PETROENERGY Resources Corp.’s net income attributed to equity holders soared by 115% to P89 million in the third quarter of 2021 from P41 million in the same quarter last year.
The profit rise brings the company’s nine-month attributable income to P323 million, up 60% from P203 million in the same quarters a year ago.
In a news release on Monday, PetroEnergy said the significant increase in its income was brought about by the higher global prices of crude oil to $72.86 per barrel from $43.22, and higher electricity sales from its solar and wind power plants in Tarlac City and in Nabas, Aklan respectively.
PetroEnergy’s consolidated net income for the third quarter also improved by 38% to P158 million from P115 million in the same period last year.
This brought its consolidated net income for the three quarters ending September to P544 million, which is 30% higher than year ago’s P417 million.
PetroEnergy is part of the Yuchengco Group of Companies and is engaged in renewable energy development in the Philippines and in petroleum exploration and production in Gabon, West Africa.
PetroEnergy shares at the local bourse shed 1.14% or five centavos to finish at P4.35 apiece on Monday. — Bianca Angelica D. Añago
SM DEVELOPMENT Corp. (SMDC) and Cebu Landmasters, Inc. (CLI) dominated the PropertyGuru Philippines Property Awards, with 11 wins each.
At the 9th PropertyGuru Philippines Property Awards, SMDC was named the Best Developer for a second year in a row. It received awards for Best Lifestyle Developer, Best Developer (Luzon), and development awards for Vine Residences and Green 2 Residences.
Gold Residences, SMDC’s township development in Parañaque City, received five awards, including Best Mid Rise Condo Development (Philippines).
CLI also nabbed 11 awards, including Best Developer (Visayas) and Best Developer (Mindanao). Its Davao Global Township and Patria de Cebu projects received Best Township Development and Best Mega Mixed-Use Development, respectively.
The Suites at Gorordo, a project by Worldwide Central Properties, Inc. in Cebu, won Best High Rise Condo Development (Philippines). Seafront Residences, a project by AboitizLand, Inc. in Batangas, was named Best Housing Development (Philippines). Maple at Verdánt Towers, developed by Ortigas Land, won Best Upper Mid-End Condo in Metro Manila.
PIK won the Best Breakthrough Developer award, while Aboitiz InfraCapital, Inc. (Integrated Economic Centers) received the Best Industrial Developer award.
Ramon S. Ang, president of San Miguel Corporation, was named Philippines Real Estate Personality of the Year. Mr. Ang received the award for “his exemplary leadership in promoting green energy, building sustainable infrastructures, and giving back to Filipinos affected by the pandemic.”
“We are privileged to recognize these companies as they represent the continued diversification of the real estate sector, building forward-looking structures of all statures, across various price points, for every kind of property seeker,” Hari V. Krishnan, chief executive officer of PropertyGuru Group, said in a statement.
Main award winners are eligible to compete for Best of Asia titles at the 16th PropertyGuru Asia Property Awards Grand Final on Dec. 9.
The meet would serve as tryout for SEAG, Asian Games
THE Philippine Athletics Track and Field Association (PATAFA) has set the stage for the Ayala National Championships slated Dec. 9 and 10 at the PhilSports track and field oval in Pasig City.
PATAFA President Philip Ella Juico said the two-day meet would serve as a big part of the selection process for the national team seeing action in Hanoi Southeast Asian (SEA) Games and the Hangzhou Asian Games next year.
Apart from competing in the national squad tryout, the former Philippine Sports Commission (PSC) chairman stressed the need for aspiring athletes to meet certain standards in the SEA Games (SEAG) and Asiad (Asian Games) to make the cut.
Over 160 aspirants are expected to plunge into action that included 60 members of the national pool currently undergoing high-altitude training in Baguio City.
They are expected to arrive on Nov. 28 at PhilSports where they will be billeted.
Asian and national pole vault record-holder Ernest John Obiena and several Fil-foreign athletes based abroad headed by Olympians and SEA Games gold medalists Kristina Knott and Eric Cray will remain in the national team even though they wouldn’t be able to join.
Mr. Obiena is currently training in Formia, Italy while Knott and Cray are in the United States.
Also keeping their national slots are US-based William Morrison, Zion Corrales Nelson, twins Kyla and Kayla Richardson and brothers Yacine and Said Guarmali.
The Nationals, which was last held two years ago in Ilagan, Isabela, set last year was postponed due to the coronavirus disease 2019 (COVID-19) pandemic. — Joey Villar
REMITTANCE SERVICE provider I-Remit, Inc. managed to trim its attributable net loss for the third quarter to P16.78 million from P34.95 million in the same period a year ago on the back of lower expenses and higher revenue.
In a stock exchange filing on Monday, the listed company said its gross revenue for the third quarter went up 4.5% to P156.59 million from P149.80 million in the same period a year ago amid higher remittances, citing central bank data.
“Personal remittances from overseas Filipinos rose by 4.8% to $2.89 billion in August 2021 from $2.76 billion in the same month last year. This resulted in the increase in cumulative remittances by 5.9% in the first eight months of 2021 to $22.67 billion from $21.41 billion recorded in the same period in 2020,” I-Remit said.
“The growth in personal remittances in August was due to remittances sent by land-based workers with work contracts of one year or more, which increased by 4.2% to $2.21 billion from $2.12 billion in the same month last year, and sea- and land-based workers with work contracts of less than one year, which grew by 8.4% to $629 million from $580 million a year ago,” it added.
Cash remittances coursed through banks also grew by 5% to $2.61 billion in August from $2.483 billion registered in the same month last year.
Meanwhile, I-Remit’s total expenses for the quarter went down 6.1% to P171.45 million from P182.55 million previously.
For the first nine months, the company’s attributable net loss went down to P96.76 million from P107.02 million last year.
Gross revenue for the January-to-September period declined by 10% to P440.88 million from P489.70 million in the same period last year. However, total expenses fell 10.5% to P529.64 million from P591.55 million previously.
“On a year-to-date basis, cash remittances in January-August 2021 amounted to $20.38 billion, 5.7% higher than the year-ago level of $19.285 billion,” the company noted.
The growth in cash remittances from the United States, Malaysia, and South Korea contributed largely to the increase in remittances in January to August this year, it said.
I-Remit shares closed 2.75% lower at P1.06 apiece on Monday. — Arjay L. Balinbin
AFTER the trip to Mindanao and performing with talents from the big island down south for the first part of her musical trilogy, singer and actress Julie Anne San Jose travels to the Visayas in Limitless Part 2: Heal.
The second installment of the online musical special, which follows Limitless Part 1: Breathe, will premiere on Nov. 20 on GMA Synergy.
“It’s one of the things that I am really proud of because other than being able to sing my songs, we also appreciate sites around the Philippines.” Ms. San Jose said in an online press conference on Nov. 10.
“I am also happy that I get to travel because traveling is also something that I love.”
In Limitless Part 2: Heal, Ms. San Jose visits beaches around the Visayas and interacts with the local communities. Ms. San Jose, a host or “Clash Master” on The Clash, a reality talent competition show broadcast by GMA Network, will be performing alongside Clash Master and good friend Rayver Cruz, and The Clash Season 3 Grand Champion Jessica Villarubin.
“We listed possible featured artists and we all agreed to include Ravyer since he is one of my close friends at work. It’s much better if you have a friend to accompany you on travels,” she said.
“I also got to immerse myself with the locals of Siquijor,” she said. “It’s an amazing feeling to experience things for the first time.”
One of the highlights in Heal is a segment where Ms. San Jose plays an original composition on a remote sandbar.
“Eight to 10 people had to carry the piano in the middle of the sandbar and we were mindful to not catch the high tide,” she said in English and Filipino. Despite the rainy shooting schedule, “It all turned out beautifully,” she said.
“I never imagined performing my own composition at a sandbar,” she added.
Ms. San Jose said that this episode is more fun and energetic compared to the first installment which was more emotional.
“We want to create relatable content. As an artist, I want to keep myself relatable to other people and somehow contribute to their everyday lives in my own music. It’s a good feeling to just share your music and craft. It’s fulfilling,” Ms. San Jose said.
Limitless, A Musical Trilogy is directed by Paolo Valenciano, with musical direction of Myke Salomon.
Tickets to the show are available at gmanetwork.com/synergy. Tickets are priced at P599 (general admission); P999 (Synergy Pass GA); P1,199 (VIP); P2,199 (Synergy Pass VIP); and P2,799 (Synergy Pass Premium). — Michelle Anne P. Soliman
D.M. Wenceslao (DMW) Associates, Inc.’s core net income for the nine-month period grew 4% to P1.04 billion from last year’s P1 billion, the listed company said in a disclosure to the exchange on Monday.
The company said its core net income does not account for the after-tax impact of the one-time gain a year ago worth P1 billion, as well as the tax expense adjustment in the same period this year due to the government’s corporate tax incentives.
“Testament to the stability and robustness of our businesses, we managed to grow our core earnings year on year despite the return to strict quarantine measures in the [third quarter this year] amid a Delta variant-led surge in COVID-19 (coronavirus disease 2019) cases,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.
The company posted a recurring income growth to P1.46 billion, which accounted for 73% of its total revenues. Its building leasing portfolio’s occupancy rate stood at 89% during the period.
Meanwhile, residential revenues went down by 30% year on year to P494 million. The company said the dip was due to the drop in revenues booked for Pixel Residences, dropping 84% to P100 million compared with the P632 million recorded in the same period last year.
“Note that Pixel Residences is practically fully turned over, with little remaining unrecognized revenues,” the company said.
Meanwhile, revenues from its MidPark Towers surged to P394 million from P75 million last year.
The company said it is optimistic for the upcoming quarters in the hopes that “post-pandemic recovery is just around the corner.”
“We expect our recently completed developments and upcoming developments to benefit from the much-improved COVID situation in Metro Manila and the country, in general,” Mr. Wenceslao said.
Shares of DMW at the stock market closed unchanged at P6.98 apiece. — Keren Concepcion G. Valmonte
ROBINSONS MALLS will break ground on a new mall in Pagadian, Zamboanga del Sur on Friday (Nov. 19).
The mall operator said in a statement that Robinsons Place Pagadian will located within the vicinity of the city’s Capitol and famous landmarks Plaza Luz and Legislative Building.
“Its central location paves the way for more local entrepreneurs and businesses to capitalize on the city’s growing market and booming economy,” Robinsons Malls said.
The mall will have a mix of local and international retail shops, a Food Hall, Robinsons Supermarket, Robinsons Movieworld and Robinsons Department Store.
The design of Robinsons Place Pagadian will be inspired by the geometric shapes and colors of the traditional outrigger boat called Vinta.
“The mall facade will showcase an eye-catching symmetry creating a playful and colorful imagery that mirrors the iconic vessels,” Robinsons Malls said.
CHOCO Mucho has added seasoned setter Jem Ferrer to its already loaded roster as it gears up for the second pro season of the Premier Volleyball League (PVL) unfurling in February next year.
The 30-year-old former three-time UAAP Best Setter, who last played for the Perlas Spikers, is expected to bring his vast experience and veteran presence to a youth-laden team and should serve as a mentor to fast-rising young setter star Deanna Wong.
Ms. Ferrer’s acquisition was announced in the Flying Titans’ Twitter account yesterday.
“Team Titans, let’s all welcome the newest addition to our family, Choco Mucho Flying Titans. We’re proud to have you on the team,” it said.
Choco Mucho has also reportedly got a champion middle blocker and outside hitter to commit to play for the team.
Flying Titans management will announce names of these two solid additions before the year ends or early next year.
The two should also fill the massive void left by Maddie Madayag, who tore her left ACL (anterior cruciate ligament) in the bronze medal match in last August’s PVL season in Bacarra, Ilocos Norte and will be out for a while.
They will join a deep lineup that included Ms. Wong, Bea de Leon, Ponggay Gaston, Denden Lazaro-Revilla and Kat Tolentino.
Choco Mucho is eyeing to improve on its fourth place finish in the league’s first pro season. — Joey Villar
A REDUCTION in China’s reserve requirement ratio is unlikely as data showed improvement in the economy. — ERIC PROUZET/UNSPLASH
A REDUCTION in China’s reserve requirement ratio looks increasingly unlikely after the authorities rolled over all policy loans coming due and data surprised on the upside, suggesting that bonds will have little room to gain.
The People’s Bank of China (PBoC) injected 1 trillion yuan ($157 billion) through its medium-term lending facility (MLF) on Monday, matching the record amount maturing in November. The nation’s October retail sales and factory output data beat economists’ forecasts, and all this indicate there’s little need for policy easing for now, according to Australia & New Zealand Banking Group Ltd.
China government bonds have been whipsawed by liquidity concerns and fears of quickening inflation after the nation’s producer price index registered the fastest growth in 26 years. As the odds of an RRR cut wane, the next cue may come from a virtual meeting between President Xi Jinping and his US counterpart Joe Biden on Monday.
“The chance for a reserve-requirement ratio cut in the fourth quarter is close to zero,” said Zhaopeng Xing, senior China strategist at ANZ. “The PBoC will likely trim daily injections via open-market operations to limit leverage in the banking system. Government yields won’t fall much from here given the fading bets on aggressive easing.”
A total of 800 billion yuan of one-year policy loans are maturing Tuesday while 200 billion yuan will fall due on Nov. 30, resulting in the largest monthly maturity of medium-term loans on record. The PBoC kept the interest rate unchanged at 2.95% on Monday, adding that the operation covers all MLF maturities in November.
The operations were followed by official data that showed China’s industrial output rose 3.5% in October from a year earlier, exceeding September’s reading and economists’ expectations. Retail sales growth accelerated to 4.9%, above the 3.7% estimate in a Bloomberg survey of economists.
China’s 10-year sovereign bond yield was little changed at 2.93% as of 11:36 a.m. in Shanghai. The securities declined last week after posting their biggest five-day gain since July.
The overnight repo rate — a gauge of interbank funding costs — fell as much as seven basis points to three-week low of 1.78%.
The PBoC on Monday also reduced its injection of short-term cash via open-market operations to 10 billion yuan from 100 billion yuan in the previous session. That resulted in a net withdrawal of 90 billion yuan. — Bloomberg
English singer-songwriter Ed Sheeran won best artist and best song for “Bad Habits”
BUDAPEST — English singer-songwriter Ed Sheeran won best artist and best song for “Bad Habits,” while K-pop stars BTS snatched four awards at MTV’s Europe Music Awards, which returned as an in-person event after a virtual 2020 edition due to the pandemic.
MTV said Sunday’s EMAs, hosted in Budapest, would go ahead to show solidarity with Hungary’s LGBTQ+ community following a June law banning the “display and promotion of homosexuality” among under-18s.
It said the 2021 EMAs, held at the Papp Laszlo Budapest Sport arena, would be “a global celebration of music for all audiences around the world.”
“I am so excited, I am very grateful to MTV. I think censorship of any kind of love sucks, and this is kind of a stand against that,” international pop star Kim Petras, the first transgender performer at the EMAs, said on the red carpet.
Some gay couples arriving at the show were kissing on the red carpet and others were dressed in rainbow-colored clothes in a show of support for LGBTQ+ people.
Lil Nas X was awarded best video for “MONTERO (Call Me By Your Name),” while Korean band BTS won the most awards with four including best pop, best K-pop, best group, and biggest fans.
First-time EMA winners Måneskin took home best rock, while show host and performer Saweetie won best new artist.
Nicki Minaj earned a top award for best hip-hop, Olivia Rodrigo was awarded best push, Maluma won best Latin, and YUNGBLUD snagged the award for best alternative.
For the first time, the “MTV EMA Generation Change Award” winners were recognized during the EMAs main show, honoring five young people promoting equality while fighting against anti-LGBTQ+ policies.
Viktoria Radvanyi, a Hungarian board member of Budapest Pride, accepted the award on behalf of the winners.
ANXIETY Prime Minister Viktor Orban, who faces a tough 2022 election, says the June law is aimed at protecting children. European Union (EU) leaders say it discriminates against gay and transgender people and goes against EU values.
The law has caused anxiety in the LGBT community under Orban’s government, which has stepped up its campaign against LGBT people ahead of next year’s ballot.
As Budapest prepared to host the EMAs, Mr. Orban was re-elected chairman of the ruling Fidesz party unopposed. The anti-LGBT line featured strongly on the agenda at his party congress, with several speakers pledging to protect what they see as Hungary’s traditional Christian values.
Mr. Orban’s opposition challenger, Peter Marki-Zay, an energetic political outsider, has said he would scrap the anti-LGBTQ law if elected. He has said same-sex couples should be allowed to marry and deserve equal rights.
The show derived inspiration from Budapest’s popular thermal spas and the Danube River, which runs through the capital, with stages that appeared to be floating.
Grammy award-winning Mr. Sheeran opened the night surrounded by neon graffiti to perform his latest single, “Overpass Graffiti.” Later he performed his chart-topping hit “Shivers.”
Imagine Dragons returned to the EMAs for the debut of their new single “Enemy.” Bathed in laser lights, the best-selling band rocked the stage alongside Grammy-nominated rapper and artist J.I.D and a squad of dancers.
Multi-instrumentalist singer-songwriter and best alternative award winner YUNGBLUD closed the night with a pyrotechnics-filled performance of his latest single “fleabag.” — Reuters
SPC Power Corp.’s net income attributable to the parent equity holder climbed by 51% to P567.02 million in the third quarter of 2021 from P375.47 million in the same period last year.
This brought SPC’s nine-month attributable net income to P1.36 billion from P1.30 billion in the same period last year.
Its consolidated net income also grew by 5% to P1.38 billion in the January-September period from P1.31 billion a year earlier.
“Performance improvements were recorded across all business segments, driven mainly by higher revenues from the sale of electricity as well as higher availability and utilization of power generation capacities,” the company said in its regulatory filing on Monday.
As of September this year, the company’s power generation segment contributed about P426.8 million to its net income, 30.4% higher than the recorded P327.3 million in the same period last year.
The company said the increase was brough about by “higher utilization of available plant capacities.”
Meanwhile, the net income contribution of SPC’s power distribution segment for the nine-month period slightly increased to P28.7 million “as the improvement brought by increasing demand from industrial and commercial customers was dimmed by temporary under-recoveries of cost of purchased power.”
SPC’s gross revenues rose by 34% to P1.99 billion as of September 2021 from P1.49 billion in the same months last year.
Shares in SPC at the local bourse declined by 0.14% or two centavos to finish at P13.84 apiece on Monday. — Bianca Angelica D. Añago
PROPERTY TECHNOLOGY company Inventi said it is expected to more than double last year’s sales of its cloud-based property management solution.
“As more and more real estate companies are realizing the value of digitization, we are on track to more than double last year’s revenues in 2021,” Joseph Tay, managing partner of Inventi, said in a statement.
Among its key accounts include one of the Philippines’ largest retailers, a major construction company, real estate developer, and two listed companies. Other clients include commercial and residential buildings, retail, schools, and even hospitals.
“Inventi has now been implemented into more than two million square meters of real estate across the Philippines, covering Luzon, Visayas, and Mindanao, and more than 30 cities nationwide,” Mr. Tay said.
Inventi is now aiming to expand in Southeast Asia, “to accelerate the digitization of property management in countries like Indonesia and Vietnam.”
