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2GO cuts net loss, stays bullish on growth

2GO Group, Inc. trimmed its second-quarter net loss to P308.7 million from a loss of P621.6 million in the same period a year earlier, as cost of services and goods sold fell.

Total revenues for the quarter decreased 2.6% to P3.8 billion from P3.9 billion in the previous year, 2GO’s second-quarter results showed.

By business segment, freight revenue for the quarter rose 49.4% to P849.7 million, while travel revenue declined 10.1% P93.8 million.

Second-quarter revenue from logistics and other services grew 36.4% to P1.5 million, while revenue from the sale of goods fell 33.3% to P1.4 million.

Cost of services and goods sold decreased 7.5% to P3.7 billion, resulting in a gross profit of P123.1 million, compared to a loss of P86.1 million in the same period last year.

2GO’s second-quarter general administrative expenses increased 5.4% to P398 million, bringing the company’s operating loss to P274.9 million from a loss of P463.8 million in the previous year.

The company trimmed its attributable net loss for the first six months of the year to P599.8 million from a loss of P730.5 million in the same period a year earlier.

First-half revenues fell 14.3% to P7.8 billion from P9.1 billion in the previous year.

2GO attributed its net loss for the first half to “the continued slowdown in the economy brought about by the… pandemic.”

“For 2021, 2GO continues its corporate governance initiatives, and aims to expand and further enhance its service offerings to its customers and stakeholders. 2GO plans to achieve this through more streamlined operations and collaboration within its business units, investment in warehousing and logistics information technology solutions for customers, and synergies and best practices from its new shareholders,” the company said.

“Management is confident that 2GO will further its growth and become an even stronger logistics solutions provider going forward,” it added.

2GO shares closed 1.12% higher at P8.14 apiece on Tuesday. — Arjay L. Balinbin

Fruitas swings to profit on ‘resilient’ community stores

FRUITAS Holdings, Inc. on Tuesday reported that it swung to profitability in the April-to-June quarter, earning P6.9 million and reversing the P27.44-million loss incurred a year ago, as its community stores “remained resilient.”

“As we record our first quarterly net income since the pandemic, we will continue to ‘quarantine-proof’ our business,” Fruitas Holdings President and Chief Executive Officer Lester C. Yu said in a statement on Tuesday.

The company’s revenue surged three-fold to P262.62 million from P87.91 million in the same quarter last year. It also inched up from the P261 million generated in the first quarter.

Its community stores’ sales contribution reached 15% in the second quarter even if certain kiosks were temporarily closed. The company said it continues to expand its network.

“Our community stores remained resilient and have been instrumental in our push to generate more demand for our products online,” Mr. Yu said.

As of end-June, the company had 67 community stores under its belt. Its store network grew to 80 by Aug. 15, taking into account franchised Balai Pandesal stores following the company’s agreement forged with Balai Pandesal Corp. in June.

“Our wider network now allows easier access to and faster delivery of Fruitas products. It also makes us an attractive partner for other companies which want to target the same consumer base,” Mr. Yu said.

For the first half, Fruitas Holdings trimmed its loss by 30% to P8.63 million from P12.35 million as revenues grew by 13% to P524 million. However, this is still 44% lower than its topline pre-pandemic.

“Despite the significant drop in total revenue versus pre-pandemic levels of 2019, FRUIT’s average daily sales per store have already recovered to about 70% of pre-pandemic level,” Fruitas Holdings said, using its stock symbol.

On Tuesday, shares of Fruitas Holdings at the stock exchange went up by 0.85% or one centavo to close at P1.19 each. — Keren Concepcion G. Valmonte

FDC income slides; top official hopes to recover momentum

FILINVEST Development Corp.’s (FDC) net income attributable to equity holders of the parent company amounted to P2.23 billion in the second quarter, down by almost 47% from the P4.18 billion year on year as its topline figure dropped.

The Gotianun-led firm also reported in a regulatory filing on Tuesday that its revenues for the three-month period totaled P13.34 billion, inching down by six percent from P14.25 billion. Revenues and other income also decreased by 22% to P15.28 billion from P19.57 billion.

“The market conditions remain to be challenging, but our businesses continue to persist and progress amidst the volatility,” FDC President and Chief Executive Officer Lourdes Josephine Gotianun-Yap said in a statement on Monday.

For the first semester, FDC’s net income attributable posted a 42% drop to P4.2 billion from P7.22 billion from a year earlier. Its consolidated income amounted to P5.7 billion.

Its banking unit accounted for over half or 55% of FDC’s bottom line, contributing P3.7 billion, which is 16% less than the P4.4-billion contribution in the same period last year on lower loan revenues and trading gains.

Meanwhile, its property business, which includes its real estate and hospitality segment, recorded 26% or P1.7-billion net income contribution. Its power subsidiary accounted for 15% or P971 million, while the four percent balance was from its other business units.

The company’s revenues and other income also suffered a 23% dip to P31.88 billion from P41.25 billion.

Banking arm EastWest Banking Corp.’s profit went down by 18% to P3.8 billion year on year. Its net interest income also declined by 14% to P11.5 billion due to lower loan levels and yields on loans and fixed income securities.

FDC’s real estate business comprised of Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc. contributed a P2.2-billion net income to the group in the first semester.

In a separate statement, FLI said its net income attributable to equity holders saw a 14% improvement in the second quarter to P1.09 billion from P952 billion year on year.

The company saw a 76% increase in residential revenue during the period to end with P2.57 billion, “which signals the recovery of the residential business and further confirms that demand for the company’s affordable and mid-income housing products remains resilient.”

FLI launched P3.4-billion worth of projects in the second quarter. Capital expenditures for the first half of 2021 totaled P5.78 billion, 60% of which were used for residential projects, 26% for office developments, and the rest were spent on retail, innovation or logistics parks, and land acquisition.

The listed property developer has P30 billion more residential projects in the pipeline, which the company will launch “as market conditions further improve.” It also said it is planning to expand to new areas in the country such as Bataan, Naga, Dagupan, and General Santos.

The real estate investment trust sponsored by FLI also made its debut at the Philippine Stock Exchange on Aug. 12, which raised P12.6 billion from its initial public offering. Filinvest REIT Corp.’s net income for the second quarter declined by 12% to P411.18 million year on year.

Meanwhile, Filinvest Hospitality Corp. reported a 41% drop in revenue to finish the first semester with P493 million as occupancy rates at its hotels were still below pre-pandemic levels.

“Revenue generation of the six hotels and resorts under the Filinvest group’s portfolio was limited due to the travel restrictions and social distancing guidelines,” FDC said.

However, Filinvest’s Crimson Alabang logged a higher occupancy rate at 73% and Quest Clark’s stood at 74%.

“We were already seeing an uptrend in operations just before the enhanced community quarantine that is currently enforced in the National Capital Region and nearby provinces was announced,” said Ms. Gotianun-Yap.

“We are hopeful that this is a headwind and that when the current restrictions are lifted, we can regain the recovery momentum as more and more Filipinos are vaccinated,” she added.

On Tuesday, shares of FDC at the stock exchange went up by 0.13% or one centavo to close at P7.80. — Keren Concepcion G. Valmonte

Del Monte Philippines enters dairy business

DEL Monte Philippines, Inc. (DMPI) in an e-mailed statement on Monday said that it will be expanding into the dairy sector in the Philippines.

The company said it entered into a “strategic alliance” with Vietnam Dairy Products JSC or Vinamilk. Both companies will be contributing 50% to the total investment capital of the joint venture.

“The joint venture will import dairy products from Vinamilk, and market and distribute them in the Philippines through DMPI,” Del Monte Philippines said.

Vietnam’s 45-year-old Vinamilk exports to 56 countries. Its product offering includes over 250 SKUs (stock-keeping units), which can address the “nutrition needs of consumers.”

It operates 13 dairy farms and a total herd of nearly 160,000 cattle, 13 factories, and 250,000 retail outlets in Vietnam. The company also has three factories in the United States, New Zealand, and Cambodia as well as an organic dairy farm complex in Laos.

Vinamilk is listed in Vietnam’s stock exchange and is said to be the largest listed food and beverage company, with a market capitalization of $9 billion. It is also among the Top 40 largest dairy companies across the globe, taking 36th place by revenue with its 2020 sales worth $2.6 billion.

“The joint venture provides an opportunity for growth in the domestic dairy industry as Vinamilk expands into a new consumer market, and as Del Monte expands its footprint into a new category regularly consumed in Filipino households on a daily basis,” DMPI said.

Vinamilk will be providing the technical and manufacturing expertise for the products of the joint venture. Products will be co-branded, to bank on the strong brand equity of Del Monte in the Philippines.

DMPI is the “most profitable subsidiary” of listed parent Del Monte Pacific Ltd., finishing its financial year ending April to net an income of P4.6 billion with sales inching up by eight percent to P34.5 billion.

On Tuesday, shares of listed Del Monte Pacific at the local bourse declined by 5.45% or 72 centavos to close at P12.48 apiece. — Keren Concepcion G. Valmonte

GMA Network continues dominance; income surges 98%

BROADCAST company GMA Network, Inc. saw its attributable net income surge 98.1% to P1.6 billion in the second quarter of the year, as revenues from advertising and sale of goods and services remained at high levels.

Total revenues for the quarter climbed 59.4% to P5.1 billion, the company’s second-quarter results showed.

GMA Network’s total expenses for the second quarter also increased 55% to P3.1 billion.

For the first half of the year, the company saw its net income attributable to the parent equity holder jump 157.1% to P3.6 billion.

Total revenues for the first six months grew 55.9% to P10.6 billion.

The company’s expenses for the first half went up 25.5% to P5.9 billion.

“The presence of new revenue streams such as the sale of digital setup boxes (GMA Affordabox) and digital TV mobile receivers/dongles (GMA Now) further added to this year’s topline growth,” GMA Network said.

“Advertising revenues remained the lifeblood of the company with a 93% share of the total consolidated revenue pie,” it added.

GMA Network shares closed 5.69% lower at P13.58 apiece on Tuesday. — Arjay L. Balinbin

DMCI Mining income climbs as revenues, shipments rise

DMCI Mining Corp. recorded a 409% increase in its net income for the first half to P1.2 billion from P241 million on the back of stronger revenues and higher shipments.

Its parent firm, DMCI Holdings, Inc., said in a stock exchange disclosure on Tuesday that the mining unit was able to ship 1.24 million wet metric tons (WMT) of nickel ore for the January-to-June period, up 45% from the 853,000 WMT shipped a year ago.

From the total, 718,000 WMT were contributed by Berong Nickel Corp., while 522,000 WMT were shipped by Zambales Diversified Metals Corp.

Due to higher shipments, DMCI Mining’s revenues for the first half rose 123% to P2.7 billion from P1.2 billion the previous year.

“This is the first time that both our mining assets are operating at full capacity. We expect shipments to remain strong in the second half since we were able to extend Berong’s mine life from June until third quarter this year,” DMCI Mining President Tulsi Das C. Reyes said in the disclosure.

According to DMCI Mining, the average nickel grade of its shipped nickel was at 1.39% while the average selling price per metric ton rose 57% to $44 due to the surging stainless production in China, higher demand for electric vehicles, and the ongoing Indonesian nickel ore export ban.

“Nickel is mainly used in stainless steelmaking, but is also a vital ingredient for the lithium-ion batteries used to power electric vehicles (EV). The International Energy Agency estimates that global EVs will grow 14 times to 145 million by 2030,” the company said.

Moving forward, Mr. Reyes said the uptrend in nickel prices is likely to continue in the following months due to production-consumption gaps.

“Major nickel producers are seeing lower output because of coronavirus disease 2019 (COVID-19) lockdowns and various operating issues but industrial manufacturing is still ramping up,” Mr. Reyes said.

Parent firm DMCI Holdings recorded a P5.23-billion attributable net income in the second quarter, surging from P1.42 billion a year ago. Its revenues for the quarter reached P29.76 billion, more than twice the P11.75 billion it reported in 2020.

On Tuesday, shares of DMCI Holdings rose 0.67% or four centavos to end at P6.03 apiece. — Revin Mikhael D. Ochave

Chelsea trims net loss; debt relief sought

CHELSEA Logistics and Infrastructure Holdings Corp. slightly trimmed its second-quarter attributable net loss to P856 million from a loss of P941.1 million in the same period a year ago.

Total revenues for the quarter slightly increased 1.8% to P976 million from P959 million in the previous year, the company’s second-quarter results showed.

For the first half, Chelsea Logistics also slightly trimmed its net loss attributable to the parent equity holder to P1.1 billion from a loss of P1.2 billion in the same period last year.

Total revenues for the first six months fell 19.2% to P2.1 billion from P2.6 billion in the previous year.

The company attributed the decline to “full period effect of the community quarantine that the government has imposed since March 15, 2020.”

“The movement of petroleum products and passengers remained low despite the gradual lifting of travel restrictions. Tankering and passenger segments were down from 2020 by 56% and 70%, respectively,” it said.

The company added that the revenue decline “was tempered due to positive variance in its freight and logistics segments revenue, which is up by 28% and 67%, respectively versus last year.”

To soften the impact of the coronavirus pandemic on its financial condition, Chelsea said it invoked the provisions of the recently approved Bayanihan To Heal As One Act and Bayanihan to Recover as One Act, “which allowed the group to extend for a minimum of 30 days the currently maturing debt obligations, including interest.”

Chelsea Logistics also availed of the Development Bank of the Philippines’ RESPONSE or rehabilitation support on severe events program, “wherein the borrower may defer its loan repayment of up to six months with the option for restructuring in case the borrower is not able to recover within six months.”

“Lastly, the group has negotiated with banks for the refinancing, extension, or temporary relief of its loan obligations,” it added.

Chelsea Logistics shares closed 3.37% lower at P2.58 apiece on Tuesday. — Arjay L. Balinbin

NCCA recognizes 63 artists at the 2021 Ani ng Dangal

FACEBOOK.COM/NCCAOFFICIAL

THE NATIONAL Commission for Culture and the Arts (NCCA) awarded 63 artists in various fields at its annual Ani ng Dangal (Harvest of Honors) held on Aug. 15 via Facebook live.

Ani ng Dangal recognizes natural-born Filipino artists or groups who have earned international awards and accolades in nine categories — Architecture, Cinema, Dance, Dramatic Arts, Literary Arts, Music, Visual Arts, Folk Arts, and Broadcast Arts — over the past year.

“This year’s theme: ‘Alab Sining, Alay Sigla’ perfectly captures our passionate commitment to reignite our arts and culture sector as we race towards a hopeful future,” Arsenio “Nick” J. Lizaso, chairman of the NCCA, said in a video.

“Being an artist isn’t just about putting pencil to paper nor putting brush to canvas. An artist is an individual that is compelled to create meaningful art and help his peers blossom into better individuals. Your contribution of making the arts accessible to the people, to the grassroots level, is nothing short of commendable,” he added.

Of the 63 awardees, one each are from the fields of architecture and allied arts and the literary arts, four are in the field of music, 25 are in visual arts, and 31 are in cinema, including actors Dingdong Dantes (who received his Ani ng Dangal for receiving the Asian Star Prize Award for his work in the Philippine adaptation of Descendants of the Sun at the Seoul International Drama Awards), Cristine Reyes (who was named Best Actress for the film Untrue at the 40th Fantasporto-Oporto International Film Festival), and the late Eddie Garcia and Tony Mabesa (who shared the Best Actor Award for the film Rainbow’s Sunset at the 52nd Worldfest Houston International Film Festival).

Louie Ignacio, director of School Service, is one of this year’s awardees for the cinema category.

“Isa pong malaking karangalan na mapabilang sa taong ito sa mga pararangalan ng NCCA Ani ng Dangal ang aming pelikulang School Service. Malaking bagay para sa akin ang karangalan ito sapagkat hindi po madali para sa aming mga filmmakers, [at] mga producers, ang makipagtunggali at makipagtapatan sa mga pelikulang banyaga. Maraming salamat sa parangal NCCA Ani ng Dangal (It is an honor for our film School Service to be one of this year’s awardees of NCCA Ani ng Dangal. This award is a great honor for me because it is not easy for us filmmakers and producers to compete and go up against foreign films),” said Mr. Ignacio.

The artists receive the sarimanok trophy — modeled after a mythical bird of the Maranaos — created by National Artist for Visual Arts Abdulmari Asia Imao.

Since 2009, the NCCA Ani ng Dangal has recognized 10 awardees for architecture and allied arts, 255 for cinema, 66 for dance, nine for dramatic arts, 60 for literary arts, 129 for music, 131 for visual arts, and, 27 for folk arts and broadcast arts. — MAP Soliman

The awardees for the 2021 Ani ng Dangal

CINEMA

• Alon by Gabriel Fernandez

• Ang Lihim ni Lea by Rico Gutierrez

• Ang Pagpakalma Sa Unos by Joanna Vasquez Arong

• Aria by Carlo Catu

• Aswang by Alyx Ayn Arumpac

• Benjamin Tolentino

• Breech Asher Harani

• Cristine Reyes

• Derick Cabrido

• Dingdong Dantes

• Eddie Garcia and Tony Mabesa

• Elijah Canlas

• Eric Ramos

• Filipiñana by Rafael Manuel

• Geraldo B. Jumawan

• Isabel Sandoval

• Jun Robles Lana

• Lav Diaz

• Lingua Franca by Isabel Sandoval

• Louise Abuel

• Mallorie Ortega

• Maria Diane Ventura

• Mary Rose Colindres

• Pan de Salawal by Che Espiritu

• Rainbow Sunset by Joel Lamangan

• Ruby Ruiz

• School Service by Louie Ignacio

• Tarang by Arvin Belarmino

• The Halt by Lav Diaz

• Valerie Castillo Martinez

ARCHITECTURE AND ALLIED ARTS

• SGS Design Landscape Architecture

LITERARY ARTS

• Joel Donato Ching Jacob

• Enrique Villasis and Bernard Capinpin

MUSIC

• Damodar das Castillo

• Niño Cesar Borromeo Tiro

• Josue Greg Zuniega

• Manila Camerata Artists

VISUAL ARTS

• Gabriel Agtay

• Mark Anthony Portugal Agtay

• Christopher G. Andres

• Anthony Tario Austria

• Rolando Batacan

• Ferdinand Bedaña

• Mark Belicario

• Kimberly Kate Garsain Dayo

• Buddy P. Gadiano

• Donell Gumiran

• Sherwin Flores

• Mark Frederick Abejero Jereos

• Eisa Jocson

• Edwin Loyola

• Sherwin Magsino

• Hannah Reyes Morales

• Jun Epifanio Pagalilauan

• Jaylord Plaza

• Froilan Caparas Robas

• Archt. Don Ferdinand S. Tabbun

• Maria Taniguchi

• Angelica Tejada

• Maria Felicity Tejada

• Roger Tingle

• Jophel Botero Ybiosa

Synergy Grid to offer 1.05 B common shares

LISTED holdings company Synergy Grid & Development Phils., Inc. is looking to offer up to 1.05 billion common shares with an overallotment option of up to 101 million shares, based on a preliminary prospectus filed with the corporate regulator.

The offer shares, which are estimated to range from P15 to P25 apiece, are intended to be listed and traded on the main board of the Philippine Stock Exchange.

Synergy Grid said that the shares are to be offered for sale outside the US by joint global coordinators and joint bookrunners, and to certain eligible buyers and other investors back home by the joint domestic lead underwriters and joint bookrunners.

The joint global coordinators and joint bookrunners include BofA Securities, JPMorgan, UBS; while the ioint domestic lead underwriters and joint bookrunners comprise of BDO Capital, BPI Capital, PNB Capital.

There will also be an available overallotment option of up to 101 million shares which can be exercised “from time to time for a period which must not exceed 30 calendar days from and including the listing date.”

“The issuer intends to use the net proceeds from the sale of the firm shares primarily to subscribe to non-voting preferred shares to be issued by NGCP (National Grid Corp. of the Philippines), subject to applicable laws and regulations,” Synergy Grid said in its filing, adding that it will not receive proceeds from the sale of the options shares by the selling shareholder.

NGCP, which maintains the country’s transmission assets, is Synergy Grid’s sole operating asset.

On Tuesday, the Securities and Exchange Commission clarified that it has not yet approved of the securities nor verified the accuracy and completeness of the company’s preliminary prospectus detailing its offer.

Two months ago, the Henry Sy, Jr.-led firm hiked its capital stock to P5.05 billion from its previous P50 million, which previously received clearance from its board of directors and garnered the support of stockholders who held at least two-thirds of outstanding capital stock.

Synergy Grid, through its subsidiaries OneTaipan Holdings, Inc. and Pacifica21 Holdings, Inc., controls 60% of the outstanding capital stock of NGCP.

OneTaipan indirectly holds an equity interest of 30% plus one share in NGCP through its wholly owned Monte Oro Grid Resources Corp.

Meanwhile, Pacifica21 indirectly holds an equity interest of 30% minus one share in NGCP through its full-owned company Calaca High Power Corp. — Angelica Y. Yang

Gov’t makes full award of reissued bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Tuesday as yields declined on healthy demand for papers with longer tenors.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 25-year T-bonds it offered on Tuesday, which have a remaining life of 19 years and 26 days.

The auction was met with P55.95 billion in total tenders, making the offer 1.6 times oversubscribed. However, this was lower than the P61.9 billion in bids recorded when this bond series was last offered on June 1.

The 25-year bonds fetched an average rate of 4.986%, lower by 9.8 basis points from the 5.084% average yield seen when the series was last offered on June 1.

Compared with the secondary market level, however, this was higher than the 4.887% yield quoted for 20-year tenor, which is the nearest benchmark for the remaining life of the bonds on offer.

The BTr opened its tap facility to raise an additional P7 billion via the notes to take advantage of the strong demand and relatively low rate seen for the bond offer.

National Treasurer Rosalia V. de Leon said the healthy demand from the market helped pull down the 25-year bond’s average rate at Tuesday’s auction.

Ms. De Leon said there is strong appetite for long-dated bonds as investors are seeking higher returns.

A bond trader agreed and added that strong liquidity in financial system supported demand for longer-term bonds.

“In addition, the government has been optimistic that the 6-7% GDP (gross domestic product) growth target for the year is doable,” the trader said via Viber.

The interagency Development Budget Coordination Committee (DBCC) last month kept its 6-7% GDP growth target for the year, as well as its 7-9% projection for 2022.

However, it is set to meet on Wednesday to revisit its growth targets and other macroeconomic assumptions to consider the impact of the hard lockdowns reimposed in Metro Manila and other parts of the country experiencing a fresh surge in coronavirus infections.

The Health department reported 14,610 new infections on Monday, bringing the total number of active cases in the country to 106,672.

The economy grew by a faster-than-expected 11.8% in the second quarter, a turnaround from the 3.9% contraction recorded in the first three months of the year and the 17% slump in the comparable year-ago period.

On a quarter-on-quarter basis, however, GDP declined by 1.3% in the April-June period.

The economy has to grow by 8.2% in the second half to meet the lower end of the government’s target.

The BTr is looking to raise P200 billion from the local market this month: P60 billion via weekly offers of Treasury bills and P140 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of GDP. — B.M. Laforga

A Great British Spraycation: Banksy’s new seaside murals

PHOTO FROM BANKSY.CO.UK

LONDON — Crowds gathered in coastal towns in eastern England on Saturday to view new works by Banksy, after the secretive street artist claimed responsibility for the murals.

Ten images appeared in towns in Norfolk and Suffolk over the past week, sparking speculation that Banksy was behind them.

His website has since depicted images of the works under the title “A Great British Spraycation,” a play on the word “staycation.”

Government COVID-19 (coronavirus disease 2019) rules have deterred Britons from holidaying abroad, prompting many people to take a “staycation” at home.

Known for witty artworks that often make a point on world affairs, Banksy’s Spraycation mural series includes a scene of a couple dancing above a bus shelter, a rat sipping a cocktail in a deck chair, and one of a huge seagull. — Reuters

Philippine Infradev turns profitable with P6B

PHILIPPINE Infradev Holdings, Inc. posted an attributable net income of around P6 billion in the second quarter of the year, owing primarily to a fair value gain on investment property.

This was a reversal of the P20.9-million attributable net loss the company incurred in the same period a year ago, its second-quarter results showed.

Philippine Infradev’s total revenues for the quarter ballooned to almost P8 billion from P2.9 million in the previous year.

The company’s expenses for the second quarter dropped 48.5% to P12.2 million.

For the first half, Philippine Infradev posted an almost P6-billion attributable net income, compared to a loss of P26.1 million in the same period in 2020.

First-half total revenues soared to almost P8 billion from P15 million in the previous year.

Total expenses for the first six months went down 46.8% to P21.8 million.

“The significant increase of P7.95 billion in total revenue(s) was mainly due to the fair value gain on investment property,” the company said.

Total cost and expenses decreased “mainly because of the lower cost of sales,” it noted.

Philippine Infradev shares closed 6.4% higher at P1.33 apiece on Tuesday. — Arjay L. Balinbin

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