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JG Summit swings to profit with P815M on units’ rebound

JG Summit Holdings, Inc. generated P814.51 million in net income attributable to parent in the second quarter, a reversal of the P2.62-billion loss incurred in the same period last year, its regulatory filing on Thursday shows.

This comes as most of its subsidiaries’ revenues went past pre-pandemic levels. The company’s topline grew by 23% to P60.51 billion from P49.17 billion.

“Despite the lingering impact of the pandemic, we have successfully kept our food and banking revenues stable while we continue to exhibit strong recovery on businesses that had been more severely affected by the first enhanced community quarantine,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in a statement, referring to its real estate and petrochemicals businesses.

For the first six months, JG Summit’s net attributable income stood at P936.69 million, recovering from a P720.25-million loss incurred in the same period in 2020.

The company’s consolidated revenues saw a nine-percent growth to P128.1 billion in the first half from P117.81 billion.

“The topline growth was mainly driven by higher plant utilization rates in JGSPG (JG Summit Petrochemicals Group), Chengdu’s contribution and recognition of lot sales in RLC (Robinsons Land Corp.), recovering passenger flights & higher cargo yields in CEB (Cebu Air, Inc.), as well as higher earnings from our core investments in Meralco (Manila Electric Co.) and PLDT (Inc.),” the company said.

Universal Robina Corp.’s earnings grew by 46% to P8.05 billion in the first half, as revenues inched up by 1.7% to P68.53 billion.

“The continuous recovery in its international markets and the growth in commodities unit outpaced the expected lower performance in Branded Consumer Foods Philippines given the high base from pantry stocking last year,” the company said.

Meanwhile, real estate arm Robinsons Land saw its first semester net income surge by 48% to P5.4 billion, while revenues went up by 55% to P25.6 billion as the company recognized contributions from its Chengdu Ban Bian Jie project in China and its lot sales in Bridgetowne Destination Estate.

Cebu Air, meanwhile, widened its net loss to P13.8 billion from last year’s P9.1 billion. Its revenues declined by 66% to P5.9 billion as pandemic restrictions led to a low number of flights.

JGSPG’s net income stood at P2.2 billion, from a P2.7-billion loss last year. Meanwhile, topline for the unit grew 2.5 times to P18.1 billion as selling prices and sales volumes improved.

Banking arm Robinsons Bank Corp.’s profits climbed 22% year on year to P340 million in the second quarter, to finish the first half with P573 million. Its year-to-date topline stood at P4.6 billion.

The company’s earnings from associated companies and joint ventured rose by 24% in the first half to P4 billion.

“The increase is mainly due to the 48% increase in equity in net earnings of Meralco to P2.8 billion given the stable energy consumption in residential, the demand recovery in its commercial and industrial segments, as well as the absence of last year’s impairment charge on its Pacific Light Power investment,” JG Summit said.

On Thursday, shares of JG Summit at the stock exchange declined by 1.53% or 90 centavos to close at P58.10 each. — Keren Concepcion G. Valmonte

Max’s Group returns to profit with P55M, cites ‘growth surge’

MAX'S RESTAURANT FB PAGE

MAX’S Group, Inc. swung to profitability as it posted a P54.74-million attributable net income in the second quarter on the back of stronger revenues.

The listed company said in a stock exchange disclosure on Thursday that its attributable net income for the quarter is a turnaround from the P431.19-million attributable net loss it had in the same period a year ago.

Max’s Group’s revenues for the quarter rose 67% to P1.78 billion. From the total, restaurant sales accounted for P1.40 billion, followed by commissary sales at P262.34 million, and franchise, royalty, and continuing license fees at P118.99 million.

Second-quarter system-wide sales, consisting of sales generated by company-owned and franchised stores, went up 82% to P2.91 billion, while cost of sales also increased 16% to P1.22 billion.

Operating income for the quarter rose 140% to P186 million while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached P405 million.

For the first half, Max’s Group posted a P390.72-million attributable net income, a reversal of the P599.70-million net loss it had in the similar period last year.

Robert Ramon F. Trota, Max’s Group president and chief executive officer, said the company’s portfolio showed resilience amid headwinds.

“Despite ongoing challenges both locally and internationally, including heightened restrictions in the front-end of the second quarter, we take pride in the growth surge we achieved, particularly with our renewed focus on our ‘core of core’ brands of Max’s Restaurant, Pancake House, Yellow Cab Pizza Co., and Krispy Kreme,” Mr. Trota said.

“In fact, our total first-half sales via our delivery channel nearly doubled pre-pandemic levels, even as the government allowed customers to return to dine-in throughout much of these first six months. This proves the strongly-entrenched demand for the brands we operate,” he added.

Revenues during the January-to-June period fell 4% to P3.62 billion. Of the total, restaurant sales contributed P2.82 billion, followed by commissary sales at P566.65 million, and franchise, royalty, and continuing license fees at P230.84 million.

First-half systemwide sales improved 3% to P5.75 billion while cost of sales dropped 21% to P2.58 billion.

Six-month operating income reached P332 million while EBITDA amounted to P1 billion.

Meanwhile, Max’s Group’s store network as of end-June covered 14 territories with 597 Philippine sites and 60 stores situated across areas in North America, the Middle East, and Asia. From the total, 95% or 625 stores were operational.

Max’s Group Chief Operating Officer Ariel P. Fermin said the company had been able to improve its profitability despite the volatility and uncertainty of the market.

“We committed to our stakeholders that [Max’s Group] would continue to represent financial viability and strong shareholder value as we accelerated three years of strategy into three quarters of execution,” Mr. Fermin said.

“Strategic management of our total supply chain, continued strong alliances with our lessor partners, margin management in our menus to combat raw material inflation, and efficiencies in our restaurant systems have all combined to create a business model that clearly works even with the tempered revenues in a pandemic,” he added.

On Thursday, shares of Max’s Group at the stock exchange fell 1.48% or nine centavos to end at P6 apiece. — Revin Mikhael D. Ochave

Baker’s dozen

Ang Pagdadalaga ni Lola Mayumi

CINEMALAYA 2021 is the first in the longest while I’ve seen all of a Filipino film festival’s competition entries, and that mainly because they’re shorts. I’ve heard disappointment from some corners —  apparently this was how Cinemalaya 2020 went, and I understand how they feel but, 1.) I’ve never really considered shorts inferior to features (as with short stories vs. novels each form has its vices and virtues), and, 2.) I’ve been so hungry for new Filipino work that for me this was a sprawling table of tapas (in the Spanish sense, not the Filipino breakfast sense) featuring a wide-ranging array of flavors.

And I may respond better to some more than others but let me clarify: to my eyes all 13 are winners. Independent filmmaking is always a terrifying gamble putting heart and soul and sweat and tears out in the open for everyone to judge; to do so in less than 60 brief minutes only intensifies the stakes. The results aren’t equal, but I have seen what you’ve done, and I recognize your passion.

So, from last to first:

ANG PAGDADALAGA NI LOLA MAYUMI (THE BLOSSOMING OF GRANDMA MAYUMI)
Shiri De Leon’s short, set almost entirely in a motel room, takes a sordid situation —  an old maid hiring a call boy for her first time —  and attempts to elevate it. ‘Tis a noble effort, and Ruby Ruiz as Lola (Grandma) Mayumi and Julian Roxas as the call boy do delicate work, but I don’t feel sufficiently prepared for how others react when they see her at the motel (Why does Lola have such a puritan reputation and what’s her relationship to the general community anyway?) and I can’t believe how sympathetic and sensitive the callboy is. Nicely sudden, nicely understated conclusion, though.

KAWATAN SA SALOG (A TOY IN THE RIVER)
Writer-director Alphie Velasco has sticky-fingered Santi (Kyle Kaizer Almenanza) falling into a river and ending up in an island purgatory for lost souls, with Lola (Lui Manansala) for a guide. Meanders a bit —  not good in short form fiction — and wears its environmental messaging too prominently on its sleeve (by way of reparation Santi is tasked with picking up beach debris) but some of the surreal imagery and much of the beachfront landscape is startling in its beauty.

LOOKING FOR RAFFLESIAS AND OTHER FLEETING THINGS
Writer-director James Fajardo’s hero, Gubat (Reynald Raissel Santos), is the son of a tikbalang (a creature from Philippine mythology with a body of a man and head of a horse); the mysterious English-speaking Darren (Kevin Andrews) is his, I don’t know, mentor, abuser, prospective lover — something. Some wincing barbs aimed at smalltown prejudice but a bit too confused otherwise; the languid homoeroticism, the animal masks, the bits of reverse motion suggest that the filmmaker is familiar with Jean Cocteau, not a bad choice for inspiration.

OUT OF BODY
Enrico Po’s nifty thriller suggests what late Brian De Palma might do if again offered the kind of tiny budget he worked with at the start of his career — statuesque beauty Kelley Day plays Elle, a model arriving on the set of her first commercial shoot, only Direk (Nelsito Gomez) has just thrown out the storyboards she had been sent and opted for something more “edgy.” Most visually polished of this batch, not as evocative as I might have liked (“Exploited talent,” “workplace abuse” —  I get that. And?), and, please —  if you’re going to evoke Nobuyoshi Araki, the knots in your ropework better be tight, otherwise your dilettante status is showing. Would not be out of place in a new season of The Twilight Zone.

THE DUST IN YOUR PLACE
David Olson’s minidrama sounds off-putting at first: Rick (Boo Gabunada) and Claire (the striking Chaye Mogg) are with-it slangy in the worst way, and you wonder if the rest of the 20-minute running time is going to be all like this. But the outline of a knotty bittersweet relationship emerges and you begin to feel for these people despite their relatively privileged social status. Mr. Olson shoots the whole thing inside an (admittedly spacious) apartment and still manages to make it look interesting; that you forget all about the look and focus more on the people is his particular achievement.

ATE O.G. (SISTER O.G.)
Not the most visually distinguished of the shorts but Kevin Mayuga is so obviously working out his own festering guilt about the domestic help in his life that this anecdote comes off as honest instead of condescending. Kara and Keenan Mayuga (Siblings?) play the abusive lower-middle-class employers and Merle Cahilig is their oppressed and later hilariously chill (thanks to certain, uh, herbal remedies) housekeeper.

AN SADIT NA PLANETA (THE LITTLE PLANET)
Let me begin with the negatives: Arjanmar Rebeta’s short is so obviously a takeoff from The Little Prince   down to the tiny planet, the sticky inspirational music, the ready-made moral lesson — that Saint-Exupery could sue for plagiarism. The film grows beyond that initial resemblance, however, and Rebeta’s amazing one-shot effect —  a distorting lens that crumples the world into a fist-size ball, wrapping the surrounding sky around said ball — begins to serve as appropriate visual metaphor for his point: that the world around you is a prison cell until you decide otherwise.

BEAUTY QUEEN
Writer-director Myra Aquino’s short has one minor flaw (the initial firefight is slackly staged and edited) and one major that feels inseparable from her basic concept: a 20-minute short about small-town beauty queen Remedios (Febie Agustin), who joins the guerrillas in the thick of World War II and becomes the fearsome Kumander Liwayway, dead shot riflewoman and capable military officer. It’s such a rich idea —  not the least because it’s true —  that it demands a full-length biopic to do the material justice. Keep the cast and crew, but someone please throw some serious money at this project, ASAP.

CROSSING
Like Richard Fleischer’s taut thriller, The Narrow Margin, Marc Misa’s melodrama takes place almost entirely on a moving vehicle; Misa is no Fleischer —  that would be too high a compliment to pay at this stage of his career —  though to be fair, this short’s passenger bus is the tighter venue. Mr. Misa cheats a bit with his action sequence editing but in a way that wouldn’t embarrass Jean-Pierre Melville (again outlandish praise, but if you see how Mr. Misa cuts here and how Melville cuts Alain Delon’s first killing in Le Samourai you’ll see the resemblance). Complete with ironic twist conclusion.

MASKI PAPANO (I MASK GO ON)
Running at a brief five minutes this may not be the ultimate exercise in recycling discardable material but it’s up there. Che Tagyamon and Glenn Barit’s idea of turning face masks into figures of loneliness and rejection isn’t just an emblematic expression of pandemic suffering, it’s funny and, in the end, surprisingly poignant. Also: punniest title in the festival, in Tagalog and English.

NAMNAMA EN LOLANG (GRANDMOTHER’S HOPE)
Jonnie Lyn Dasalla’s five-minute gem is as simple as Lolang Kudyaman (Concepcion Dasalla) caring for her grandson Eli (Jaeceelizeon Alhexys Dasalla) — you get the idea this is a family effort) while she talks about her life, hopes, dreams. Sometimes you don’t need elaborate effects or complexly written dialogue or a big production budget to have the loveliest film in the festival.

ANG MGA NAWALANG PAG-ASA AT PANLASA (THE LOST HOPES AND FLAVORS)
Kevin Jay Ayson and Mark Moneda’s 20-minute doc has, like Beauty Queen, a number of minor flaws (the questionable English translation of the title [Those Who Have Lost Hope and Flavor?]; format and slow-motion camerawork straight out of Netflix’s Chef’s Table; the relentlessly cheerful narrator) and one major: this feels like an amuse bouche when what you really need is a multi-episode feast (A Netflix series?) celebrating the best of Ilocano cooking. I’m already drooling, sirs; must you torture me so?

KIDS ON FIRE
You heard me: Kyle Nieva’s assault on good taste in general and organized religion in particular is the single funniest entry in the festival. It starts off with a Christian sect on a bus excursion, their singalong led by the sweetly singing, sweetly awkward JC (Alexis Negrite), who believes his erections can cause earthquakes —  and then proceeds to get strange. In 10 inventive chapters Nieva escalates from a young boy’s sexual fantasies to suggestions of the coming Apocalypse; not bad for a 20-minute short. Mention must be made of Mystica’s irrepressible Sister Evylyn, who with both hands raised high wins the festival’s MVC (Most Valuable Cleavage).

For tickets to watch the Cinemalaya entries, visit ktx.ph. Follow the official CCP and Cinemalaya social media accounts on Facebook, Twitter, and Instagram for updates on the Cinemalaya Film Festival screening schedules and other offerings. For more information, visit the Cultural Center of the Philippines website (www.culturalcenter.gov.ph).

Globe gets more overseas telco partners for 5G roaming

REUTERS

GLOBE Telecom, Inc. said on Thursday that it would roll out fifth-generation (5G) roaming services in Japan, Turkey, Switzerland, and Czech Republic.

The telco is adding the following countries to its 5G roaming locations: Japan through Softbank, Turkey through Turk Telecom, Switzerland through Swisscom, and Czech Republic through O2 Czech Republic.

The four offshore telcos are “set to join Globe’s roster of overseas telco partners by Aug. 20,” the company said in an e-mailed statement.

Pelephone, an Israeli company, has also partnered with Globe.

Globe’s 5G roaming services are available in several countries in Asia, Middle East, Europe, and North America.

“Subscribers of Globe’s roaming partners will also have access to Globe’s 5G network when they visit the Philippines as long as they are using 5G-enabled phones in over 1,700 5G locations,” Globe said.

In a separate statement, Globe said its outdoor coverage is now 92% in the National Capital Region.

Globe noted it has expanded its 5G to 1,759 sites, including Bacolod, Boracay, Cebu, Iloilo, Cagayan de Oro, General Santos, and Zamboanga as of end-June.

The company recently reported a 6% improvement in its second-quarter attributable net income to P5.68 billion, as its home broadband business continued to grow.

Total revenues jumped 9.9% to P41.36 billion in the second quarter, bringing the first-half total 7% higher to P84.2 billion. — Arjay L. Balinbin

Rom-com between boys is now a series

ADRIAN Lindayag and Keann Johnson in Love Beneath the Stars

AFTER premiering and gaining recognition as 2nd Best Picture at the 2020 Metro Manila Film Festival, the boys’ love movie, The Boy Foretold by the Stars, transfers to the small screen as a six-episode series titled Love Beneath the Stars on iWantTFC.

As their love story continues on the series, senior high school students Dominic (played by Adrian Lindayag) and Luke (Keann Johnson) officially become a couple. However, their relationship is threatened by scrutiny because of a scandal, a third party, and the disapproval of grown-ups.

Writer and director Dolly Dulu said the movie focused on finding your soulmate and the love story. In the series, Dominic and Luke also deal with the relationship with their parents, and their characters’ commitment with each other.

“This is where they will discover what it takes to be committed to someone. It is not all happy, kilig moments. There is also maturity involved with all characters,” Mr. Dulu said, in English and Filipino, at an online press conference on Aug. 9 held via Zoom.

“Even if broader issues are tackled, it is still, at its core, a love story,” Mr. Dulu said.

In the sequel, Dominic’s deepening friendship with a fellow schoolmate, Gio (Vaughn Piczon), causes tension between him and Luke.

Adding to their problems is the uproar at their all-boys Catholic school after they attend their graduation ball as each other’s dates and share a kiss in public. The issue also upsets Dominic’s parents (played by Agot Isidro and Romnick Sarmenta), who strongly disapprove of his relationship with Luke.

“We’re not just talking about the love between Luke and Dominic. We’re also talking about their love or their problems outside of their relationship,” Keann Johnson said.

“For this series the message we’re trying to send out there is we’re trying to help guide the people who are having similar situations and help them solve them through telling the story of how Luke and Dominic solve these problems,” he added.

Adrian Lindayag said that it has been heartwarming to get feedback from the movie’s viewers about the importance of representation.

Matagal na nating hinihintay na makita ang sarili natin sa pelikula at sa TV na nai-in love. Matagal nang present ang LGBT sa pelikula at sa TV, pero hindi sila nabibigyan ng romcom na kilig story, at hinanap ko ’yun (We have long waited to see ourselves fall in love in movies and on television. The LGBT community has been present in movies and on television for a long time, but they are not given a romcom story, and I looked for that),” Mr. Lindayag said.

The series also stars Nikki Valdez, Victor Silayan, and Iyah Mina.

The Boy Foretold by the Stars is currently streaming for free on iWantTFC in the Philippines. The movie and its sequel series are also accessible to premium iWantTFC subscribers outside the Philippines. Love Beneath the Stars premieres on Aug. 16 on iWantTFC, with new episodes released on Mondays. — MAPS

Cebu Pacific: No job cuts in ‘staff right-sizing’ plan

BW FILE PHOTO

BUDGET carrier Cebu Pacific (CEB), operated by Cebu Air, Inc., said it does not intend to reduce its work force in its “staff right-sizing” plan.

“This means that we are building an organization that is fit for purpose, so right-sizing can also be positive — i.e., replacing resignations, shifting roles, and even adding people to maintain just the right number of work force,” Cebu Pacific Director for Corporate Communications Carmina Reyes-Romero said via e-mail on Thursday.

“There is no retrenchment in Cebu Pacific and there are no plans or discussions of further work force reductions,” she added.

Ms. Reyes-Romero reached out to this publication to clarify the context of its earlier report, which said that the budget carrier “may further reduce its work force as part of efforts to mitigate the impact of the global health crisis on its operations,” referring to Cebu Air’s “staff right-sizing” plan disclosed to the stock exchange on Wednesday.

“While it is evident that we are still facing enormous challenges as a business due to the pandemic, our focus now remains to be ‘how to have stronger performance as an organization in the coming weeks and months, and ensuring the health and safety of everyJuan,’” she explained.

To recall, the budget carrier laid off 30%, or around 1,300, of its total work force in 2020 amid a pandemic crisis that continues to ravage the air-travel sector.

On Wednesday, Cebu Air reported P6.5 billion in second-quarter net loss attributable to parent firm equity holders, compared with a net loss of P8 billion in the same period in 2020.

For the first half, the attributable net loss was P13.8 billion, compared with a net loss of P9.1 billion in the same period a year earlier.

“The group believes that it remains a resilient airline despite the adverse impact” of the coronavirus pandemic,” Cebu Air said.

Cebu Air shares closed 3.09% lower at P43.90 apiece on Thursday. — Arjay L. Balinbin

Justin Bieber, Megan Thee Stallion lead nominees for MTV’s VMA awards

PHOTO FROM JUSTINBIEBERMUSIC.COM

LOS ANGELES — Pop star Justin Bieber and rapper Megan Thee Stallion scored the most nominations for this year’s MTV Video Music Awards (VMA), organizers said on Wednesday ahead of next month’s ceremony that will welcome back fans as part of a live audience.

Canadian singer Mr. Bieber received seven nods, including artist of the year, best pop song for “Peaches,” and video of the year for “Popstar,” his collaboration with DJ Khaled and Drake.

He will compete for artist of the year with Megan Thee Stallion, who landed six nominations including one for “WAP,” the racy video with rapper Cardi B.

Other contenders for the year’s best artist are Ariana Grande, Doja Cat, newcomer Olivia Rodrigo, and Taylor Swift.

Video of the year nominees include Doja Cat’s “Kiss Me More,” Ed Sheeran’s “Bad Habits,” Lil Nas X’s “Montero (Call Me By Your Name),” and The Weeknd’s “Save Your Tears.”

Billie Eilish, BTS, Doja Cat, Drake, Giveon, Lil Nas X, and first-time nominee Rodrigo earned five nominations each.

Last year, the VMAs were filmed without a live audience and with most of the performances recorded in advance because of health guidelines due to the coronavirus disease 2019 (COVID-19) pandemic.

This year’s ceremony will take place Sept. 12 at the Barclays Center in New York. Winners are chosen by fans who vote online. — Reuters

Monde Nissin income down 13% to P4.3B

MONDE Nissin Corp. said on Thursday its unaudited core net income at ownership went down by 12.9% to P4.25 billion in the first half from P4.88 billion year on year.

The strong profit growth comes despite its net sales inching up by just 1.2% to P33.76 billion from P33.36 billion.

The company pointed to its “balanced portfolio” and an improvement in its Asia-Pacific branded food and beverage business, or APAC BFB, international sales for the performance.

“Our business proved resilient in the first half of the year achieving modest topline growth,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement on Thursday.

“We undertook some price increases in June to partly recover rising commodity input costs and continue to implement supply chain cost savings,” he added.

The company’s core EBITDA (earnings before interest, taxes, depreciation, and amortization) went down by 14.5% to P7.2 billion as the company invested in new product development and more advertising and promotions for brand buildings.

The company’s APAC BFB sales went up by 1.7% to P26.24 billion in the first six months as international sales improved by 68.1% to generate P1.87 billion. Its sales in the Philippines declined by 1.3% to P24.37 billion.

“Despite the marginal decline in revenues in the Philippines, market share gains were achieved in core product categories,” Monde Nissin said.

Gross profit for the segment declined to P9.6 billion in the first half.

Meanwhile, its meat alternative business saw its net sales decline by 0.6% to P7.52 billion year on year, “reflecting softness across the UK and US retail market.” Gross profit went up by 6.8% in the six-month period to P3.1 billion.

“For Quorn Foods, I fully hope to see a much faster growth in the second half of the year,” Mr. Soesanto said.

The company said the easing of quarantine restrictions resulted to more out-of-home consumption.

“It’s too soon to talk of full year earnings guidance, but I believe mid-single digit revenue growth for the full year should be possible,” Mr. Soesanto said.

On Thursday, shares of Monde Nissin at the stock exchange declined by 2.82% or 48 centavos to close at P16.52 apiece. — Keren Concepcion G. Valmonte

Jeopardy! taps Mike Richards, Mayim Bialik as hosts

Mayim Bialik (left),Mike Richards(right) as hosts — PHOTO FROM JEOPARDY.COM

LOS ANGELES — The makers of Jeopardy! on Wednesday named executive producer Mike Richards as the new host of the long-running daily TV quiz show, replacing Alex Trebek who died in 2020 after more than three decades on the series. Actor Mayim Bialik will host prime-time specials and Jeopardy! spinoffs including a college championship tournament that will air on ABC next year, according to a statement from Sony Pictures Television, which produces the show. Mr. Richards, Mr. Bialik and several others including actor LeVar Burton, Jeopardy! champion Ken Jennings, NFL quarterback Aaron Rodgers and journalist Katie Couric had taken turns as guest hosts in recent months following Mr. Trebek’s death. Mr. Trebek died of pancreatic cancer in Nov. 2020 at age 80. Mr. Richards joined Sony Pictures Television in 2019 and has served as executive producer of Jeopardy! and Wheel of Fortune. Prior to that, he produced another game show, The Price is Right. Mr. Bialik starred on comedies The Big Bang Theory and Blossom and earned a doctorate degree in neuroscience. The new season of Jeopardy is scheduled begin airing on Sept. 13. — Reuters

Converge net income jumps to P1.7 billion

LISTED fiber broadband provider Converge ICT Solutions, Inc. saw its second-quarter attributable net income more than double to P1.7 billion from P685.1 million in the same period a year earlier, as high demand for fixed broadband connectivity services continued.

Total revenues for the quarter climbed 80% to P6.2 billion, Converge said in its quarterly report released on Thursday.

Broken down, Converge’s revenue from its residential business rose 101% to P5.4 billion, while the enterprise segment saw its revenue increase 5% to P819 million.

For the first six months of the year, the company saw its attributable net income surge 159% to P3.3 billion.

First-half total revenues increased 82% to P11.8 billion, as residential revenue jumped 105% to P10.2 billion and enterprise revenue slightly grew 4% to P1.6 billion.

Converge Chief Financial Office Advisor Matthias Vukovich said at an online briefing, “Our goal is to deploy our network at a very fast speed to make high-speed broadband accessible to a growing number of subscribers.”

He said the company is hoping to cover 55% of total households by 2025.

As for Converge’s outlook for the second half, Mr. Vukovich said: “We continue to see very strong demand for our services. Fiber penetration in the Philippines is still very low at less than 20%, compared with its [neighbors] at 40% to 50%.”

“We are confident that we will soon be capturing a third of the market,” he added.

Converge ICT shares closed 1.83% lower at P26.85 apiece on Thursday. — Arjay L. Balinbin

China to bar songs with ‘illegal content’ from karaoke venues

EZREAL ZHANG/UNSPLASH

SHANGHAI —  China will establish a blacklist of karaoke songs to ban those containing “illegal content” at karaoke venues across the country starting from Oct. 1, the Ministry of Culture and Tourism said. Such content includes that which endangers national unity, sovereignty or territorial integrity, violates state religious policies by propagating cults or superstitions, or which encourages illegal activities such as gambling and drugs, the ministry said on its website on Tuesday. Content providers to such karaoke venues will be responsible for auditing the songs, it said, adding that China has nearly 50,000 entertainment outlets with a basic music library of over 100,000 songs, making it difficult for venue operators to identify illegal tracks. The ministry said it encouraged content providers to supply “healthy and uplifting” music to these venues. — Reuters

Alliance Global income hits P6B

ALLIANCE Global Group, Inc. (AGI) said it generated P6 billion in net income to owners in the second quarter, surging from the P837.71 million logged in the same period last year as revenues grew.

Quarter on quarter, the listed company’s earnings grew by 132% from P2.6 billion.

Its topline amounted to P39.3 billion in the second quarter, 68% more than the P23.35 billion seen the previous year. It is 24% higher than the P31.8 billion seen in the previous quarter.

For the first semester, Andrew L. Tan’s holding firm saw its net income to owners increase by 124% to P8.5 billion from P3.8 billion year on year.

“All of our business segments here and abroad managed to sustain the quarterly growth trajectory we have been experiencing since the third quarter of 2020, indicating the extent of pent-up consumer spending across the globe, capped only by the prevailing restrictions in those areas to curb the rise of the COVID-19 Delta variant,” Kevin Andrew L. Tan, chief executive officer of AGI, said in a statement on Thursday.

It was able to improve its net income three times to P12.8 billion from last year’s P4.1 billion.

Earnings of its real estate firm Megaworld Corp. grew by 39% to P2.6 billion from P1.9 billion year on year, while its core revenues were up by 20% to P11.2 billion as all business units recovered.

“During the quarter, real estate sales recorded the strongest rebound of 62% year on year and 29% quarter on quarter, amid sustained construction activity which boosted project completion,” Megaworld said.

Both of Megaworld’s net attributable income and revenues inched down by seven percent in the first semester at P5 billion and P22.2 billion, respectively.

Emperador, Inc.’s net profit to owners in the second quarter went up by 60% year on year to P3 billion, to finish the first half with P5.1 billion. Meanwhile, its topline surged by 22% to P13.3 billion in the second quarter, boosting its revenue total for the six-month period by 18% to P25.3 billion.

“Driving the strong growth was the improved performance of its whisky and premium brandy brands as various economies across the globe have started to open up,” the company said.

Resorts World Manila’s owner and operator, Travellers International Hotel Group, Inc., generated P3.74 billion in net income in the second quarter, bringing its first half profit to P2.6 billion.

Travellers International logged a one-time gain from its subsidiary’s services related to its Westside City development.

“Travellers International… felt the heavyweight of the re-imposed lockdown when it virtually had no gaming operations for the most part of the second quarter,” the company said.

The unit’s gross revenues amounted to P4.6 billion as gross gaming revenues totaled P3.4 billion. Travellers International earned P1.2 billion in non-gaming revenues.

Meanwhile, Golden Arches Development Corp. logged a net income of P49 million, swinging from the P709-million loss incurred in the same period last year.

“[The turnaround comes] as the country’s most dynamic quick-service restaurant operator adapted to the New Reality through increased drive-thru activities and delivery services, while dine-in operations remained limited,” the company said.

Sales revenues of the sole operator of McDonald’s Philippines amounted to P6.1 billion in the second quarter, while its total revenues stood at P11.8 billion in the six-month period.

“We are also relentless in our efforts to fully recover from this pandemic-induced business slump as soon as we can,” Mr. Tan said.

On Thursday, AGI shares declined by 1.11% or P0.11 to close at P9.78 each. — Keren Concepcion G. Valmonte