach optimal recurring revenue generation before 2025, and to endlessly contribute sizeable recurring revenue cashflow to DoubleDragon,” he added.

Meanwhile, DoubleDragon Chief Investment Officer Hannah Yulo-Luccini said that the company is at a stronger position after surviving the pandemic.

“DoubleDragon has a low net debt to equity ratio of 0.62x, consolidated cash balance at P11.27 billion and will have no key long-term debt maturities until 2024. On top of that, in the last few years, we have seen the NAV (net asset value) of DoubleDragon further solidifying, its book value alone is already at P13.09 per common shareholder with total equity now standing at P69.3 billion,” she said.

As of Dec. 31, 2021, total equity was at P69.3 billion, up 41.3% from the earlier year, as a result of the DDMP REIT, Inc. listing and new equity infusion of the Jollibee group into DoubleDragon’s industrial leasing subsidiary CentralHub,  the company said.

On Thursday, DoubleDragon shares at the local bourse dropped P0.17 or 2.18% to end at P7.63 apiece. — Revin Mikhael D. Ochave

No rest for pole vaulter Obiena

HANOI — After a long travel process that took almost 24 hours from Formia, Italy to this bustling Vietnamese capital, Asia’s top pole vaulter and Philippine pride Ernest John “EJ” Obiena’s first order of business the minute he stepped into his hotel on Wednesday wasn’t to rest — but to train.

He immediately hit the gym at the Daewoo Hotel to do some light training in the weight room.

“It was a long journey, but okay overall,” said Mr. Obiena, who also plans to train on Friday at the My Dinh National Stadium after his flag-bearing duty on Thursday.

“I hope I get clearance to feel the venue,” said Mr. Obiena, who expressed excitement for his appointment as flag bearer of the 626-strong Team Philippines.

The 26-year-old Mr. Obiena, the world’s sixth best pole vaulter but Asia’s best with a World Athletics score of 1374, is expected to obliterate his own SEA Games’ record of 5.45 meters he set when the Philippines hosted the biennial in 2019.

He currently holds the Philippine record of 5.91 meters, achieved during the Meeting de Paris at the Stade Charlety, Paris on Aug. 28 last year.

Grace and Frankie is the longest running series on Netflix — and a show for women who don’t see themselves on TV

JANE Fonda and Lily Tomlin in a scene from Grace and Frankie.

WHEN the final 12 episodes of Grace and Frankie were released, the show became the longest running television series on Netflix.

Over 94 episodes, this unlikely hit went where no other series had taken viewers: into the lives of older women forced to restart their lives, both socially and sexually, after their marriages of 40 years had ended.

Their husbands’ revelation that they had been lovers for 20 years — and now planned to marry each other — threw the central characters fractiously together in an admittedly idyllic San Diego beach house.

The show broke new ground when it launched in 2015, not only for its frank and fearless portrayal of ageing, but because its central characters were ageing women.

Older women are one of the least visible demographics on television, and to see them front and center is still unusual.

The Golden Girls (1985-92) is the only real precedent for Grace and Frankie, although the ages of its characters are surprising in retrospect.

In the first season of The Golden Girls, Rose is 55, Dorothy is 53, Blanche is 47, and Sophia is 79. In the reboot of Sex and the City, And Just Like That…, Miranda and Charlotte are 54, while Carrie is 55 — and they are certainly not portrayed as old.

But at the start of this series, Grace (Jane Fonda), Frankie (Lily Tomlin) and their former partners Robert (Martin Sheen) and Sol (Sam Waterson), are in their 70s.

The show covers many of the issues of ageing from the perspective of the aged. These include a broad range of health problems — arthritis, immobility, a knee reconstruction and mini-strokes — as well as negotiating the competing claims of children, grandchildren, lovers and friends.

In season four, following multiple health issues and falling victim to a major scam, Grace and Frankie are tricked by their children into moving into aged care.

When they find that they are not allowed to run a business there — among other lost freedoms — they launch an escape bid, stealing a golf cart and heading back to the beach house which has been sold from under them.

The issue of children making choices for their ageing parents against their will is fraught. Older parents often require assistance from their children but at the same time don’t want to lose their autonomy. Children can jump in to resolve issues without taking their parents’ agency into account.

Here, this tension is mostly a source of humor at the expense of the aged care home. But Grace and Frankie also gives a glimpse into how vulnerable people can become when they have health issues.

One of the most striking elements of the show is its forthright approach to sex. Part of this is the frank acknowledgement that with age comes certain sexual challenges.

Typically, popular culture has run from the idea that older women could be sexual, especially as they do not conform to dominant ideas of beauty.

The issue of what is often obliquely referred to as “feminine dryness” is tackled directly when Frankie concocts a lube from yams.

Together, both Grace and Frankie also develop a vibrator that not only takes account of arthritic hands but also of limited mobility.

Though it provides the opportunity for numerous missteps, their company Vybrant is ultimately a success, with women of all ages giving the product rapturous endorsement.

Giving women the power to take control of their own sexual needs is something the show is emphatic about.

Bringing the challenges of coming out in your 70s for Robert and Sol into mainstream programming is also ground-breaking. Older gay men are another group who rarely see themselves on television.

Aspects of gay life — equal marriage, polyamory, promiscuity, and leather men, together with gay musical theater and obsessive dog ownership — are all depicted as part of the new world Robert and Sol enter into.

Coming out, and living the lives they have longed for, has its ongoing challenges for both characters. It is this willingness to look at every issue with both honesty and humor that has marked the approach by directors and writers Marta Kauffman and Howard J. Morris and made the show such a success.

The key focus of Grace and Frankie, despite its many diversions into the lives of ex-husbands, new lovers, friends and children, is always the friendship of Grace and Frankie.

Their friendship is hard won, severely tested, and often seems completely over — but it is the central love of both women’s lives, enabling them to go into old age with confidence, support and times of joy.

 

Mandy Treagus is an Associate Professor in the Department of English, Creative Writing, and Film at the University of Adelaide.

Tulfo to prioritize labor issues if elected to Senate

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TELEVISION journalist Rafael T. Tulfo, a top vote getter in the unofficial Senate tally, said he plans to file legislation against wage theft, among other labor-centric priorities he intends to pursue when he is officially elected.

In an interview with Rappler on Thursday, he said his first bill will seek to impose stiffer penalties, including imprisonment, for wage theft, noting that the current practice is only to issue warnings to employers that illegally withhold money from their workers.

The workers, he said, “are already poor, yet they’re being made poorer.”

The independent candidate said he supports a path for non-permanent workers to become regular employees, and wants contract-based work arrangements restricted to project-based employees. 

Should ABS-CBN Corp. apply for a new franchise, the broadcast journalist said he would support it, in solidarity with the workers who had been rendered jobless.

“Just imagine how many of them have families to support.”

He also supports the decriminalization of libel.

“(I find) no problem with any media outlet, broadcaster, columnist, or writer finding holes” when the government makes mistakes, he said. “But the error being exposed must be the full truth, not one mixed with lies. No addition, no subtraction.”

Disinformation should be tackled by granting more power to the National Bureau of Investigation and the Department of Information and Communication Technology, Mr. Tulfo said. Training, proper support and materials should be provided to enhance their ability to identify the source of fake news.

As of Thursday afternoon, Mr. Tulfo was credited with 23.2 million votes in the partial, unofficial tally, according to the Commission on Elections’ transparency server, putting him third among the 64 Senate candidates. — Alyssa Nicole O. Tan

Holcim net income drops on soft demand, higher expenses

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HOLCIM Philippines, Inc. announced on Thursday that its first-quarter attributable profit dropped by 54% to P420.28 million from P908.92 million previously, due in part to soft cement demand and higher production and distribution costs.

The company reported net sales of P6.7 billion for the first quarter of the year, which was 1% lower than the P6.8 billion reported in the same period in 2021.

“This is due to lower volumes sold despite improved prices, coupled with soft cement demand from private infrastructure projects and higher costs of production and distribution brought by increasing procurement prices especially on fuels and energy,” it said in its report.

Meanwhile, its first-quarter EBITDA, or earnings before interest, taxes, depreciation, and amortization, went down by 44% to P960 million from P1.7 billion in the same period in 2021.

The company noted that margins were affected by higher energy prices net of lower consumption of imported clinker and cement.

“Distribution costs were higher from last year due to higher outbound and interunit volumes to deliver direct to customers offset by lower transport costs/bag from procurement negotiations and logistics efficiencies,” it said.

“Production costs were higher mainly from higher production volumes, higher energy prices net of lower imported clinker consumption, lower imported cement and improvement on clinker factor,” it added.

At the same time, the company reported that it incurred higher financial expenses related to its short-term payables and lease liabilities due to loans obtained during the first quarter.

Both were needed to finance the company’s working capital requirement, it said.

The company added that its financial position has remained healthy with stable liquid cash position.

“The return on assets declined to 1.0% as of March 31, 2022 which is 1.2 percentage point lower from the end of 2021 as a result of lower net income. Total assets stood at P41.6 billion as of March 31, 2022, 3% higher from end of 2021.”

Holcim Philippines shares closed 4.14% lower at P5.10 apiece on Thursday. — Arjay L. Balinbin

Gilas Pilipinas 3×3 squad seen to sweep the four gold medals in Vietnam SEAG

HANOI — The country’s quest to sweep anew the four basketball gold medals at stake in the 31st Vietnam Southeast Asian Games (SEAG) begins on Friday when the Gilas Pilipinas 3×3 squads plunge into action at the Thanh Tri Gymnasium.

The Limitless App team that captured the title in the PBA 3×3 First Conference will be tested starting at 11 a.m. (12 p.m. Manila time) by Cambodia, followed by games against Thailand at 2 p.m. (3 p.m. Manila time), and Indonesia at 4:20 p.m. (5:20 p.m. Manila time).

Making up the men’s national quartet are Brandon Rosser, Marvin Hayes, Jorey Napoles and Raymar Caduyac, who are out to duplicate the gold medal winning feat of CJ Perez, Mo Tautuaa, Jason Perkins and Chris Newsome in the 2019 Philippine SEA Games.

The Gilas women’s squad faces Cambodia at 12 p.m. (1 p.m. Manila time), Vietnam at 3 p.m. (4 p.m. Manila time), and Thailand at 5:20 p.m. (6:20 p.m. Manila time).

Back to defend the women’s 3×3 crown are Janine Pontejos, Clare Castro and Afril Bernardino, with Angelica Marie Surada being the newcomer in the team.

The Philippines swept the 3×3 tournament in 2019, with the men’s team beating Indonesia and the women’s squad outlasting Thailand in the finals.

But the two coaches who supervised the preparations said retaining the gold medals will be more difficult.

“I think they are prepared to defend the crown. About the other teams, nag-prepare sila, especially Vietnam. I expect stiff competition from them,” said women’s coach Pat Aquino.

The preliminary round will continue on Saturday with the top four teams advancing to the semifinals, with the winners advancing to the gold medal match.

Action in regular basketball gets going on March 16, with the Gilas Pilipinas men’s and women’s squads primed up to retain the crowns they won in 2019, both against Thailand in the finals.

While the men’s crown is considered in the bag this early with pro players leading the chase, the women’s squad is expected to be hard-pressed to duplicate the victory posted by another national team in 2019, a breakthrough win that ended Thailand’s stranglehold on the crown.