Facebook Instagram Linkedin X Youtube
Home Blog Page 6424

2GO cuts net loss to P35 million as economy reopens 

LISTED transportation and logistics company 2GO Group, Inc. announced on Monday that it trimmed its net loss for the first quarter of the year to P35 million from a loss of P292 million previously.

The company attributed its improved financial performance to the reopening of the country’s economy.

Its revenues, both from shipping and non-shipping businesses, remained nearly P4 billion in the first three months of the year, the company’s first-quarter report showed.

However, the cost of services and goods sold went down by 9% to P3.66 billion from around P4 billion in the same period in 2021, resulting in a gross profit of P335.15 million from a loss of P4.89 million previously.

The company reported an operating income of P92.15 million versus an operating loss of P230.67 million reported in the first quarter of 2021.

“With the country’s economic reopening underway, shipping revenues rose 53%, as both sea freight and travel gained traction,” the company said in an e-mailed statement.

“Logistics and other services revenue grew 14%, boosted by the growth in cold chain reefers, e-commerce fulfillment and international courier services. In aggregate, 2GO Group delivered PHP3.9 billion in revenues for the first three months of 2022,” it added.

2GO Group President and Chief Executive Officer Frederic C. DyBuncio said the company mainly focused on profitable services and customers, while “driving efficiencies in its operations and stringently controlling costs.”

“We are encouraged by the country’s reopening as it opens opportunities for us to facilitate economic activity,” he added.

The company is modernizing its operations to improve customer experience and strengthen services.

“As the economy continues on its path towards recovery, 2GO looks forward to the return of travel and tourism. Our ships and port operations have been upgraded in preparation for this to provide passengers with an enhanced onboard and terminal experience. We are optimistic that our continued modernization efforts will further improve service standards and drive profitability,” Mr. DyBuncio said.

2GO Group shares closed 0.14% lower at P6.89 apiece on Monday. — Arjay L. Balinbin

Bubble Gang revamps, takes on new cast members

New director promises political satire will remain

THE LONGEST-running sketch comedy show in the country, Bubble Gang, has been revamped with new segments and new actors on May 27.

Bubble Gang premiered on GMA Network on Oct. 20, 1995 in a Friday night timeslot. The relaunched Bubble Gang has made cast changes, but actor, comedian, and recording artist Michael V. (a.k.a. Beethoven Del Valle Bunagan), who has been with the show since the very beginning, remains.

“The main goal is to entertain. And [of course], it’s a business. It has to make money, that means we have to sell to advertisers and the viewers. Given those parameters, we have to consider that the objective of the program is met by the talents,” Bang Arespacochaga, Assistant Vice-President at GMA, said in an online press conference on May 13.

Bubble Gang’s current director Frasco Mortiz — who came over to GMA after a stint in ABS-CBN where he worked on sketch comedy Goin’ Bulilit, among other shows — said that the show will “allow them [existing and new cast members] to shine” and give them “opportunities to do something new.”

Among the show’s cast members who were retained, aside from Michael V, are Paolo Contis, Chariz Solomon, Betong Sumaya, Sef Cadayona, Valeen Montenegro, Archie Alemania, Analyn Barro, Faye Lorenzo, and Kokoy de Santos.

Joining the show for its 27th year are actor and commercial model Kokoy de Santos (Gameboys), dramatic actress Faith da Silva, StarStruck Season 7 Ultimate Male Survivor Kim de Leon, dancer and YouTube personality Dasuri Choi, and comedienne Tuesday Vargas.

“We always want to discover new talents and give change to others,” Ms. Arespacochaga said.

“We [will] introduce new online personalities to do their material on the show, para hindi lang usual sketches or spoofs ’yung mapapanood nila (…so that viewers will not be limited to sketches or spoofs). May content na ang pinangagalingan ay from the personality (There will be content from the personality),” Mr. Mortiz said.

The show will also include more regular segments such as “Marites United,” where neighbors exchange gossip, and “Bes Friends” where Mr. De Santos and Mr. Cadayona play best friends who critique embarrassing posts on social media.

POLITICAL SATIRE REMAINS
Mr. Bunagan, the show’s creative director, also said that political satire will remain part of the show.

“Hanga’t hindi binubusalan ang karapatan ng mga shows para mag-express, I’m pretty sure makakapanod kayo ng sketches, gags, and satire regarding the government (As long as the right to express is not muzzled, I’m pretty sure viewers can expect sketches, gags, and satire regarding the government),” Mr. Bunagan said.

With the changing behavior of viewers, the show’s old and new episodes are accessible to stream online. Bubble Gang’s full episodes are also on view on http://bit.ly/GMAFullEpisodes and GMA Network’s comedy content YouTube Channel YouLOL (You Laugh Online).

“Nag-iiba lang yung pinangagalingan ng humor pero hindi nawawala ’yung need ng tao na maging masaya. ’Yung need din namin na magpatawa ay hindi mawawala (The source of humor may be different but the need for people to be happy is not lost. Also, our need to make people laugh will not go away),” Mr. Mortiz said of the show’s longevity.

“The objective of the show is to be funny, relevant, to be revolutionary, and evolutionary. As long as it meets those requirements, I believe the show will be here for a long time,” Mr. Bunagan said.

Bubble Gang airs on GMA on Fridays at 9:40 p.m. — Michelle Anne P. Soliman

Gilas Women open their golden quest with win over Indonesia

GILAS Pilipinas’ Afril Bernardino — SBP

HANOI — Banking on defense and a big third quarter surge, the Philippine women’s basketball team started its quest for a second Southeast Asian Games gold medal Monday with a 93-77 victory over Indonesia at the Thanh Tri Gymnasium here.

After a close first half, the Gilas women went on a 32-19 tear in the third and pulled away, going into the fourth with a 72-57 lead en route to the rousing win.

Using their quickness to the hilt, the Gilas Women collected 18 steals, drawing praise from coach Patrick Aquino.

“They played so hard. What can I ask for,” said Mr. Aquino. “That’s what we’ve been working on for the last couple of months. Hopefully, we can sustain that.

“I’m just happy that they were doing their best,” Mr. Aquino added.

Afril Bernardino led the squad with 16 points on top of nine rebounds and four steals.

She got a lot of support, with Janine Pontejos adding 15 points on seven-of-18 shooting from the field and Camille Clarin scoring 11.

Gabi Bade, one of the team’s two new recruits from the United States, had 11 points in her SEA Games debut. A daughter of former PBA player Cris, she is a mainstay of Sacramento State.

The other new player on the squad, Stefanie Berberade, a former Player of the Year in the National Association of Intercollegiate Athletics school Westmont, scored four points.

After a one-day break, the Philippines faces Thailand, the team it beat for the breakthrough gold medal in the 2019 Games, on Wednesday in the resumption of the women’s tournament that drew six teams.

The top squad after the round-robin play wins the gold.

The scores:

Philippines 93 – Bernardino 16, Pontejos 15, Clarin 11, Bade 11, Cabinbin 8, Guytingco 6, Surada 6, Castillo 5, Castro 5, Berberabe 4, Tongco 4, Fajardo 2.

Indonesia 77 – Claresta 19, Antonio 12, Pierre-Louis 11, Pratita 9, Callista 8, Elya Gradita 7, Sutijono 6, Lestari 3, Sophia 2, Anggraeni 0, Nanda Perdana 0.

Quarterscores: 17-17, 40-38, 72-57, 93-77.

Filinvest Land’s income slips to P678M

FILINVEST Land, Inc. reported a net income of P677.77 million attributable to equity holders in the first quarter, down 8% from a year ago, as gross revenues dipped while expenses increased.

In its quarterly financial report, the property developer said gross revenues during the quarter slipped by 0.5% to P4.14 billion while its gross expense rose by 0.7% to P2.76 billion.

Separately, Filinvest Land said in a media release that its residential revenues surged by 9% to P2.69 billion in the first quarter, driven by high reservation sales and continued construction progress.

“We are pleased with the continued growth of our residential revenues, and we expect to sustain this momentum as the economy, both here and abroad, continues to open,” said Filinvest Land President Tristaneil D. Las Marias on Monday.

Mr. Las Marias said overseas Filipino workers (OFW) “are starting to gain traction once again.”

“We plan to boost our international sales network further and improve our digital and online platforms to reach out to more OFW markets abroad,” he added.

He said Filinvest Land would continue speeding up construction completions while rolling out projects in emerging markets with large unserved housing demand.

“We anticipate an improvement in rental revenues going forward now that the traffic has improved in malls and rental concessions will be reduced,” he added.

Reservation sales in the first quarter increased by 28% to P4.39 billion, due to high sales to OFWs and strong demand for housing products in the Laguna, Cavite, Rizal, Bulacan, and Pampanga market areas.

The company has a planned bond issuance worth P8 billion with an oversubscription option of up to P3.9 billion. The funds generated from the proposed offering will be used to support its capital expenditures and service debt repayments.

Filinvest Land said it is aiming to expand its leasing business to reach 2.1 million square meters of gross leasable area by 2026 and is ready to launch P30 billion worth of residential projects.

“We are grateful for this development as we reach our growth targets for our leasing and residential businesses,” Filinvest Land Chief Executive Lourdes Josephine Gotianun-Yap said.

At the stock exchange, Filinvest Land shares remained unchanged at P1.00 on Monday. — Luisa Maria Jacinta C. Jocson

Swiss voters approve ‘Lex Netflix’ TV streaming funding law

ZURICH — Swiss voters on Sunday backed proposals to make global TV streaming services such as Netflix Inc., Amazon, and Disney invest some of their revenues generated in Switzerland into domestic film-making.

Just over 58% of voters backed the proposal, according to the final result, in one of three national votes held under the Swiss system of direct democracy.

Switzerland will become the latest European country to introduce such measures to support local TV and film production and boost locally produced content.

“This result underlines the cultural importance of film-making in Switzerland,” Swiss Interior Minister Alain Berset told a press conference on Sunday.

In the binding referendum on what is being called “Lex Netflix,” international streaming services must invest 4% of the revenue they make in Switzerland in local film production.

The investments can take the form of buying locally made shows, making programs themselves, or go into an investment fund.

Netflix said it respected the result and would work with the government implementing the regulation.

“We believe that good stories can come from anywhere, and we have already invested in content from Switzerland in the past,” a Netflix spokesperson said.

Amazon declined to comment and Disney did not respond to a request for comment.

A similar law has been passed in Portugal where streaming service providers have to pay 1% on their income to the Institute of Cinema and Audiovisuals.

Denmark is considering a levy and Spain is due to introduce one. France and Italy make streaming services invest a proportion of their revenues in European content in local languages. — Reuters

Cash incentives await athletes with medals in 31st SEA Games

HANOI — Cash incentives for medal-performing athletes will flow from the coffers of the Philippine Sports Commission after the 31st Southeast Asian Games here.

With at least 20 gold medals for Team Philippines on the halfway mark of the 11-nation biennial meet plus 25 silver and 36 bronze medals as of early Monday, the PSC will be shelling out at least P18 million in cash bonuses as provided for by the law under Republic Act 10699.

Otherwise known as the National Athletes and Coaches Incentives and Benefits Act, the law rewards a Filipino athlete P300,000 for every individual gold medal won while the value of a silver and bronze are P150,000 and P60,000, respectively.

“I congratulate our athletes for a job well done. We’ll be expecting more medals to be won by Team Philippines in the coming days,” said PSC Chairman William Ramirez.

But the cash windfall from the government isn’t the only source of monetary incentives for medal-winning athletes in the SEA Games.

By tradition in the Duterte administration, President Rodrigo Duterte awards the cash bonuses in Malacañang and hands out additional monetary rewards by matching the incentives received by the athletes.

“Knowing the President, it’s his style to give additional cash bonuses aside from the incentives provided for by the law once the athletes visit him in Malacañang,” said Mr. Ramirez.

Also based on the law, coaches of podium finishers will get 50 percent of the amount of cash bonuses their athletes received.

For team cash incentives, a team of four or less will receive the equivalent of the corresponding individual medal they had won while each member of a team with five members or more are entitled to 25% of the individual medal’s worth. Medal winners who surpassed existing Philippine records, SEA Games standards or records in any measurable international competition can likewise receive cash incentives as determined by the PSC.

Funding for these cash bonuses from the government is taken from the net cash income of the Philippine Amusement and Gaming Corp. to be remitted to the National Sports Development Fund of the PSC.

Chelsea Logistics’ net loss widens despite improved revenues

CHELSEA Logistics and Infrastructure Holdings Corp.’s attributable net loss for the first quarter of 2022 widened to P415.64 million from a loss of P218.07 million in the same period a year ago.

The company reported improved revenues with its topline increasing 13% during the period to around P1.30 billion from P1.15 billion previously.

However, the company’s total expenses reached P1.38 billion, a 5% increase from the P1.31 billion reported for the same period last year.

“The freight segment maintained its steady growth with its revenues growing 23% year on year to P762 million. On the other hand, the passage segment reported a strong year-on-year recovery with passage revenues up 124% to P160 million with the easing of travel protocols, leading to a robust increase in passenger volumes,” Chelsea Logistics said in a statement.

Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said that the company believes it has “truly turned a corner in [its] operations with the strong year-on-year growth in [its] passenger segment.”

“The strong 8.3% GDP (gross domestic product) growth rate in 1Q2022 (first quarter of 2022) supports our assertion. We remain cautiously optimistic as we try to maintain our cost structure despite significant increases in our fuel costs,” he added.

The company said the cost of sales and services increased 7% year on year to P1.22 billion.

“This was slower than revenue growth leading to improved margins. Other operating expenses were essentially flat year on year at P165 million.”

At the same time, it said that finance costs were 22% higher from the same period in 2021 to P333 million “due to the finance lease take-up of MV Trans-Asia 21, delivered to the Group last May 2021.”

“Adjusted EBITDA (or earnings before interest, taxes, depreciation, and amortization) was down by 58% to P231 million from P555 million from the same period last year due to the one-off gain from the contract termination in 1Q2021. Without the one-time gain last year, EBITDA would have actually been lower by just 5% year on year,” the company also said.

Chelsea Logistics shares closed 6.67% higher at P1.60 apiece on Monday. — Arjay L. Balinbin

Ukraine cheers war-time Eurovision victory

PHOTO FROM EUROVISION.TV/

KYIV — Proud Ukrainians revelled in their Eurovision Song Contest victory on Sunday, renaming a train route in its honor as they hoped for victory in their grinding war with Russia.

This as Italian police said they thwarted hacker attacks by pro-Russian groups during the May 10 semi-final and Saturday final of the Eurovision Song Contest in Turin.

Ukraine’s Kalush Orchestra triumphed in Italy on Saturday with their entry “Stefania,” a song fusing rap with traditional folk music that was a tribute to band frontman Oleh Psiuk’s mother.

“We were very happy with Ukraine’s victory, and we hope that we will win not only at Eurovision,” Liubov Savinkova, a Kyiv resident, said in an obvious reference to the war.

Russia’s Feb. 24 invasion has killed thousands, forced millions from their homes and devastated the port city of Mariupol.

She said she was deeply moved by the huge show of European support for Ukraine and by the band’s plea at the end of their performance for help in Mariupol and the Azovstal steelworks.

Russia has almost fully captured the devastated port city, but a pocket of Ukrainian resistance is holding out in Azovstal.

“I was overwhelmed with emotions when Iceland came out with Ukrainian flags, and also when Kalush spoke for Azovstal,” Savinkova said.

The band published a new music video for the track on Sunday showing Ukrainian servicewomen rescuing children from shelled and ruined towns.

The front man’s mother Stefania, in televised comments, described going to the local market in her hometown and, bewildered, being asked by passersby to pose for photographs.

“I didn’t connect it to myself, that the song was written for me. I thought someone had made a mistake and meant his girlfriend Sasha and got the names mixed up,” she said.

Psiuk’s sister Iryna described watching the televised contest with her mother in the town of Kalush, the band’s hometown in the foothills of the Carpathian Mountains in Ukraine’s western Ivano-Frankivsk region.

“She was really worried. We wept. We sat up until half past six, watching the press conference…. Emotions were off the scale, we didn’t believe that our little town of Kalush would bring Ukraine victory this year in the Eurovision,” she said.

The head of the railway service announced that the number 43 train from Kyiv to Ivano-Frankivsk will be renamed the Stefania Express to honor the victory.

Train stations in Kyiv, Kalush, and Ivano-Frankivsk will play the song when the train pulls in, he said.

PRO-RUSSIAN HACKERS FOILED
Meanwhile, Italian police thwarted hacker attacks by pro-Russian groups during the May 10 semi-final and Saturday final of the Eurovision Song Contest in Turin, authorities said on Sunday.

During voting and the performances, the police cybersecurity department blocked several cyber attacks on network infrastructure by the “Killnet” hacker group and its affiliate “Legion,” police said.

The police also gathered information from the pro-Russian group’s Telegram channels to prevent other critical events and identified the attacks’ geographic location.

On May 11, “Killnet” claimed an attack on the websites of several Italian institutions, including the Senate, Italy’s upper house of parliament, and the National Health Institute (ISS), ANSA news agency reported.

Since Russia invaded Ukraine on Feb. 24, many Western governments have raised alert levels in anticipation of possible cyber attacks on IT systems and infrastructure.

Russia routinely denies it carries out offensive cyber operations. — Reuters

NU meets lowly FEU while UST square off with Adamson

NATIONAL University Bulldogs — THE UAAP

UNBEATEN National U eyes to move closer to a first-round sweep while four trailing teams scramble to stay at second spot as the women’s volleyball tilt gets to enjoy a solo spotlight in the UAAP Season 84 starting today at the Mall of Asia Arena.

Still unblemished in five starts, a win by the Lady Bulldogs in the main game at 6 p.m. against the lowly Far Eastern U (1-4) would move them a step away from wiping out the first round. Their last assignment is University of the Philippines.

UP (3-2) is tied with three other squads at No. 2 including La Salle (3-2), making their battle in the opener at 10 a.m. a crucial one. Streaking Adamson (3-2) and Santo Tomas (3-2) also figure in the same pivotal duel at 4 p.m.

On a two-game run after a winless start, reigning champion Ateneo (2-3) wants to crowd the middlepack of the standings against winless University of the East (0-5) as UAAP showcases the volleyball joust alone this time after an iconic finish of men’s basketball.

The Lady Bulldogs will be riding on their sizzling start that included commanding triumphs against contenders Ateneo, La Salle, Adamson and recently Santo Tomas over the weekend.

NU dropped only two sets in their five wins so far but is bracing for a tougher journey from here on according to coach Karl Dimaculangan.

NU will be facing a spirited FEU squad that suffered a four-set defeat against Adamson last weekend. — John Bryan Ulanday

Bids for T-bills rejected as market bets on BSP hike

BW FILE PHOTO

THE GOVERNMENT rejected all bids for its offer of Treasury bills (T-bills) on Monday as investors asked for higher rates due to bets of a hike at the Bangko Sentral ng Pilipinas’ (BSP) policy meeting this week.

The Bureau of the Treasury (BTr) did not award any T-bills during Monday’s auction even as tenders reached P23.53 billion, higher than the P15-billion offering.

Broken down, the Treasury did not award 91-day securities even as bids reached P13.3 billion, higher than the P5-billion program. Had the Treasury made a full award, the three-month tenor would have fetched an average rate of 1.759%, 22.8 basis points (bps) higher than 1.531% seen at last week’s auction, where the government raised P5 billion as planned via the tenor. This is also 38.46 bps above the 1.3744% quoted for the tenor at the secondary market prior to the auction on Monday, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The BTr also rejected the P7.33 billion in tenders for the 182-day dept papers, even as this was higher than the P5-billion plan. Had the BTr fully awarded its offer, the average rate of the six-month paper would have been at 2.215%, up 53.78 bps from the 1.6772% quoted for the tenor at the secondary market before Monday’s auction.

Lastly, the government turned down bids for the 364-day debt papers despite demand reaching P7.17 billion versus the P5-billion offer. Had the tenor been fully awarded, the one-year instrument would have been quoted at an average rate of 2.828%, 86.61 bps higher than the 1.9619% yield on the tenor at the secondary market.

The government did not award six-month and one-year papers last week.

“Market remains defensive and bracing for possible rate hike by the MB (Monetary Board) with stronger-than-expected first-quarter GDP (gross domestic product) growth,” National Treasurer Rosalia V. de Leon said in a Viber message to reporters after Monday’s auction.

The first trader said the auction result was “quite expected as the market is quite defensive before the MB meeting.”

“It seems participants are looking at a rate hike,” the first trader said in a Viber message. “Prior to Thursday’s meeting, the BSP mentioned that they are watchful of second-round effects of CPI (consumer price index).”

The second trader said the rejection is good for the market as the average rates were too high and would have caused the rest of the curve to move upwards.

“Additional pressure is not needed in the fixed-income market right now,” the second trader said in an e-mail, noting that the market is seeking direction amid uncertainties like the BSP’s policy review as well as the economic plans of the incoming administration.

With faster-than-expected GDP growth seen to put upward pressure on inflation, some market players are pricing in a hike by the BSP as early as its meeting on Thursday.

A BusinessWorld poll of 17 analysts conducted last week showed they are divided on the BSP’s next move, with nine betting rates will remain unchanged, while eight are expecting a 25-bp hike.

The Monetary Board will hold its third rate-setting meeting for the year on Thursday. The key policy rate has been at a record low 2% since November 2020, when the BSP cut rates by 25 bps.

Economic growth in the first quarter accelerated by a higher-than-expected 8.3% annually on strong household spending as lockdowns were eased, the Philippine Statistics Authority reported last week.

It was a reversal from the 3.8% decline in the same period last year and faster than the 7.8% growth logged in the final three months of 2021.

The latest GDP print beat the 6.7% median estimate in a BusinessWorld poll and is within the 7-9% target growth band of the government.

It also marked the fourth consecutive quarter that the GDP stayed in the positive territory. The first quarter’s GDP growth was the highest since the 12.1% recorded in the second quarter last year.

Meanwhile, inflation surged to a 40-month high of 4.9% year on year in April due to rising food and utility prices.

It was faster than 4% the previous month and breached the central bank’s 2-4% target. It also settled near the upper limit of the 4.2-5% forecast range in April.

The BTr is looking to raise P200 billion from the domestic market in May, or P60 billion via T-bills and P140 billion through Treasury bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.7% of GDP this year. — T.J. Tomas

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

1...6,4236,4246,425...14,243Page 6,424 of 14,243
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube