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DITO CME net income drops over 70% as expenses soar

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DITO CME Holdings Corp.’s second-quarter attributable net income fell 70.8% to P8.1 million from P27.5 million in the same period last year, mainly due to higher expenses.

The listed holding company’s total expenses for the quarter jumped to P18.6 million from measly P555,877 in the same period in 2020, it said in a disclosure to the stock exchange on Monday.

The company’s non-operating income for the quarter went up 11% to P32.2 million from P29.1 million in the same period last year.

For the first six months of the year, DITO CME’s net income attributable to parent equity holder decreased 70.5% to P16.3 million from P55.3 million previously.

Total expenses for the first six months ballooned to P35.8 million from P1.6 million in the previous year.

Its first-half non-operating income grew 4.6% to P61.2 million from P58.5 million in the same period last year.

“The company earned interest income from its advances from its outstanding receivable from Udenna Corp. Group and investments totaling to P54.6 million and P29.3 million in 2021 and 2020, respectively,” DITO CME said.

“On the other hand, expenses incurred had increased… mainly due to additional professional fees and salaries paid in 2021 as compared to 2020,” it added.

DITO CME shares closed 1.68% lower at P7.63 apiece on Monday. — Arjay L. Balinbin

Hyundai sales dip; demand for commercial vehicles up

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HYUNDAI Asia Resources, Inc. (HARI) sales in the seven months to July declined 18% from the same period last year, while commercial vehicle sales remained strong amid growing business logistics requirements.

The local distributor of the global brand sold 7,008 vehicles for the January-to-July period from 8,542 a year earlier.

On a month-on-month comparison, Hyundai’s total July sales had inched up 4.1% to 845 units from 812 in June.

“The growth in sales was brought about by Commercial Vehicles (CV), which saw a remarkable increase of 232.1% in July versus the previous month, offsetting the slight decline in Light Commercial Vehicles, which dropped by -12.1%,” the company said in a report on Monday.

Hyundai trucks, the company said, is being used by last mile logistics providers and government agencies.

As of July, commercial vehicle sales went up more than 446% to 852 units year on year.

In contrast, segments that make up a bigger share of the company’s sales declined during the same period. Light commercial vehicle sales dropped 26.7% to 3,177 units, while passenger car sales fell 26.5% to 2,979 units.

Month on month, light commercial vehicle sales dropped 12.1% to 340 units in July, while passenger car sales inched up 3.8% to 412 units.

Imported vehicle sales in the first half of 2021 went up by 55% to 30,153 units compared with the figure in the same six months last year, the Association of Vehicle Importers and Distributors, Inc. (AVID) said. The industry group accounts for 21 members carrying 26 global brands.

HARI last month launched its trucks and buses dealership showroom in Cebu. The 2,000-square-meter space is owned and operated by Hyundai Cebu, Inc. (HCI), one of HARI’s commercial vehicle dealerships. — Jenina P. Ibañez

PhilWeb trims losses, cites remote gaming

PHILWEB Corp. narrowed its attributable net loss to P29.87 million in the second quarter from P37.63 million a year ago, as remote gaming provided revenues when lockdown measures led to the temporary closure of its sites.

“Our Q2 (second quarter) results were due to the loss of revenues from temporary site closures brought about by the tighter quarantine measures,” PhilWeb President Edgar Brian K. Ng said in a press release on Monday.

He added that the firm’s remote gaming platform, which was launched at the end of March, gave PhilWeb and its business partners a “continuing source of gaming revenues” amid the closure of its brick-and-mortar gaming venues for most of the quarter. The new platform holds a license from the Philippine Amusement and Gaming Corp.

“We were pretty much in a similar situation last year, but our EBITDA (earnings before interest, taxes, depreciation, and amortization) losses are narrower due to remote gaming; we’ve managed to bridge the quarter without the need for external funding,” Mr. Ng said.

In its quarterly report filed last week, PhilWeb said revenues in the three months ending June reached P96.80 million, up by more than 110 times compared with the year-on-year level of P878,760.

PhilWeb’s earnings came from its gaming application services business and income from commissions.

PhilWeb is accredited by the government gaming regulator. its subsidiaries include BigGame, Inc.; e-Magine Gaming Corp.; and PhilWeb Asia-Pacific Corp.

The company’s shares shed 1.76% or four centavos to finish at P2.23 apiece on Monday. — Angelica Y. Yang

Cirtek lists 249M common shares, to issue warrants

CIRTEK Holdings Philippines Corp. has listed 249.44 million common shares in the local bourse, and will issue bonus detachable warrants of the same number, the company said on Monday.

In a press release, Cirtek Holdings said that the common shares sold through a stock rights offer are at an offer price of P5.50 per entitlement right each. The company set the ratio at one entitlement right for every 1.68 common shares.

Meanwhile, the company said that it is also issuing bonus detachable warrants which are free-of-charge to the investor. “[The warrants] shall be issued as part of the subscription to the entitlement rights,” it added.

A bonus detachable warrant comes at an exercise price of P5.50.

“The company intends to use the proceeds from the offer to partially retire its short-term obligations and refinance working capital of its subsidiaries, namely Quintel USA, Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technologies and Solutions, Inc.,” Cirtek said.

Cirtek is a holdings company primarily engaged in the manufacture and sale of semiconductor packages, the manufacture of highly integrated technology products and the delivery of antenna solutions.

Previously, Cirtek announced that it was open to list its unit Quintel USA, Inc. in the US-based stock exchange Nasdaq through an initial public offering.

The firm earlier reported a second-quarter attributable net income of $2.31 million, up by around 70% versus $1.36 million in the same period last year.

Cirtek shares went down by 2.13% or 10 centavos to finish at P4.60 apiece on Monday. — Angelica Y. Yang

CLI bullish on hotel business

CEBU LANDMASTERS, Inc. recently launched Abaca Resort Mactan. — COMPANY HANDOUT

By Keren Concepcion G. Valmonte, Reporter

CEBU LANDMASTERS, Inc. (CLI) said it remains bullish on its hotel business as it anticipates a strong recovery in the tourism and travel sectors over the next three to four years.

This as the listed developer reported a 66% increase in its net income to P1.32 billion in the first six months of 2021, keeping CLI on track to exceed its growth targets.

“As we know, it’s one of the challenging industries today but we’ve timed the delivery of our hotels to be completed by 2023, 2024, and 2025, which we really feel there’s going to be a very strong tourism recovery,” CLI Chief Operating Officer Jose Franco B. Soberano said during an online briefing on Monday.

CLI said it expects to operate 1,433 rooms in its hotel portfolio by 2025, with seven hotel development projects in the pipeline.

The Visayas-Mindanao-based property developer entered the hospitality segment nearly two years ago. Developed in partnership with The Ascott Ltd., CLI’s Citadines Cebu City started operations in September 2019. It has 130 rooms available, with 50 more rooms underway.

“CLI’s strategy with its hospitality business is really brand. We will partner with global brands to deliver a global network and a global standard of excellence,” Mr. Soberano said.

The company partnered with The Ascott on three more of its hotel projects.

Lyf Cebu City is expected to be completed by 2022 and will add 159 hotel rooms to its portfolio. Citadines Bacolod City will open its doors by 2023 with 200 hotel rooms, while Citadines Paragon Davao is slated for completion in 2024 with 263 rooms.

CLI also inked a management contract with the Radisson Hotel Group for the first Radisson RED in the country, which will have 144 rooms. It is expected to be completed by 2023.

Meanwhile, its recently launched Abaca Resort Mactan will be operated by the Abaca group. The luxury boutique hotel will feature 125 rooms and is slated for completion in 2024.

CLI also has two development projects to be operated by French multinational hospitality group Accor S.A. Patria de Cebu’s Mercure Cebu Downtown will add 167 hotel rooms to CLI’s portfolio and Sofitel Cebu will contribute 195 hotel rooms. Both developments are expected to be completed by 2025.

“We have a chance to design these hotels in the best and healthiest environment possible,” Mr. Soberano said.

CLI said it is looking forward to see how its hotel projects will complement its existing businesses, as most of it are attached to its business developments.

Latitude Corporate Center was completed during the first six months, adding 13,000 square meters (sq.m.) of gross leasable area (GLA). It now has a GLA of 29,051 sq.m.

The company said it might consider entering the real estate investment trust market with its hotel and mixed-use developments.

“Not immediately, but certainly a strategy that we’re looking at in the mid- to long-term,” Beauregard Grant L. Cheng, chief finance officer of CLI, said.

The company now has 40 completed projects in total, while 36 more developments are underway and 14 are in the pipeline.

Six residential projects in Cebu, Iloilo, and Ormoc worth P11 billion were launched in the January-to-June period across its economic, mid- and high-end brands. 

“We intend to continue benefitting from our core business — housing — while preparing for new opportunities that global recovery and tourism will bring,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Monday.

CLI’s net income to parent surged by 66% to P1.32 billion in the six-month period from last year’s P792 million as sales in its real estate developments grew. 

The company’s topline grew to P5.1 billion, 46% higher than the P3.5-billion logged in revenues in the same period last year. CLI’s economic housing brand Casa Mira posted the highest growth with 206% due to higher sales and continued construction.

CLI said construction activity in its project sites stood at an average of 97%, especially in projects located in Cebu, Dumaguete, and Bohol.

The company saw reservation sales jump 12% to a record P8.3 billion in the first half, after it launched six residential projects in Cebu, Iloilo and Ormoc.

“We spot opportunities in the middle of all these challenges. The low-interest rate environment and tax measures that favor mid- and economic home buyers inspire us to persist in executing our project plans with agility and excellence. We are anticipating to exceed our year-end guidance by the end of the year,” Mr. Soberano said.

SSI cuts losses, stays positive amid lockdown

LISTED SSI Group, Inc. reported in a regulatory filing on Monday that its total comprehensive loss amounted to P74.15 million for the second quarter, 87% lower than the P585.63-million loss incurred in the same period last year.

“While we began the second quarter with a two-week enhanced community quarantine (ECQ) in April that caused the closure of our brick-and-mortar stores, followed by a four-week modified enhanced community quarantine, sales for the second quarter increased by 294% year on year,” SSI President Anthony T. Huang said in a statement.

The company recorded sales amounting to P2.90 billion, up from P737.89 billion. Its total revenues stood at P2.91 billion for the quarter ending June, nearly three times last year’s P742.78 million.

SSI incurred a recurring loss of P2.8 million in the second quarter.

Meanwhile, its total comprehensive loss for the first semester was down by almost 64% to P173.58 million from P477.34 million. Its recurring loss for the six-month period amounted to P88.7 million.

The company’s sales went up by 28% year on year to P6.42 billion from P5.02 billion. Total revenues grew by 28% to P6.43 billion from P5.04 billion previously.

“The group’s performance during the first half of the year reflected the resilience of SSI’s core customer base, and the pace at which demand, especially for premium and high-end products, is able to recover,” Mr. Huang said.

SSI said its e-commerce sales via trunc.ph, bananarepublic.com.ph, beautybar.com.ph, dunelondon.ph, gap.com.ph, lacoste.com.ph, lush.com.ph, marksandspencer.com.ph, superga.ph, zara.com/ph, payless.ph, and other third-party marketplaces also went up by 298%.

The company said it entered August with a good sales momentum recorded in June and July. It remains optimistic despite the reimposition of ECQ.

“We now have several very clear examples of how quickly our different categories can bounce back when our stores are open and COVID cases are relatively controlled,” Mr. Huang said.

“We will be leveraging on this knowledge and on initiatives meant to optimize our store network, our cost base and to expand our digital channels as we navigate through the rest of 2021,” he added.

On Monday, shares of SSI at the stock exchange declined by 3.57% or four centavos to close at P1.08 each. — Keren Concepcion G. Valmonte

Singer Julie Anne to star in a three-part virtual concert

LIMITLESS, A Musical Trilogy is set to unveil the different facets of Julie Anne San Jose as a singer, songwriter, dancer, actress, and instrumentalist.

SINGER-songwriter and actress Julie Anne San Jose has traveled around the Philippines in order to share music with various communities in a virtual reality concert, Limitless, A Musical Trilogy via GMA Synergy.

The three-part musical journey is set to unveil different facets of Ms. San Jose as a singer, songwriter, dancer, actress, and instrumentalist. The show is set in various locations in Luzon, Visayas, and Mindanao. The first leg, which premieres on Sept. 17, was shot in Mindanao.

“Each of us is still trying to deal with the trying times and to be able to produce a musical trilogy like Limitless and to have it seen by people not only here in the Philippines but in every part of the world, is something I hope will inspire everyone to keep on seeing the good things around us,” Ms. San Jose said in a statement.

“It is just timely and fitting that Julie will now be called the ‘limitless star’,” said Oliver Victor B. Amoroso, First Vice-President and Head of Regional TV & Synergy at GMA Network, Inc., at an online press conference on Aug. 12 held via Zoom. “Itong Limitless: A Musical Trilogy, ginawa ito para kay Julie (The Limitless: A Musical Trilogy was made for Julie). It was presented to her, and we are very happy that she went on board.”

Ms. San Jose was recently featured on a digital billboard at the iconic Times Square in New York City for Spotify’s EQUAL campaign, which encourages users to listen to amazing women from all around the world.

At her young age (she is 27) Ms. San Jose is a true showbiz veteran — she started her career at the age of three in the children’s educational show Batibot, and went on to becoming a member of the children’s music group Sugarpop which released albums, had a TV show, and regularly performed on TV variety shows. In 2010 she went solo, honing her talent on GMA-7’s show Party Pilipinas, where she sang and made music videos and short films. In the years that followed, she released albums, held concerts, and acted in shows like primetime drama series Kahit Nasaan Ka Man and the daytime musical series My Guitar Princess. Her debut album, Julie Anne San Jose, earned her a Diamond record, making her the youngest recipient of the award as she was only 18 at the time. Her second album, Deeper, earned a Triple Platinum Award.

Her last live concert before the pandemic struck was, Julie Sings the Divas in 2019. And now she is taking her concert prowess online.

Directed by Paolo Valenciano, Limitless, A Musical Trilogy is produced by GMA Synergy. This is the team behind the Philippines’ first-ever virtual reality concert, Alden’s Reality: The Virtual Reality Concert, which was held in Dec. 2020 and which is now a finalist at the New York Festivals Awards.

Mr. Valenciano said that their team thought of the virtual reality concept in order to share music with small communities outside of the usual recording and performing in front of a camera during an online concert.

“We just wanted to create something that would speak to everyone, whether you’re a Julie fan or not, we want that real connection with actual people,” Mr. Valenciano said, adding that it was the first time in over a year that they heard fans scream when they saw the artists.

“A part of the magic of a concert is hearing everyone aligned, everyone just having that same energy. We wanted to sort of capture that even though our audience was only 10 people. We wanted to capture that, then we felt that, that was something that could inspire our audience [online],” he added.

Myke Salomon is the show’s musical director, with JC Gellidon as the director of photography.

For the first show in the trilogy, Ms. San Jose will be joined by Christian Bautista and The Clash alumnus Jong Madaliday. The song lineup includes new original songs, personal favorites, and covers. The concert will include footage of Ms. San Jose recalling her journey as an artist, from how she started in the industry, and why she began songwriting.

“[For me], this is more than just another online show,” Ms. San Jose said. “It’s something really personal to me because I’m sharing a piece of my heart.  I don’t think I’ve ever been this vulnerable and open to, you know, to people through our show.”

Limitless, a Musical Trilogy premieres on Sept. 17. Tickets are available at www.gmanetwork.com/synergy and are priced at P599 (general admission); P1,499 (Synergy Pass GA); P1,199 (VIP); and P3,299 (Synergy Pass VIP). Special merchandise awaits ticket buyers who purchase the VIP and Synergy Pass VIP. — Michelle Anne P. Soliman

Filinvest REIT says POGO tenants fell in first half of 2021

Filinvest REIT Corp. manages a portfolio of 17 office buildings, of which 16 are located in Northgate Cyberzone, Filinvest Corporate City in Muntinlupa. — COMPANY HANDOUT

FILINVEST REIT Corp. (FILREIT) said the number of its Philippine Offshore Gaming Operator (POGO) tenants declined in the first semester, after the pre-termination of their leases.

The company said its overall occupancy rate by the end of the first semester stood at 89%, with POGO tenants now making up 1.5% from 2.8% previously. 

“The company anticipated and forecasted the decline due to the further reduction of its remaining POGO tenants,” FILREIT said in a statement.

FILREIT said it ended the period with business process outsourcing (BPO) firms making up for 90% of its tenants, describing the sector as resilient. It added that regional operating headquarters will also form part of its tenant base to replace POGO firms.

“New multinational BPO tenants and ROHQ (regional operating headquarters) are taking up the vacated spaces, albeit with delays due to ECQ (enhanced community quarantine) restrictions,” the company said.

FILREIT manages a portfolio of 17 office buildings with over 300,000 square meters. Sixteen of these buildings are located in Northgate Cyberzone, Filinvest Corporate City in Muntinlupa.

FILREIT’s net income for the second quarter declined by 12% to P411.18 million from last year’s P467.92 million.

Its topline dropped by nine percent to P949.17 million in the second quarter from P1.04 billion a year ago. Rental revenue income amounted to P688.08 million, sliding eight percent from P746.61 million a year ago. 

However, its net income for the six-month period grew by eight percent to P1.05 billion, driven by lower provisioning for taxes as some projects were transferred to parent firm Filinvest Land, Inc.

“We are pleased with the results of our first-half performance considering the general economic climate,” Lourdes Josephine Gotianun-Yap, chairperson of FILREIT, said in a statement.

Revenues for the period declined by 13% to P1.96 billion in the first half. FILREIT’s rental revenue reached P1.4 billion, sliding 8.4% year on year. — Keren Concepcion G. Valmonte

PetroEnergy profit soars as power sales rise

PETROENERGY Resources Corp. said its second-quarter attributable net income rose by more than three times to P128.16 million after recording higher electricity sales and oil revenues.

In its quarterly report filed with the local bourse on Monday, PetroEnergy said its total revenues amounted to P611.98 million, higher by around 16% compared with the value in the second quarter of 2020.

Sales from its electricity segment in the three months ending June improved by 13% to P515.39 million from P456.78 million a year ago.

Meanwhile, the firm’s oil revenues in the second quarter reached P96.59 million, up by 39% versus the P69.45 million recorded in the same period last year.

PetroEnergy added that its after-tax net income during the quarter hit P216.14 million, over two times its previous level of P103.03 million.

It is engaged in petroleum production through the Etame consortium in the African country of Gabon; and in renewable energy in the Philippines through its subsidiary PetroGreen Energy Corp.

PetroEnergy President Milagros V. Reyes said during the annual stockholders meeting last month that the company will be focusing more on the power generation business, adding that it aspires to become one of the most profitable publicly listed energy firms in the Philippines.

Shares of PetroEnergy inched up 0.51% or two centavos to finish at P3.95 apiece on Monday. — Angelica Y. Yang

Game system uses TVs as consoles and a smartphone as a game controller

SKYCABLE has partnered with Swiss game developer N-Dream to offer AirConsole, a cloud-based multiplayer video game console, to its subscribers.

AirConsole uses web browsers, Sky Evo digiboxes, laptops, tablets, and televisions as consoles, and smartphones as the game controller.

AirConsole offers a selection of over 160 multiplayer games of different genres, including quizzes, sports, racing, strategy, cards, classic arcade, and party games.

“A lot of people play across generations, because it’s really not difficult to get started with our console. So, you don’t need to be a gamer,” Anthony Cliquot, Chief Operating Officer of AirConsole, said at an online press launch held via Zoom on Aug. 13.

“You really collaborate with your children and explain them some strategy on how to get further, which is surely also a beautiful aspect of the platform to spend quality time with your loved one, especially now in these times,” Mr. Cliquot continued, adding that “Gaming brings a whole new world of interactivity” and “emotions are triggered as you make decisions [while playing].”

There are mini games, such as The Neighborhood, a slingshot battle between two groups to destroy each other’s homes, and Fling to the Finish, an obstacle-filled game that requires teamwork to overcome while tethered to one another.

Racing games include the go-kart game GoKartGo! Air! and combat car racing game Burnin’ Rubber 5 Air. Meanwhile, for sports enthusiasts there is the track-and-field game Smoots Summer Games, the minigolf game Golfriends, and an online arcade soccer battle Golazo!.

To test mind skills there are interactive quiz games Trivia & User Quiz, QuizWitz, and Can’t Believe It’s…, while games that require creativity are fARTwork and Drawing Evolution.

AirConsole Head of Publishing Rafael Morgan said that the product’s advantage is its accessibility.

“Players can play together on AirConsole without buying any additional hardware. All you need is a SKY TV box and the smartphones that you already have,” Mr. Morgan said in a statement.

“With their access to AirConsole, families can savor leveled-up bonding moments without digging deep into their budget, especially during this time when many look for ways to cope with the orders to stay at home,” Alan Supnet, Head of SKY Broadband Products said in a statement.

“We are constantly looking for new innovative partners that can add and somewhat live by the same motto and values that we have. We want to bring the best possible content and the most entertaining content to our users,” Mr. Cliquot said of the partnership.

With a SKY Fiber subscription, access to the AirConsole Hero plan is free for six months, which costs P249 a month for non-SKY subscribers. For more information, visit www.mysky.com.ph/fiberfreemiums. — MAP Soliman

‘Green’ building breaks ground in Nuvali

A NEW “green” building is being developed within Ayala Land, Inc.’s Nuvali estate in Sta. Rosa, Laguna.

LHK Square South, a project of JSLA Architects, is located in Nuvali’s Lakeside Evozone-South.

JSLA said it aims to secure a Leader in Energy and Environmental Design Gold certification for LHK Square South.  Its features include a double-glazed curtain glass system, a LED lighting system, and a variable refrigerant flow cooling technology.

The nine-storey building has a gross leasable area of 11,200 square meters, and is registered with the Philippine Economic Zone Authority. It is set to be completed by 2023.

“We may be spending a bit more in creating a future-ready project, but we believe that this is what the market needs now and in the future. Going green in design means building for a world that is environmentally-conscious and sound, and we’re shaping that here in Nuvali,” Jose Siao Ling, founder of JSLA Architects, said in a statement.

PLDT investing P3.9B in APRICOT subsea cable

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PLDT, Inc. is expanding its network bandwidth capacity by investing $80 million, or P3.9 billion, in the construction of an international undersea cable system, its chief executive officer said.

PLDT is investing in the APRICOT cable project, which is expected to augment the group’s international capacity for data traffic.

“The construction of this APRICOT cable system is vital to the Philippine economy with rapidly increasing data traffic and is aligned with our best efforts to make the Philippines a strategic data center hub in the region,” PLDT and Smart Communications, Inc. President and Chief Executive Officer Alfredo S. Panlilio said in a statement e-mailed to reporters on Monday.

The APRICOT project is the third international cable network system where PLDT is participating in.

To recall, PLDT announced previously its $136.7-million investment in the Jupiter Cable project and in the 9,400-kilometer Asia Direct Cable system.

The Jupiter and the Asia Direct cable projects are expected to be completed this year and early 2023, respectively, the company said.

“The 12,000-kilometer-long cable system will have design capacity of more than 190Tbps (Terabits per second) connecting the Philippines to Japan, Singapore, Indonesia, Taiwan and Guam,” the company said, referring to the APRICOT cable project that is targeted to be fully operational in 2024.

PLDT shares closed 1.25% lower at P1,259 apiece on Monday.

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

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