Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6092

Phoenix suffers P463-M loss

PHOENIXFUELS.PH

PHOENIX Petroleum Philippines, Inc. last year incurred a net loss of P462.57 million attributable to parent firm equity holders as cost, expenses and other charges ballooned to offset the higher revenues generated during the period.

In a regulatory filing on Monday, the Dennis A. Uy-led oil company reported revenues of P132.28 billion last year, or more than double the earlier year’s P78.3 billion.

Last year’s net loss is a reversal of the P101.58-million net income in 2020 when the country was at the height of mobility restrictions.

Phoenix Petroleum, which operates nearly 700 retail outlets nationwide, recorded cost and expenses of P129.96 billion last year, or 68.6% higher than the previous year, while finance costs surged 81.4% to P3.7 billion.

The company’s expanded businesses include terminaling and hauling services, asphalt, car repair and maintenance, FamilyMart convenience stores and digital transactions. It has overseas presence in Singapore, Vietnam, and Indonesia.

Last week, the Phoenix Petroleum said its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 41% last year to P3.5 billion due to the “solid” performance of its liquefied petroleum gas (LPG) business, consistent volume growth in its commercial and overseas sales, and recovering retail volume.

It also said that the company was benefiting from strong domestic volume from its improving quarterly retail performance and new canister business in LPG.

Phoenix shares at the stock exchange inched up by P0.04 or 0.39%, closing at P10.18 each on Monday. — VVS 

Doctor Strange 2 rules again as Firestarter flames out

A SCENE from the film Doctor Strange in the Multiverse of Madness — IMDB.COM

LOS ANGELES — Doctor Strange in the Multiverse of Madness is again the No. 1 movie at the North American box office.

In its second weekend of release, the latest installment in Disney’s Marvel Cinematic Universe has collected $61 million from 4,534 North American theaters. Ticket sales were down 67% from its opening weekend, marking a steeper drop off compared to recent Marvel movies like Eternals (which declined 61% in its second weekend) and Shang-Chi and the Legend of the Ten Rings (which declined 52% in its second weekend). However, that sizable decline is not surprising since Doctor Strange 2 is coming off the 11th biggest opening weekend in history with $187 million. After 10 days on the big screen, the standalone superhero adventure has grossed a strong $291 million in North America.

At the international box office, the Strange sequel added $83.5 million from 49 markets. In total, the film has grossed $688.1 million globally.

When Disney unleashes a Marvel movie in theaters, rival studios tend to shy away from opening new films —  or risk getting crushed in its wake. Over the weekend, two movies opened nationwide to disappointing results. Universal’s disturbing remake of Stephen King’s Firestarter fizzled with $3.8 million from 2,412 screens while landing simultaneously on Peacock; and the Roadside Attractions faith-based comedy Family Camp generated a paltry $1.4 million from 854 locations. Neither of those films were particularly expensive to produce, meaning it may not be nightmarish to get those films to turn a profit, but it’s certainly not the kind of coinage that studios hope to generate when putting a new film in cinemas across the country.

Firestarter was dinged by negative reviews and poor word-of-mouth. The film, about a girl with extraordinary pyrokinetic powers, landed a 12% on Rotten Tomatoes and a C- CinemaScore from moviegoers. Those weak figures suggest that the few people who saw the film over the weekend will not be rushing home to tell their friends to watch it in theaters. The most shocking aspect of Firestarter is that High School Musical heartthrob Zac Efron is officially old enough to play a dad on the big screen. And yet that was not enough to entice audiences.

Just how bad were opening weekend ticket sales for Firestarter? To put them in perspective, the original 1984 film, starring Drew Barrymore, had a bigger start — not adjusted for inflation — grossing $4.7 million from 1,356 theaters. The latest Firestarter may get a boost on Peacock, the streaming service owned by NBCUniversal, but the company did not provide streaming metrics.

David A. Gross, who runs the movie consulting firm Franchise Entertainment Research, believes ticket sales were flattened because the film is already available at home.

“Firestarter has a lot of production pedigree; Blumhouse and Stephen King are consistent hit-makers,” says Gross. But, he adds, “having the movie available on streaming at the same time it’s in theaters reinforces that this is not big-screen, must-see entertainment.” — Reuters

Falling short in its sweep bid TRAP vows to bounce big in SEAG in Phnom Penh

TRIATHLON Association of the Philippines team celebrating their medal harvest — TRAP

AFTER coming short of its sweep bid, the Triathlon Association of the Philippines is looking forward to the next edition of the Southeast Asian Games in Phnom Penh, Cambodia where it has chance to rake in more gold medals.

“Next year in Cambodia there will be three events each for triathlon, duathlon and aquathlon,” said TRAP president Tom Carrasco. “We’re back to the drawing board because we also have to prepare for the World Games Duathlon in July.”

The country came into the Hanoi event eyeing 1-2 finishes in all four events but wound up with just three gold medals, including two from Kim Mangrobang, a silver from Kim Remolino and a bronze from Raven Alcoseba also in triathlon.

Fer Caceres delivered the other gold in men’s triathlon.

John Leerams Chicano, a two-time triathlon SEA Games gold winner, failed in his SEA Games duathlon debut as he wound up just fourth.

The Filipinos hope to bounce back big in Phnom Penh.

“In Cambodia, we are allowed eight to nine events to include duathlon and aquathlon plus mixed relay teams, we will aim for at least five golds,” said Mr. Carrasco.

Security Bank posts higher net income in the first quarter

SECURITY BANK Corp. recorded a higher net income in the first three months of the year, buoyed by lower loan loss buffers and an improvement in its core income.

The bank’s net profit rose by 66% to P2.7 billion in the first quarter, it said in a filing with the local bourse on Monday.

This translated to return on shareholders’ equity of 8.81%, while return on assets stood at 1.55%. Both improved from the 5.38% and 0.96% seen a year earlier.

Net interest income increased by 5% to P7 billion, even as its net interest margin slipped by 2 basis points year on year to 4.19%.

Meanwhile, non-interest income rose by 8% to P2.3 billion.

Broken down, earnings from fees, service charges and commissions increased 22% to P1.3 billion, driven by the fees from deposits, capital market and credit cards.

Other income excluding securities trading gains and fee income rose more than double to P1 billion, driven mainly by recovery on charged-off assets and foreign exchange income.

Security Bank’s operating expenses went up by 8% as the lender ramped up its investments in technology and manpower. The cost-to-income ratio increased to 58.96% from 57.6% a year earlier.

Gross loans rose by 8% to P475 billion, as the 11% growth in wholesale loans offset a 4% decrease in retail loans.

The bank’s gross nonperforming loan (NPL) ratio improved to 3.65% as of end-March from 3.94% as of end-December, while NPL reserve cover stood at 90%.

As asset quality improved, Security Bank set aside provisions for credit losses amounting to P80 million, down 80% from P402 million a year earlier.

Meanwhile, total deposits increased by 2% to P530 billion as of end-March from a year earlier. This was driven by low-cost savings and demand deposits, which grew by 20% and 61%, respectively.

As of end-March, the bank’s total assets and shareholders’ capital stood at P707 billion and P122.5 billion, respectively.

The lender’s common equity Tier 1 ratio and its total adequacy ratio were at 18.1% and 18.6%, respectively.

Security Bank President and Chief Executive Officer Sanjiv Vohra said they have seen improvement in client activity for corporate and home loans in the first quarter, despite the Omicron surge.

“Various macro factors are unfolding in the coming months including: new government policy, the war in Ukraine, and central bank action on inflation. We are constructively engaged with our clients to help them navigate the current environment,” he said.

The lender’s shares closed at P92.70 apiece on Monday, up 4.16% or P3.70 from the previous finish. — Luz Wendy T. Noble

Axelum profit climbs 25%

AXELUM Resources Corp. reported that its first-quarter net income grew 25% to P181.93 million from P145.6 million despite logistics issues due to the pandemic.

“We continue to service increasing requirements of our customers despite major shipping issues, particularly irregular port calls, delayed container turnover, limited cargo space and international port congestion,” President and Chief Operating Officer Henry J. Raperoga said in a statement on Monday.

“Nonetheless, we remain confident in maintaining our growth trajectory this year anchored on rising global demand for our products combined with our proven ability to operate under these challenging conditions,” he added.

Sales increased by 14% to P1.67 billion from P1.47 billion, mainly driven by steady volumes and higher average selling prices of its core product segments.

The company is a fully integrated manufacturer, exporter and retailer of premium coconut products.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 25% to P303.48 million due to cost containment efforts.

Meanwhile, gross profit rose by 16% to P432.16 million while gross margin expanded to 25.9% from 25.3%, attributed to various production efficiencies and process improvements.

To address the shipping situation, Axelum said it contracted strategically located third-party storage centers to immediately support its “aggressive” manufacturing pipeline.

The company is expanding its main warehousing facility to increase storage capacity by 30%, which is set to be completed by 2023.

“In general, Axelum ships on a freight-on-board basis and is actively coordinating with major shipping partners for pre-booked space availability and negotiated rates for its customers,” it added.

In 2021, net income increased by 36% to P715.33 million from P526.41 million in 2020.

“We are seeing improvements in the overall business environment with global economic reopenings driving robust market demand and export activity. For this year, we are confident of sustaining our growth momentum with the easing of restrictions alongside remastered contingencies to respond to abrupt disruptions,” Mr. Raperoga said.

“At the same time, we continue to closely monitor the international shipping situation, domestic inflation and other various headwinds to better cushion its impact,” he added.

Based on recent external data, Axelum said it grew market share for desiccated coconut, coconut milk powder and coconut water in the United States, its largest export destination.

At the stock exchange on Monday, Axelum shares were up by 2.05% or five centavos to close at P2.49 apiece. — Luisa Maria Jacinta C. Jocson

Captivating tale tugs at heartstrings

The Cruel King and the Great Hero — NINTENDO

Video Game Review
The Cruel King and the Great Hero
Nintendo Switch

Edge of Eternity
Sony PlayStation 5

Assassin’s Creed Valhalla: Dawn of Ragnarok
PS5

NIPPON Ichi Software’s The Cruel King and the Great Hero is an interesting title that casual observers may not expect much of, but winds up packing a punch all the same. With a plot and visuals that beckon to a quaint children’s fairy tale, the Nintendo Switch game piques your interest at the start and then keeps you immersed to the finish with confident storytelling and unique role-playing game mechanics.

In The Cruel King and the Great Hero, you get to be Yuu, a girl who has to take up the mantle of her father and become a difference-maker in her own right. By teaming up with little creatures and beating up monsters, Yuu slowly adapts to the role of heroine, learning new abilities, finding new allies, and overcoming trial after trial in her journey to follow in her father’s footsteps.

The general gameplay of The Cruel King and the Great Hero is pretty much what you’d expect. It’s not really a game that tries to push the envelope and generate new boundaries, and it can even feel a little uninspired at times as a result. You can have your basic attacks to strike at your opponents, but you also have the ability to use energy for stronger moves that deal more damage. The companions you can get do spice up combat, though, as they bring singular abilities to modify how you play. Meanwhile, the boss fights, while not really difficult, are entertaining and engrossing. It’s all in all your standard Japanese RPG fare, complete with equipment you gather to be upgraded, and even fights you can grind to ensure you’re always at a comfortable and competitive level when you progress. You also have main quests and side quests to embark on, and the rewards you reap from these can prove helpful on your journey, even if they do trod the beaten path.

The Cruel King and the Great Hero has a story that may not possess the wow factor at the outset, but the way it’s told stands out, and, in the final analysis, is what really matters. The narration and the art combine to make a charming world for you to enjoy. It’s almost like a children’s story come true, with a surprising amount of depth going to the various locations and characters you’ll meet. It’s an acquired taste that, once you pick up, manifests itself as a superb fit for what the game wants to accomplish.

Where The Cruel King and the Great Hero really separates itself is in how it looks and feels. It’s not often that you find a game like this, one that relishes in the innocence of its setting. Its art style boasts of a sense of beauty that harks back to a more innocent time of childlike dreams and fancy. The little touches that go into it, the cute spritework, the heartwarming themes of following in your parent’s footsteps — these are all captured eloquently in the writing and how the story unfolds.

The Cruel King and the Great Hero does not have a long-winded narrative, and the battles won’t tax your patience. Depending on how you pace yourself, you may well see the ending 15 hours in. Even still, the story is able to move along properly and with consistency, not really feeling like it’s going too slow or too fast, always giving you just enough to look forward to the next plot point.

Which, in a nutshell, is the best way to look at The Cruel King and the Great Hero. It’s not going to have the insane playtime, or ridiculous stat grind, of, say, a Disgaea release. It won’t have Phantom Brave’s flexibility, or the exaggerated happy-go-lucky silly humor that other NIS titles usually churn out. What it does have is character. It’s propelled by a story that tugs at the heartstrings, a fairly simple and yet captivating tale of a child reaching out to shine. It may not be the best RPG game you’ll play this year, but it will stick with you because of what it’s able to offer.

THE GOOD:

• Cute, stylized art

•Straightforward, fun battles and exploration

• Consistent pace

THE BAD:

• Relatively short for an RPG release

• An acquired taste

RATING: 8.5/10

POSTSCRIPT: From the name of the developer’s studio, to the story, to the gameplay, and to the plot beats that Edge of Eternity takes, it’s clear that the game wears its inspirations on its shoulders. With timed actions to play with, skills to use, magic to cast, elemental damage and tile movements to keep in mind, and a slew of other mechanics to remember, it might not present many new ideas, but it certainly tries to take the best parts the JRPG genre can offer, and mix them together in an enjoyable blend.

In Edge of Eternity, you take control of the soldier Daryon, on his way to defend his home from alien invaders. After receiving news that his mother is infected by the “corrosion,” an alien virus that turns living beings into part-machine entities, he is compelled to desert his post and help his sister find a cure. In the process, he gets to face off against terrible monsters, meet new companions on his journey, and find a way to stave off the alien attack and save his homeland and his mother.

Edge of Eternity is a textbook story of a hero come to life, and while it does have a lengthy tutorial at the start, the forced preamble feels justified due to the way it does its combat. There’s a lot of navigating menus and learning features that you have to understand and do, and while part of it may be second nature to veteran JRPG fans, some of it may come as a surprise just due to how much developer Midgar Studio has stuffed into the game.

Edge of Eternity provides you with an open world to explore. There are plenty of NPCs to talk to, and the world in general feels lived in, with expansive places to travel to and be immersed in — from seemingly simple towns to sleek and mysterious alien environments. The enemies you encounter range from giant insects and oozes to robots and xenomorph-like beings. It’s a fantastic range of visual diversity to lose yourself in, and it’s all displayed in wonderful colors, evoking not just a world overrun by monsters and foes, but also a new, rich world to lose yourself in. Enemies lurk around every corner, and the battles you face are pretty satisfying because of the mechanics.

A large part of this is really due to the tactical nature of combat in Edge of Eternity. You can move your characters around on hexagonal grids, and you’ll be making use of good position to really get the best out of your abilities. Sometimes, you even get to use the landscape against them, triggering attacks that target its weaknesses, or triggering a backstab to deal major damage. And with the nature of the bonuses and maluses you encounter, you always feel rewarded for using these mechanics against your enemies.

However, while these are all pluses, there is a catch. Edge of Eternity took a while to be made, relying on Steam’s early access to really springboard much of its development before its final release on the personal computer, and eventually on the Sony PlayStation 4 and PS5. The retail version reflects the development process, as it also does feel like an early-access game early on, and then building momentum and quality, as if built in parts. The tactical combat it features — right at home once you have more characters to play — feels very loose and tacked on at the start. While its story and visuals are ultimately compelling, it starts out slow, making it feel boring and disjointed. There’s also the issue of some mechanics feeling like they could have been used better. Tactical positioning in combat could have been fleshed out better, crafting could have played a bigger part, exploration could have been made to play a more important role affecting the storyline.

Make no mistake, what Edge of Eternity has to offer is ample, even enjoyable, but it fails to really stand out next to its contemporaries. It does a lot of things well, but never does any one thing truly amazingly. Its visuals are great, its combat is enjoyable, its story is engrossing, and the amount of content it has will entertain you long enough to feel like it’s worth it. That said, it also seems to give out hints that it could have been more. There are bits and pieces of greatness in Edge of Eternity, in the way the environments look and in how the story unfolds before you, in how combat plays out fluidly with enough flexibility to let you experiment and play how you like. Now if only those bits and pieces were conjoined.

THE GOOD:

• Great visual design and interesting world to explore

• Fun tactical combat allowing for flexibility during battles

• Good variety of quests to undertake and environments to explore

THE BAD:

• Slow, boring early game pace

• Plays a bit too safe with its mechanics

• Has undercooked ideas that could’ve been implemented better

RATING: 7.5/10

Assassin’s Creed Valhalla: Dawn of Ragnarok carries with it a very important legacy. Not only does it carry a name synonymous with success; it also brings with it the assurance of the Action RPG-style releases in the series have typically taken the form of. No open-world stealth simulator, the Dawn of Ragnarok expansion pack has the chance to shape the future of the Assassin’s Creed franchise.

For all the promise it shows, though, Assassin’s Creed Valhalla: Dawn of Ragnarok is downloadable content that plays much too safe to really stand out. It feels more like a continuation of what was already established, rather than breaking new ground and trying out new things. That said, it’s still an enjoyable romp filled with fun encounters and tough combat.

What this means is, despite the fantastical creatures you’ll be facing off against, Dawn of Ragnarok is a mostly vanilla Assassin’s Creed Valhalla experience. You’ll be running around, slapping foes down with light and heavy attacks, dodging attacks, using combat and crafting skills, and exploring the admittedly very pretty realm of Svarfenheim. You’ll climb cliffsides, scale mountains, run through snowy passes and desiccated landscapes, and mostly make a mess in a very pretty landscape that allows for freeform fun.

This is probably the greatest strength of Assassin’s Creed Valhalla: Dawn of Ragnarok. For those who can’t get enough of the base game, the DLC provides new areas to explore and new foes to face off against. While it might feel repetitive given the base game’s already lengthy runtime, it still is very enjoyable to dig down into the expansion pack’s combat and fully let loose. When this is combined with a new weapon type to play with, you can really just let go and not think, move from area to area and unleash hell on your foes in typical ARPG style. Admittedly, there’s not a lot that’s new to them since they’re mostly reskins, but the few unique enemy types and bosses you’ll face make encountering them memorable enough to stick with you.

For the record, Dawn of Ragnarok is the third DLC in the Valhalla series, and given the task of putting colorful Norse mythology into Assassin’s Creed, it really feels like it could’ve done a lot more. Just look at Immortals Fenyx Rising, another Ubisoft game that tries to do the same with Greek mythology. While the title might not have new mechanics to boast about, it has a charm that draws you in, and a very distinct humor and style that impels you to keep going. Even if it is repetitive, it’s hard to put down just because of its personality, put to the forefront and made one of its defining features.

Contrast this to Assassin’s Creed Valhalla: Dawn of Ragnarok, which feels very limp by comparison. Norse Mythology was the time of giants and wild beasts, of the trickster god Loki and the wolf that ate the moon Fenrir. Of the fire and ice giants that threatened the gods, and of great serpents and monsters that lurked beneath the waves. To say that the DLC captured none of that would be a lie; in fact, the most enjoyable parts of it were when you were given glimpses of these impossible enemies, when you had to face off against legendary creatures like Surtr. And yet, that’s exactly why it feels so hollow. These are just glimpses, small peeks at what could’ve been, but isn’t. And that, perhaps, is Dawn of Ragnarok’s biggest flaw. Given all that it has on offer, it provides great value, especially when taken in the context of the already considerable content that Assassin’s Creed Valhalla already offers. Nonetheless, it could’ve done much more. It could have fully embraced its mythological aspects and changed up the gameplay.

Assassin’s Creed Valhalla: Dawn of Ragnarok is a fun little distraction, but, for all the hours you’ll spend, it may leave you wanting more. In the end, it’s more of the same old, same old.

THE GOOD:

• Has very pretty visuals and environmental and creature design

• Still has the fun, fast-paced, entertaining combat of the base game, with some visually captivating bosses

• New areas to explore, a new weapon to use, and some new abilities to mess with

THE BAD:

• Not much new in terms of unique content aside from bosses

• Feels underwhelming given its potential to take much more of the mythology it was inspired by

RATING: 7.5/10

THE LAST WORD: Birushana: Rising Flower of Genpei, an otome visual novel published by Idea Factory International, will be arriving physically and digitally for the Nintendo Switch on June 28 in North America and July 1 in Europe.

The game focuses on Yoshitsune Miyamoto, the youngest daughter of Yoshitomo Minamoto brought to Kurama Temple upon the death of her father in the Heiji Rebellion. There, the monks were instructed to raise Shanao as a boy who could one day grow strong enough to overthrow the Heike.
Trained and raised by Kakunichi, Shanao would wind up excelling in military strategy and in combat.

Torn between her duty to live up to the Genji family name and her desire to live a peaceful life, Shanao sets off in hopes to take down the Heike stronghold and finally bring peace to the country. Her adventure leads her to find new cherished relationships, as well as something deeper than the feud between the rivaling clans.

CLI bullish on growth after strong Q1 net income

THE East Village is the first residential project of Cebu Landmasters, Inc. within the Davao Global Township. — COMPANY HANDOUT

CEBU Landmasters, Inc. (CLI) is on track to meet its 20% net income growth target this year, after recording strong earnings in the first quarter.

“We’re optimistic we can meet this target and with grace and luck, we can outperform it,” CLI Chief Finance Officer Beauregard Grant L. Cheng said in an investors’ and analysts’ briefing on Monday.

In 2021, CLI recorded a P2.61 billion net income.

For the first quarter of 2022, CLI reported a 14% rise in net income to P811 million. Excluding the impact of the one-time tax benefit from the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, the company said its net income increased by 62% year on year.

Revenues jumped by 53% to P3.56 billion in the January to March period, fueled by strong real estate sales.

CLI said sales take-up rose by 36% to P4.5 billion in the quarter ending January, driven by new project launches.

A major contributor to the robust sales growth was The East Village, the first residential project of CLI’s Davao Global Township (DGT). The Cebu-based developer said the first three towers were sold out in four days, with sales of P4 billion. A fourth tower is being launched within the second quarter.

Other projects launched in the first quarter included Astra Corporate Center in Cebu and new phases of Velmiro Greens Bohol and Casa Mira Homes Dumaguete.

These are part of the pipeline of 15 projects worth P22 billion to be launched within the year.

“This is where investors and analysts really appreciated how prepared we are. We planned for this two years ago,” CLI Chief Operating Officer and Executive Vice-President Jose Franco B. Soberano said in a virtual briefing.

These projects include Casa Mira Homes Davao, Calle 104 Tower 1 and 2, Mandtra Residences Tower 2, Casa Mira Towers (CMT) Mandaue Tower 1, Costa Mira Beachtown Mactan Tower 3, Velmiro Heights Davao, CMT Palawan Tower 1 and 2, Costa Mira Beachtown Panglao Tower 1 and 2, and DGT lot sales.

“We have a lot of very exciting projects. I believe in the second half of the year we will see renewed interest in real estate products. We’re very proud of the expansions we have, it is diverse in economic positioning,” Mr. Soberano added.

He said that the company will continue to expand, from residential, offices, hotels, mixed-use developments, and townships.

“A lot of construction is going on, and this is where we like to say we are very focused. [As] we’re now moving towards the end of the second quarter, momentum is strong. We are looking at a very strong year ahead,” he said.

The company continues to beef up its landbank, which stood at 104 hectares, with a value of P12.3 billion as of the first quarter. There are still 60 hectares currently under negotiation.

Mr. Soberano said the company spent P2.6 billion on capital expenditure in the first quarter, with around 50% allocated for property development.

The company set aside P13 billion for capital spending this year. — with Luisa Maria Jacinta C. Jocson

Parks ends B.League campaign as Kawasaki sweeps Nagoya

RAY PARKS, JR. — BLEAGUE

NAGOYA Diamond Dolphins got swept by the Kawasaki Brave Thunders in the Japan B.League Division I quarterfinals, ending the campaign of Ray Parks, Jr. as the last Filipino standout standing there.

Mr. Parks was the lone Filipino import who made it to the B.League playoffs but still suffered an early exit as Nagoya bowed to Kawasaki in the best-of-three series, 85-70, 97-71.

The ace guard settled for seven points, four rebounds and three assists in the closeout game after being limited to four markers, six boards and two dimes in Game 1.

Mr. Parks and the Dolphins made the playoffs after finishing seventh overall and third in the Western Conference of the 22-team B.League with a decent 34-15 record.

The former TNT Tropang Giga stalwart in the PBA registered 10.8 points, 3.5 rebounds, 1.9 assists and 1.1 steals for Nagoya in his B.League debut season.

Other Pinoy players in, Kiefer Ravena (Shiga), Thirdy Ravena (San-en), Dwight Ramos (Toyama), Kobe Paras (Niigata), Javi Gomez de Liaño (Ibaraki) and Matthew Aquino (Shinshu), also stamped their class but their teams struggled out of the playoffs.

Niigata finished at the bottom with a dismal 7-45 card, San-en (10-48) bled at 21st spot and Shiga (14-43) at 20th place. Ibaraki placed at 18th (16-38) while Shinshu (28-26) and Toyama (25-34) finished at 11th and 14th spots, respectively.

Kiefer and Thirdy Ravena are currently reinforcing Gilas Pilipinas in the Hanoi SEA Games while Mr. De Liaño has been selected as the No. 8 pick of Ginebra in the PBA Rookie Draft after coming home.

Kemark Cariño of Aomori Wat’s (5-47) also finished at the last place of the 14-team B.League Division II while Juan Gomez de Liaño’s former team Earthfriends Tokyo Z (10-42) settled at 12th place. — John Bryan Ulanday

EastWest Bank profit down 74.9% in Q1

EAST WEST Banking Corp. (EastWest Bank) recorded a 74.9% drop in its net profit in the first three months of 2022 due to a lower net interest income amid a decline in consumer loans and as it posted a trading loss.

The bank’s net income stood at P507.5 million for the first quarter versus the P2-billion net profit it booked in the same period last year.

This translated to a return on equity (RoE) of 3.4%, down from the 14.4% it posted in the same period last year. The bank expects to maintain its RoE at around 7% to 8% for 2022 and a return to the double-digit level in 2023.

Return on assets also dropped to 0.5% in the first quarter from 2% a year prior.

Despite the decline in its first-quarter net profit, the lender is keeping its income guidance for the year at around P4 billion, it said in a disclosure to the local bourse on Monday.

“We have a weak Q1 income due to the lag effect of the pandemic. Our consumer-focused balance sheet bucked the trend, and allowed the bank to book higher income while the overall industry was going lower in 2020. We now have the reverse. Our Q1 declined while the industry as a whole increased as the full impact of the consumer decline is fully manifesting,” EastWest Bank Senior Executive Vice-President and Chief Lending Officer Jacqueline S. Fernandez was quoted as saying.

“We expect to align with the industry trend as the pandemic wanes, and the economy returns to higher growth. We expect 2022 core income to be around 2021 levels and get back to double-digit equity return in 2023,” Ms. Fernandez said.

The bank’s total revenues declined by 26% year on year to P5.8 billion last quarter from P7.82 billion. For the full year, it expects its revenues, excluding trading, to come in at the 2021 level of around P25 billion.

EastWest Bank’s net interest income fell by 12% to P5.21 billion in the first quarter from P5.91 billion in the comparable period in 2021.

“The 12% or P765.4-million decline in interest income was partly offset by the reduction in interest expense of 11% or P64.6 million. Interest income on loans declined by 16% to P5 billion driven mainly by the lower volume of consumer loans while interest income on securities increased by 46% to P561.3 million mainly from the accrual portfolio build-up,” the bank said in its quarterly report.

Gross loans decreased by 6% to P219 billion as consumer credit, which accounts for 72% of the bank’s portfolio, declined 11% to P157.4 billion, mainly due to a decline in auto loans and “as run-offs outpaced new loan releases due to weak demand and prudent risk-taking,” Meanwhile, corporate loans rose by 9% to P61.6 billion.

“The bank has resumed its loan rebuilding activities… It expects its consumer loans to start showing net increases beginning the second half of the year. Related to the effort to recover lost loan volumes, the bank expects loan-related fees to start growing as well,” the lender said.

The bank’s nonperforming loan (NPL) ratio stood at 11% at end-March, up from last year’s 10.4% “due to the impact of the pandemic to borrowers in meeting their obligations and the overall decline of the bank’s total loan portfolio.”

Its provisions for losses rose 42% to P1.03 billion and made up 2.2% of its gross loans. The bank said it expects total provisions for the year to end at around P4 billion, the same level seen in 2021.

Meanwhile, non-interest income excluding trading gains was also lower by 22% at P825.6 million.

The bank saw a P229.9-million loss from its securities trading and foreign exchange activities in the quarter versus the P854.1-million gain it booked last year.

“The wide variance is a result of the base effect as trading income for 2021 was higher than usual. In 2021, the trading gains were higher than the long-term average as low interest rates were maintained after the substantial reduction early in the pandemic. In 2022, interest rates moved higher resulting in the unusual trading loss,” it said.

The bank’s total operating expenses, excluding provisions for losses, declined by 5% to P4 billion.

Cost-to-income ratio was at 69.4%, higher than the 53.9% seen last year.

On the funding side, the bank’s total deposits stood at P323.9 billion, 5% higher than the same period last year. This was driven by the 14% increase in low-cost current account, savings account or CASA deposits to P245.3 billion. In contrast, high-cost time deposits decreased by 15% to P78.7 billion. CASA ratio improved to 76% from 70%.

EastWest Bank’s total assets as of March stood at P404.2 billion, 5% higher than P385.7 billion in the same period last year.

Its capital adequacy ratio was at 15.2% as of March, up from 14.4% a year prior. The bank’s common equity Tier 1 ratio stood at 14%, also higher than the 13.2% seen last year.

EastWest Bank shares ended trading at P7.25 apiece on Monday, down by 10 centavos or 1.36%. — K.B. Ta-asan

PSE approves VistaREIT’s IPO

THE stock exchange announced on Monday that it had approved the initial public offering (IPO) of VistaREIT, Inc., the real estate investment trust (REIT) of Vista Land & Lifescapes, Inc.

In a statement, Philippine Stock Exchange, Inc. (PSE) President and Chief Executive Ramon S. Monzon said he was pleased with the steady increase in the number of REIT listings in the local bourse.

“The entry of VistaREIT will further boost the size of the REIT market and broaden the portfolio of mall and office building assets in the local REIT space,” he added.

The company will be offering up to 3.33 billion shares at a price of up to P2.50 each, with an over-allotment option of 333.75 million shares.

The final offer price will be determined on May 25 after the company’s book-building process.

The company is expected to list its shares on June 15 under the trading symbol VREIT.

The shares will be listed and traded on the main board of the PSE and the sponsors will receive the entire proceeds of the offer, which should be reinvested in the Philippines.

As mandated by law, VistaREIT should distribute to shareholders at least 90% of its annual distributable income as dividends.

The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters, with Abacus Capital and Investment Corp. as participating underwriter.

VistaREIT’s portfolio includes 10 community malls in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu; and two office buildings in Taguig and Bacoor, Cavite. — Luisa Maria Jacinta C. Jocson

Entertainment News (05/17/22)

Maynila sa Mga Kuko ng Liwanag screening at the CCP

THE CCP Arthouse Cinema, in collaboration with the Film Development Council of the Philippines, Philippine Film Archive, and the Society of Filipino Archivists for Film, presents National Artist Lino Brocka’s Maynila sa Mga Kuko ng Liwanag, a special screening for the 2022 National Heritage Celebration and in commemoration of Lino Brocka’s Death anniversary on May 22. Watch the film for free on May 20, 2 p.m. at the CCP Tanghalang Manuel Conde. Pre-register for the event through https://tinyurl.com/ccparthouse-nationalheritage.

Filipino-dubbed K-drama on iWantTFC

WATCH THE Filipino-dubbed Korean drama Encounter starring Park Bo-Gum and Song Hye Kyo for free on iWantTFC (https://t.co/sSOCJGnPeb). Encounter tells the love story between Soohyun (played by Song Hye Kyo), the wealthy CEO of a large hotel, and Jinhyuk (played by Park Bo Gum), a new employee who just began working at Soohyun’s hotel. Both of them give up everything to be together.  The screening is exclusively available in the Philippines.

Universal Records PH welcomes Ken San Jose

UNIVERSAL Records Philippines has officially welcomed the singer-dancer Ken San Jose as part of the growing artist roster. The singer-dancer was joined by his management, Cornerstone Entertainment Inc.’s Erickson Raymundo and Jeff M. Vadillo during the exclusive contract signing at the Universal Records office with Managing Director Kathleen Dy-Go and Operations Manager Peter Chan. According to the World of Dance PH finalist, joining the UR roster is a dream come true for him. “It’s a dream come true. It’s something na I’ve dreamed of ever since I was young, signing a record deal”. Mr. San Jose said in a statement. His musical influences include Chris Brown, Travis Scott, Justin Bieber, and Skusta Clee.  Mr. San Jose has released four singles since 2019, including “Halma” and “Lose Control” and this year. “I definitely wanna release my first album with UR and I definitely want to explore my artistry whether that’s on hip-hop or RNB,” Mr. San Jose said.

South Korean acts at the Smart Araneta Coliseum

FOUR of the biggest South Korean acts are slated to visit Manila for Begin Again: KPOP Edition with NCT DREAM, SHINee’s KEY, WEi, and ALICE performing their latest hits on May 29, 5 p.m. at the Smart Araneta Coliseum. NCT DREAM will be headlining the show. The group released their album Glitch Mode last March which sold 2 million copies. Performing alongside the group is labelmate KEY, lead dancer, and lead rapper of SHINee. WEi, a six-member boy group from OUI Entertainment, is also joining the concert. In March of this year, the group released their fourth mini-album Love Pt.1: First Love. The album sold more than 100,000 copies and placed at number five on Korea’s Gaon Chart. The fifth group joining the show is ALICE with members EJ, Do-A, Chaejeong, Yeonjae, Yukyung, Sohee, and Karin. In 2018, the group was namedthe Best Rookie Group at the 24th Korean Entertainment Arts Awards. Pre-selling of tickets begins on May 17, 12nn via https://www.cdmentertainment.ph. Official ticket selling begins on May 18, 10 a.m. via https://www.ticketnet.com.ph/ and all Ticketnet outlets nationwide.   

Stream the 31st SEA Games on GigaPlay   

MOBILE SERVICES provider Smart Communications, Inc. (Smart) continues to enable its subscribers’ unshakeable passion for sports as it streams the 31st SEA Games live from Hanoi, Vietnam on May 12 to 23 on the GigaPlay App for free and with no streaming charges. Subscribers simply need to be on the Smart mobile network and have the GigaPlay App to enjoy SEA Games 2022 right at their fingertips, powered by Smart’s wide network coverage. Through Smart’s coverage of the Team Pilipinas on GigaPlay, Smart customers can show their support to the country’s top athletes. Smart is supporting Olympic gold medalist for powerlifting Hidilyn Diaz, who will lead the national powerlifting team, along with silver medalists for boxing Nesthy Petecio, bronze medalist for boxing Eumir Marcial, fellow Olympic boxer Irish Magno, Olympic gymnast Carlos Yulo, and Olympic pole vaulter EJ Obiena, as well as the Philippine national esports team Sibol and the national badminton team. As an advocate of Philippine esports, Smart is also rallying behind bemedaled Team SIBOL, whose #LakadMatatag battle cry is expected to boost the Philippines medal count with 54 esports athletes ready to grind it out at the Hanoi games. Catch all the SEA Games action by downloading GigaPlay from the Apple App Store or Google Play Store.

Limitless: A Musical Trilogy airs on GMA

FROM WINNING the Silver World Medal at the 2022 New York Festivals TV and Film Awards, Limitless: A Musical Trilogy gives the recognition back to the public with the Philippine TV airing of Julie Anne San Jose’s concert on May 15, 22, and 29 on GMA. Airing at 2 p.m. after All Out Sundays, the three-part special gives viewers the chance to experience Julie’s musical journey beginning with “Breathe,” where she traveled to Mindanao; followed by “Heal,” which was shot in the Visayas; and finally, “Rise,” which was set in Luzon.  As the world faced the challenges of the global pandemic, Limitless was conceptualized to inspire Filipinos all over the globe to never lose hope. Set in picturesque landscapes in select cities and provinces of the Philippines, Limitless reminded everyone that anyone can be limitless. At recently-concluded New York Festivals TV and Film Awards, the GMA Synergy-produced musical won the Silver World Medal in the Entertainment Special: Variety Special category. Through Limitless, Ms. San Jose was able to open herself up more to the public: who she is beyond being a singer, songwriter, dancer, multi-instrumentalist, and actress. Her fans got to know her different facets, and learned more about her passions. The show saw the singer collaborating with some of the country’s finest musical talents, including Christian Bautista, Jong Madaliday, Myke Salomon, Jessica Villarubin, and Rayver Cruz.

GTV further boosts signal reception in PH

GTV continues GMA Network’s pursuit of reaching every Filipino household as it further expands its coverage after completing all its analog station upgrades across the country. The GTV Iloilo station, which covers the Western Visayas region, is the ninth and final analog TV station upgraded for GMA Network’s second free-to-air channel. Since GTV’s launch in 2021, the network has been non-stop in its efforts to expand and improve its signal in key areas within and outside Metro Manila. These stations include Tandang Sora, Mt. Sto. Tomas, Mt. Banoy, Naga, and Legazpi in Luzon; Tacloban and Iloilo in Visayas; and General Santos and Zamboanga in Mindanao. Boosted by its signal improvements, GTV likewise continues to be the second top channel in the country next to flagship station GMA. From Nielsen’s January to April 2022 TV audience measurement data, GTV recorded an average of 11.6 percent people audience share across all dayparts in Total Philippines. It has further widened its gap from its closest competitor TV5 with 10.4 percent, while A2Z had 5.4 percent. Currently, GTV has a total of 27 stations located in key areas in the Philippines. Viewers can also catch GTV on digital TV receivers GMA Affordabox and GMA Now.

Overseas Filipinos’ cash remittances (March 2022)

MONEY SENT HOME by overseas Filipinos rose by 3.2% in March, reflecting improved economic conditions in many host countries as pandemic restrictions eased. Read the full story.

Overseas Filipinos’ cash remittances (March 2022)

1...6,0916,0926,093...13,910Page 6,092 of 13,910
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube