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Pangilinan media group plans joint venture with ABS-CBN

LOCAL media conglomerate MediaQuest Holdings, Inc. (MediaQuest), which operates TV5 Network, Inc., a major player in the television market, will soon establish a joint venture with ABS-CBN Corp.

“The model we are working on… (is) a joint venture… using the platform of TV5 as the broadcast platform of both TV5 and ABS-CBN,” MediaQuest Chairman Manuel V. Pangilinan told reporters on Thursday.

“We are not acquiring ABS-CBN, we are not acquiring any shares in ABS-CBN,” he noted.

In terms of equity, he said it will start at approximately 35% for ABS-CBN and 65% for MediaQuest.

ABS-CBN, a former broadcast giant, will utilize some of its assets for the partnership.

ABS-CBN was forced to stop its broadcast operations in May 2020 after former President Rodrigo R. Duterte’s allies in Congress denied its franchise renewal application.

ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said during the company’s annual stockholders’ meeting last week that the company had yet to decide whether a new franchise aligns with its strategies and plans.

“As of today, our partnership with them is in the form of content licensing or content sharing agreements,” Mr. Katigbak said of ABS-CBN’s partnership with TV5.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

PLDT income rises to P7.7B

PLDT, Inc. saw its attributable net income for the second quarter of the year rise 8.5% to P7.7 billion from P7.1 billion in the same period a year earlier despite tough economic conditions.

Revenues for the quarter climbed 7.3% to P51.2 billion from P47.7 billion previously, PLDT officials said during a briefing on Thursday.

Expenses increased 45.7% to P55.8 billion from P38.3 billion in the same period last year.

The company said it sustained quarter-on-quarter growth in data and broadband, which grew by 10% or P6.6 billion to P74.9 billion in the first half, contributed 79% to consolidated service revenues.

“Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization), in the first six months grew 8% or P3.9 billion year on year to P50.5 billion, another all-time high, crossing the P100-billion mark for the last 12-month period,” it added.

The company is on track to meet its 2022 targets, according to PLDT and Smart Communications, Inc. President and Chief Executive Officer Alfredo S. Panlilio.

He said service revenues are expected to post a mid-single digit growth.

“Home broadband will lead this growth, with Enterprise also expected to register stronger performance, underpinned by ICT. And although Wireless faces tough market conditions, it should benefit from the continued opening up of the economy,” he added.

PLDT Chief Finance Officer Anabelle L. Chua said the company’s consolidated net debt as of the first half amounted to $3.9 billion while net debt-to-EBITDA stood at 2.16x.

She said gross debt was at $4.8 billion, “with maturities well spread out.”

“Only 16% of gross debt are denominated in US dollars and 5% are unhedged,” she noted. “PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade.”

PLDT shares closed 2.33% higher at P1,760 apiece on Thursday. — Arjay L. Balinbin

Sitcom focuses on the lives of showbiz hopefuls

CIGNAL Entertainment and Crown Artist Management’s new sitcom, Oh My Korona, that follows the lives of show business aspirants who live under one roof, will start airing on TV5 beginning Aug. 6.

Oh My Korona highlights some true showbiz experiences based on current news headlines, celebrity issues and scandals, and other viral topics.

During an online press conference on Aug. 3, director Ricky Victoria said that the concept for the story was realized during the COVID-19 pandemic lockdown during a conversation with actors who eventually went on to star in the show.

“We were able to create a story on the lives of actors behind the scenes separate from what audiences see in the movies or on television,” Mr. Victoria said in English and Filipino.

“Hindi ganoon kadali mag-showbiz. So, sa bawat character, kahit sa sitcom, bibigyan pa rin namin ng konting kurot. Tungkol ito sa pag-asa sa mga pangarap (It’s not that easy to do showbiz. So, with each character, even in a sitcom, we will still give a little tug. It’s about hoping for dreams,)” actress Maja Salvador said, on working on a sitcom. “This show is about hopes and dreams.”

Leading the cast is Ms. Salvador who plays Lavinia, an out-of-work hotel manager who inherited a boarding house from her late beauty queen-actress mother and is now landlady to a group of show business aspirants.

Lavinia then meets the Sunrise talent agency owner Louie (played by Joey Marquez). Seeing Lavinia’s potential as an actress, Louie wants to make Lavinia one of his talents as are the other tenants. However, she dislikes show business due to issues with her parents.

The sitcom is the first of the series of commitments of Ms. Salvador  with TV5 and Cignal Entertainment, as announced earlier this year.

Oh My Korona is also the first line production venture of talent management company Crown Artist Management. Ms. Salvador is the President and CEO of Crown Artist Management, and runs the agency with her fiance, Rambo Nuñez, who is also a producer of the sitcom.

Also in the cast are RK Bagatsing, Kakai Bautista, Pooh, Thou Reyes, Christine Samson, Jessie Salvador, Jai Agpangan, Guel Espina, and Queenay.

“This sitcom is about those who are hopeful to become artists in show business,” said comedian Pooh (real name: Reynold Garcia) about what sets it apart from other shows featuring people in show business.

“It is relatable to the masses because each of the characters in the sitcom also lives the life of an ordinary person,” Mr. Garcia added about the show’s relatability. “The audience will see themselves in the characters [in the show.]”

Oh My Korona premieres on Aug. 6 and will air on Saturdays at 7:30 p.m. — Michelle Anne P. Soliman

Del Monte Pacific’s unit buys assets of US brand

A SUBSIDIARY of Del Monte Pacific Ltd. acquired certain assets of a US broth brand to expand its retail presence, said the Philippine-listed holding firm on Thursday.

Del Monte Foods, Inc., the US subsidiary of Del Monte Pacific, acquired the assets associated with ready-to-use stock and broth brand Kitchen Basics from McCormick & Co.

The acquired assets comprise intellectual property and inventory with an aggregate amount of $99 million. The acquisition was financed by the unit’s “available credit facilities.”

“We’ve seen heightened interest in broth and stocks over the last few years as consumers double down on home meal preparation, health and wellness,” Del Monte Foods Chief Marketing Officer Bibie Wu said in a press release.

Kitchen Basics was founded in 1996 and pioneered liquid stock in the United States. Its products are distributed nationally in the US and include a range of conventional and organic stock and broth offerings.

“The acquisition of Kitchen Basics will enable us to leverage synergies across our business to scale our broth and stock portfolio across North America,” Del Monte Foods President and Chief Executive Officer Greg N. Longstreet said.

“As we plan for the next decade of growth, we’re committed to strengthening our branded product portfolio to meet consumers’ changing needs,” Mr. Longstreet added.

Del Monte Pacific, together with its subsidiaries, is a global branded food and beverage company that caters to today’s consumer needs for premium quality, healthy products.

Its heritage brands include Del Monte, S&W, Contadina and College Inn — some of which originated in the US.

Del Monte Foods owns other trademarks such as Orchard Select, Fruit Refreshers, Veggieful, and Bubble Fruit.

Del Monte Pacific’s Philippine subsidiary, Del Monte Philippines, Inc., owns trademark rights to Del Monte, Today’s, Fiesta, 202, Fit ‘n Right, Heart Smart, Bone Smart and Quick ‘n Easy in the Philippines.

At the stock exchange on Thursday, Del Monte Pacific shares lost 66 centavos or 4.65% to P13.54 apiece. — Justine Irish D. Tabile

Star Wars series Andor explores dark days in the galaxy’s revolution

A SCENE from the Star Wars series Andor

LOS ANGELES — The newest Star Wars television series will tell the story of a dark period in the life of future Rogue One hero Cassian Andor as he decides how far to go in his lifelong battle against oppressive forces, the star and creator said on Wednesday.

Andor will debut on Walt Disney Co.’s Disney+ streaming service on Sept. 21. The 12-episode series stars actor Diego Luna as the title character, a rebel who sacrificed himself for the greater good at the end of 2016 film Rogue One.

Creator Tony Gilroy, speaking to reporters at a Television Critics Association event, said he drew on tidbits from the movie to craft a backstory for the character. In Rogue One, Cassian mentions he has been fighting in the galaxy’s ongoing revolution since he was six years old.

“At the end of the film he says ‘Oh my God, if we don’t go out and make this final effort, then all of the horrible things that I’ve done for the Rebellion will be for naught’,” Mr. Gilroy said. “So we know there’s a very dark period.”

The series begins five years before the events of Rogue One, Mr. Gilroy said, and the first season will cover a year’s time. Disney has already ordered a second season, which will cover the next four years leading up to the beginning of Rogue One.

“Above anything, this is a show about regular people” living their daily lives, Mr. Gilroy said, but are forced to make epic decisions.

Mr. Luna said Andor would not be predictable even though audiences know that Cassian’s story ends as a young man who gives his life for others.

“I’m going to challenge everything you think you know about Cassian,” Mr. Luna said. “I’m going to tell you something you don’t know about what triggers that.” — Reuters

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

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