CHELSEA Logistics and Infrastructure Holdings Corp. said Monday that its attributable net loss narrowed to P218.07 million in the first quarter compared with a net loss of P345.08 million in the same period a year ago.
“This is due to reduced financing costs by P78 million or 22% resulting from the loan restructuring, share in net loss of an associate by P34 million or 26%, and recognition of P320 million other income from a pre-terminated co-loading contract this period,” the company said in a statement to the stock exchange.
The company’s total revenues declined 28.6% to P1.15 billion from P1.61 billion previously. “Squeezed by the surged in freight revenue by P101 million or 20%, from P517 million in 2020 to P618 million in 2021 due to higher volume and average freight rate,” Chelsea Logistics noted.
It said passenger revenue remained low in the first quarter at P71 million, 82.8% lower than the P413 million reported in the same period in 2020.
Cost of sales and services decreased 9.5% to P1.14 billion from P1.26 billion previously.
The company also said the cost reduction was “unparalleled compared to revenue decline of 28% as operating vessels were running at low load factor especially the Ropax ships.”
“The group continues to manage and contain costs, reducing total other operating expenses by P151 million or 48%, from P317 million in 2020 to P166 million in 2021,” it added.
Chelsea Logistics shares closed 1.43% lower at P2.76 apiece on Tuesday. — Arjay L. Balinbin
PHILIPPINE President Rodrigo R. Duterte on Tuesday signed a law renewing the franchise of DITO Telecommunity Corp. for another 25 years.
The President signed Republic Act No. 11537 a day after the firm owned by Dennis A. Uy launched its services in the capital region.
The company initially launched its commercial services in Visayas and Mindanao in March. It has now reached more than 100 cities and municipalities.
The National Telecommunications Commission in February said the population coverage of the country’s third telco player had reached 37.48%, while its minimum average broadband speeds delivered reached 85.9 Mbps and 507.5 Mbps for all 4G and 5G sites, respectively. — Kyle Aristophere T. Atienza
François Pinault
showcases his vast art collection in the French capital.
— PINAULTCOLLECTION.COM
PARIS — The reopening of Paris museums this week finally gives billionaire tycoon Francois Pinault the chance to showcase his vast contemporary art collection in the French capital, with works ranging from stuffed pigeons to slowly melting chairs.
The museum’s launch in a converted 19th -century commodities exchange, blocks away from the Louvre, was put on hold twice due to the coronavirus pandemic after having suffered earlier planning mishaps, with an initial project abandoned in 2005.
Mr. Pinault, 84 —who made his fortune in timber trading before shifting into retail under the group now known as Kering, run by his son —joins rival French luxury goods tycoon Bernard Arnault in trying to stamp his legacy on Paris’ art scene and landscape, with museums and renovation projects.
But the “Bourse de Commerce — Pinault Collection,” opening on May 22, will also give visitors a glimpse of the businessman’s vast trove of art purchases since the 1980s, including pieces by photographer Cindy Sherman and painter Peter Doig.
The 200 works on display for the opening, many straight out of storage, feature artists who have never had restrospectives in France, such Kerry James Marshall, known for his paintings of Black figures and explorations of African-American history.
An ephemeral work by Swiss-born artist Urs Fischer will take center stage at the launch, with wax sculptures installed in the central space, including of chairs and a marble-like statue, set to slowly melt over six months as they are set alight.
Overhead, stuffed pigeons peer down into the gallery, in an art installation called Others by Maurizio Cattelan, designed to give visitors a startling sense of being observed.
The project follows Mr. Pinault’s attempt to build a new museum in western Paris on the site of a former Renault car factory, which became bogged down in wrangling with local authorities. The billionaire has since opened two museums in Venice, Italy. Mr. Arnault, who is behind the LVMH luxury goods conglomerate, built his Louis Vuitton foundation in the west of the French capital, opening the futuristic ship-like Frank Gehry design to public exhibits in 2014. The Cartier Foundation, linked to the jewelry brand owned by Switzerland’s Richemont CFR.S, has been a cultural hotspot for contemporary art exhibits in Paris since the 1980s.
CROWDED ART Many museums in France are re-opening for the first time since October on May 19 as coronavirus disease 2019 (COVID-19) restrictions ease. The “Bourse de Commerce — Pinault Collection” will welcome 600-700 visitors a day, a reduced intake compared to its 1,700 capacity.
In Paris’ crowded art world, once dominated by public institutions, private museums now offer a fresh perspective, the Bourse de Commerce’s managing director Martin Bethenod said.
“Now it’s a much more balanced art scene, it’s a kind of ecosystem in which private and public can work together,” Mr. Bethenod told Reuters.
Housed in a circular former grain trading hall, the Bourse de Commerce’s exterior has been restored, while inside old and new mingle. A cement walkway imagined by Japanese architect Tadao Ando gives visitors a closer view of the imposing glass dome, as well as a late 19th-century painting depicting an antiquated Europe-centric world view, with colonial stereotypes.
Part of the concept was to keep the work, in a form of dialogue with contemporary artists, Mr. Bethenod said.
“Mr. Pinault’s point of view is very much linked to issues in society, social issues, political issues, gender issues, cultural issues,” he added. — Reuters
LISTED Aboitiz Power Corp. said that its first-quarter net income attributable to equity holders has almost tripled to P6.18 billion, from the P2.52 billion in the same period last year amid a decline in operating expenses.
In its quarterly report shared with the local bourse on Tuesday, AboitizPower said that its operating expenses for the three months ending March fell by around 8% to P19.98 billion, from P21.83 billion year on year.
“The decrease in operating expenses was mainly due to the lower cost of purchased generated power during the first quarter of 2021 brought about by COVID-19 (coronavirus disease),” the firm said in its regulatory filing.
Meanwhile, AboitizPower’s operating revenues shed around 4% to P26.85 billion from January to March, compared with P27.88 billion in same period last year. The slight decrease is mainly attributed to lower power demand due to the global health emergency and the resulting community quarantine. But these were offset by better water inflows, higher availability of the firm’s thermal facilities and increased spot sales.
The firm’s attributable net income for the full-year 2020 dropped by 27% to P12.58 billion from the P17.32 billion recorded in 2019.
Last month, AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said that the firm plans to build around 3,900 megawatts of renewable energy in a decade, with a goal of reaching equal sharing of renewables and thermal energy capacity in its power mix.
Shares of AboitizPower at the stock exchange improved 0.45% or 10 centavos to finish at P22.10 apiece on Tuesday. — Angelica Y. Yang
OVER 500 lots in categories such as decor, tribal art and furniture, modern and contemporary art, and prints, maps and books. Will go under the hammer at Gavel&Block’s upcoming “The Great Indoors” online auction
The auction will be held on May 22, 10 a.m., at salcedoauctions.com.
Also coming up for auction are artworks by National Artists Vicente Manansala and Arturo Luz, as well as modern artists Fernando Zobel, Nena Saguil, Macario Vitalis, Norma Belleza, Gus Albor, Mauro “Malang” Santos, and contemporary artists Ronald Ventura, Joseph Tecson, and Jonathan Olazo.
There will also be a selection of prints and maps, including 18th and 19th century engravings depicting the inhabitants of Manila a vintage Maritime Quartz chronometer; a mini Batangas altar table, a two-segment Chinese “cracked ice” cupboard; a set of six kamagong and burl wood dining chairs, and a massive three-segment Bohol aparador (cupboard).
“We love the idea of people curating their own spaces. Whether you have a background in interior design or simply enjoy looking at well-curated spaces, the fact is that everyone knows how they want to feel when they’re at home,” Salcedo Auctions Managing Director, Victor Silvino said in a statement. “Depending on what experience you want to have while working, studying, or even just relaxing, that will determine what pieces you surround yourself with.”
“The Great Indoors” builds up to the upcoming Salcedo Private View mini-retrospective of modern artist Norberto “Lito” Carating’s works which will run from May 29 to June 19, as well as the Salcedo Auctions online auction “Finer Pursuits” on June 26.
The Gavel&Block The Great Indoors online catalogue is available at salcedoauctions.com. The collection is on view daily at NEX Tower, Ayala Ave, Makati City. To schedule visits to the gallery, contact 8823-0956 or 0917-107-5581.
THE GOVERNMENT fully awarded the seven-year Treasury bonds (T-bonds) it offered on Tuesday and also opened its tap facility, even as the tenor fetched a higher rate as investors remained cautious over inflation risks.
The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued seven-year T-bonds it auctioned off on Tuesday. The auction was 2.4 times oversubscribed as total bids reached P84.305 billion.
The demand seen on Tuesday, however, was lower than the P90.386 billion in tenders logged during the previous auction on April 20.
The BTr also opened its tap facility to borrow another P10 billion via the tenor.
The bonds, which have a remaining life of six years and 11 months, fetched an average rate of 3.678%, up by 5.3 basis points from its 3.625% coupon.
At the secondary market on Tuesday, before the auction, the seven-year bonds were quoted at 3.6024%.
National Treasurer Rosalia V. de Leon told reporters via Viber after the auction that investors continue to be concerned over prices, which caused the average rate for the seven-year bonds to edge up on Tuesday.
Meanwhile, a bond trader said the higher yield fetched for the papers shows that the market’s “interest is only up to this tenor” as the country’s economic outlook remains uncertain as the pandemic stretches on.
Headline inflation was unchanged at 4.5% in April, but still faster than the year-ago level of 2.2%, amid a slower increase in food prices. The four-month inflation average stood at the same pace.
The Bangko Sentral ng Pilipinas (BSP) last week lowered its inflation outlook for this year to 3.9% from its previous estimate of 4.2%. This will put inflation back within the central bank’s 2-4% annual target. On the other hand, the 2022 forecast was raised to 3% from 2.8% previously.
The central bank held its key rate at a record low for a fourth straight meeting on Wednesday amid this easing price outlook and as it continues to support the economy’s recovery from the pandemic.
The Monetary Board maintained the overnight reverse repurchase rate at its record low of 2%. Both the lending and deposit rates were also kept at 2.5% and 1.5%, respectively.
The central bank’s decision to keep rates steady came a day after release of disappointing first-quarter gross domestic product (GDP) data. For the first three months of 2021, GDP shrank by an annual 4.2%, keeping the economy in recession for a fifth consecutive quarter.
The BTr on Monday made a full P25-billion award of its offer of Treasury bills (T-bills) as rates inched down across the board. It raised another P5 billion via the papers through its tap facility.
The Treasury wants to raise P170 billion from the local bond market this month: P100 billion via weekly offerings of T-bills and P70 billion from T-bonds to be auctioned off fortnightly.
The government is looking to borrow P3 trillion this year from domestic and external sources to help fund its budget deficit seen to hit 8.9% of gross domestic product. — B.M. Laforga
PATIENTS with hypertension are mostly asymptomatic, said Dr. Benjamin A. Balmores, Jr., a nephrologist and trustee of the Philippine Society of Hypertension (PSH). “’Yun ang nakakatakot [That’s what’s scary]. You are hypertensive but you don’t know it. We call [these individuals] walking time bombs,” he said at a recent webinar organized for May Measurement Month (MMM), a global campaign that raises awareness around blood pressure (BP).
Initiated by the International Society of Hypertension and endorsed by the World Hypertension League, the campaign has conducted synchronized BP screenings every May since 2017. This year, it will be conducted worldwide in approximately 100 countries, including the Philippines.
Doctors urged Filipinos to have their BP checked through screening sites, or at home using a blood pressure monitor. The captured data may be logged at the MMM website or mobile app, which can then be used by local health authorities for monitoring. According to MMM’s informed consent page, all information received will be anonymous; no individual identification will be recorded.
Hypertension is when an individual’s BP, or the force flowing through one’s blood vessels, is consistently too high — that is, systolic readings (the first number) ≥140 mmHg and/or diastolic readings (the second number) ≥ 90 mmHg. Hypertension significantly increases the risks of heart, brain, kidney, and other diseases.
As home blood pressure monitoring becomes a major component of the MMM campaign during the pandemic, the PSH is also rolling out reminders on the proper method of taking blood pressure readings.
Among these are the need to empty one’s bladder and rest for at least five minutes beforehand. During the measurement, individuals must sit on a chair with their feet on the floor and their arm supported so the elbow is at about heart level. Drinking caffeinated beverages or smoking is likewise discouraged half an hour before the test.
How often one’s BP should be checked will depend on each individual status, said the US Centers for Disease Control and Prevention. People who have high BP may need to measure their reading more often than people whose readings are within the normal range.
Knowing what your baseline blood pressure is important, Dr. Balmores said, so you won’t be caught off-guard by health complications later on.
PINEAPPLE JUICE? NOPE. Doctors also tackled hypertension myths at the webinar, including the misconception that drinking pineapple juice lowers one’s BP. “There is no direct relation between pineapple juice and hypertension. Hindi ’yan totoo [That’s not true],” said Dr. Gilbert C. Vilela, a cardiologist and PSH secretary. “If you register a high blood pressure, do not take anything. Run to the nearest doctor.” He added that self-medicating may cause more problems than going straight to the nearest doctor or emergency room.
A hypertensive emergency is when one’s BP reading is 180/120 mmHg or greater and is accompanied by associated symptoms like chest pain, shortness of breath, back pain, numbness/weakness, change in vision, or difficulty speaking. The American Heart Association recommends seeking immediate medical attention when this happens.
Although some types of food may have the ability to help lower one’s BP, these are usually part of the lifestyle changes being advocated to patients, said Dr. Dolores D. Bonzon, a pediatric nephrologist and vice-president of the PSH. Garlic, for example, has a component that increases the level of nitric oxide, a muscle relaxant and vasodilator, but it cannot control the BP of an already-hypertensive individual.
Dr. Bonzon advised living healthy by taking preventive measures. These measures include maintaining a healthy weight, exercising for half an hour most days, eating fewer processed foods, quitting smoking and alcohol, and reducing stress.
She also advised parents to start their children early on healthy habits, as there has been a rise of hypertension in children and adolescents, accompanied by a rise in obesity. “It is important for us to control risk factors, especially obesity,” she said in the vernacular.
Hypertension-related diabetes is among the leading causes of mortality in the country, according to data from the Philippine Statistics Authority. An estimated 1.13 billion people worldwide have hypertension, said the WHO, with two-thirds living in low- and middle-income countries. — Patricia B. Mirasol
FILINVEST Development Corp.’s (FDC) net attributable income in the first three months of the year amounted to P1.97 billion, falling by 35.2% from P3.04 billion in the previous year, the firm said in a regulatory filing on Tuesday.
Meanwhile, consolidated net income suffered a 33.5% drop to P2.72 billion from P4.1 billion year on year.
“The challenges brought about by the pandemic [continue] to persist and we know fully well that the path to recovery will be volatile,” FDC President and Chief Executive Officer Josephine Gotianun-Yap said in a statement.
“We are using this time to focus on building scale while leveraging on the strong foundation and franchise we have built across our portfolio of businesses,” Ms. Gotianun-Yap added.
The Gotianun family-led firm saw its consolidated revenues decline by 23% to P16.63 billion from P21.67 billion “due to the declines across the portfolio.”
EastWest Banking Corp.’s net income contribution amounted to P2 billion or 61% of FDC’s bottom line, which is 12% lower than its P2.3-billion income contribution last year due to the decline in loans and credit card yields.
The net interest income of EastWest declined by 11% to P5.9 billion year on year, while fees and other non-interest income went down by eight percent to P1.1 billion.
FDC’s property business, which is composed of the real estate and hospitality subsidiaries, delivered a combined P641 million or 20% income contribution.
Listed property firm Filinvest Land, Inc. and Filinvest Alabang, Inc. accounted for P850 million in net income to the group for the first three months of the year, which is 45% lower than their contribution last year as the pandemic continues to weigh on the segment.
Revenues from the residential segment declined by 25% to P2.6 billion, while rental revenues went down by 17% to P2 billion. The increase in lot leasing was offset by lower mall revenues.
Meanwhile, hotel operations under Filinvest Hospitality Corp.’s incurred a net loss of P209 million, after a 66% topline decline to P231 million.
Power unit FDC Utilities, Inc. contributed P463 million in net income or 14%, while its revenues dropped by 10% to P2 billion “due to the contraction in volume by 21% following the full impact of the pandemic in the January to March period this year.”
The balance of five percent in income contributions came from the company’s other businesses.
“Prospects for 2021 remain uncertain, but we are hopeful that the economy can bounce back once community quarantines are relaxed. We recognize that crucial to a robust economic recovery is renewed business and consumer confidence,” Ms. Gotianun-Yap said.
On Tuesday, FDC shares at the stock market went up by 1.22% or 10 centavos to close at P8.29 each. — Keren Concepcion G. Valmonte
Describing itself as “the world’s longest-running play,” murder mystery The Mousetrap, is in its 69th year, and on Monday evening was showing its 28,200th performance. — UK.THE-MOUSETRAP.CO.UK/
LONDON —Lining up outside London’s St. Martin’s theater, actress Barbara Drennan eagerly awaits to see one of the first shows back in the West End as England relaxes COVID restrictions.
It has been more than a year since Agatha Christie’s The Mousetrap last welcomed audiences.
“I just think there’s a richness that it brings to people’s lives that as much as box sets and Netflix have looked after us, there’s nothing like this … and getting caught in some escapism,” she said.
“And I think after the year that we’ve had, we all desperately need to get back to that.”
After standing empty for months, indoor entertainment venues in England can now welcome back live audiences, though at 50% capacity to allow social distancing and with safety measures in place.
Describing itself as “the world’s longest-running play,” murder mystery The Mousetrap, is in its 69th year, and on Monday evening was showing its 28,200th performance.
“I’ve always thought that it was really important symbolically that The Mousetrap re-open the West End,” producer Adam Spiegel told Reuters.
“So although financially this is unsustainable for a long period of time, I made the decision that I thought it was worth doing first of all to get everyone back to work and secondly to say right the West End is open for business again.”
Lockdown forced theaters to pull down their curtains in March 2020. A few briefly reopened during a temporary easing of lockdown late last year.
About a third of London theaters will reopen this week — smaller productions with lower costs. Major musicals, which cannot afford to run at 50% capacity, are awaiting the final phase of Prime Minister Boris Johnson’s roadmap out of lockdown —scheduled for June 21 — in order to reopen from the summer.
In New York, Broadway shows will return from mid-September.
In adapting to the new circumstances, The Mousetrap has two casts, “Marple” and “Poirot” —named after Agatha Christie’s famed characters —in case an actor should fall ill with coronavirus disease 2019 (COVID-19).
“The excitement is there,” actor Derek Griffiths said ahead of Monday’s opening.“The anxiousness is there and the hope that everything will go well.” — Reuters
ADDRESSING THE PANDEMIC and future health crises requires “a spirit of shared responsibility,” according to Health4All, a coalition that provides underprivileged and underserved communities with access to better health.
“The real frontline is not in big hospitals but in communities,” said Dr. Tina I. Alberto, founder of community organization Hope in Me Club, one of several coalition members at a roundtable discussion supporting Universal Health Care Act.
Joining Hope in Me Club were The Department of Health’s Health Promotion Bureau, social entrepreneurship community makesense Philippines, pharmaceutical firm Sanofi Pasteur, and digital health company Alaga Health.
“One of the values of our coalition is that we put community leaders and medical experts at the same level,” said Carlos Hechanova, executive director for development of makesense Philippines. For systems to change, he added, there is a need to be more inclusive. “We have to go beyond collaborations that only involve specialists or one or two types of sectors,” he said.
AN OUNCE OF PREVENTION… No matter how sophisticated the health system, there will always be a point where it will be overwhelmed, according to Dr. Jean-Antoine Zinsou, general manager of Sanofi Pasteur.
“The most sophisticated health systems will not suffice if the populace don’t adopt proper preventive behaviors,” he said. “If you want good health, you must take personal responsibility for it.”
Added Dr. Zinsou: “We got several lessons from the pandemic, and the value of prevention is one of them. One of the best preventive tools is vaccination.”
When it comes to vaccines, community health organizations can build trust and bridge gaps in education and mobilization, said Hope In Me’s Dr. Alberto.
“In marginalized communities, most families ask, ‘how will getting vaccinated help our lives?’” she said. “We need to help them understand the economic burden that might incur if they don’t get vaccinated.”
The coalition’s recently concluded pilot program, a youth initiative for health literacy, was able to reach 50,000 new advocates through 11 different campaigns. The pilot focused on crucial health areas such as building vaccine confidence in communities. It also responded to the challenges heightened by the pandemic such as mental wellness and misinformation. — P. B. Mirasol
CENTRAL BANK policy makers have consistently doubled down on lower-for-longer rates and projections for “transitory ” inflation. — REUTERS
THE SURGE In commodity prices is failing to trigger some of the traditional responses in bonds and currencies.
Unlike recent commodities rallies in 2008 and 2011, yields on Treasuries and currencies of major exporters like Australia have barely budged. Likewise, the Federal Reserve’s favored measure of inflation expectations has disconnected from moves in raw materials.
The biggest buffer: Central bank credibility. Led by the Federal Reserve, policy makers have consistently doubled down on lower-for-longer rates and projections for “transitory” inflation. That’s left investors wary to bet against commitments to keep policy loose for the foreseeable future.
“The big change this time around is central bank policy,” said Kerry Craig, global market strategist at JPMorgan Asset Management in Melbourne. Ultra-easy monetary policy is now “weighing down currencies that would have naturally risen a lot more during a cycle where commodity prices are rising.”
The Australian and New Zealand dollars — two major currencies whose fates usually rely heavily on trends in commodities consumed by China’s booming economy — are indisputable laggards. Each has increased less than 0.5% over the past three months.
The Canadian dollar, meanwhile, has surged more than 5% as the central bank signaled it may dial back stimulus. The loonie’s rapid rise could give way to pressure on officials to slow development and curb capital inflows, as is usually the case during commodities booms in Canada.
Last week, both the US consumer and producer price index (PPI) reports surprised to the upside, adding fuel to the global inflation debate on the heels of strong Chinese producer price data. Yet the market reaction was relatively muted after the PPI figures — with 5-year and 10-year yields easing alongside a weaker greenback.
The Fed’s own new “common inflation expectations” quarterly gauge, which aggregates a range of such measures, is hovering around 2%, a level that officials want to see overshot for some time.
Meanwhile, prices have accelerated for materials as disparate as copper, cotton, rubber and lumber, as well as semiconductors, amid supply disruptions and surging demand.
The disparity is a sign of the times amid an evolution — perhaps revolution — of central banking. The Fed’s commitment to run the economy hot has rattled markets in part because it means abandoning what has long been a core of their strategy: to act preemptively to curb inflation.
In this brave new world, market participants are still grappling with whether to trust that officials will act before price surges get out of control and do more harm than good — balanced against the full-employment mandate.
That message is getting through to traders of the Australian and New Zealand currencies, while for others, hints of monetary policy tightening are giving reason to pile in.
“The Bank of Canada and Norges Bank are the only central banks in the developed world to give an unambiguous signal that they’re contemplating withdrawing monetary accommodation,” said Stephen Miller, Sydney-based investment consultant at GSFM, a unit of Canada’s CI Financial Corp. “The RBA (Reserve Bank of Australia) has been so aggressively beating the drum on keeping the pedal to the metal that it’s worked in terms of keeping the Aussie lower despite iron ore prices soaring.”
A closer look at breakeven rates offers further evidence that investors largely aren’t acting on any inflation worries. The US 10-year breakeven, which has jumped to an eight-year high, isn’t sending a clear runaway-inflation message when viewed against long-term trends.
If potential for runaway inflation were the trigger, the spot and forward breakeven curves would be upward-sloping, Cornerstone Macro analysts, led by ex-Fed official Roberto Perli, said in a May 11 report. Yet both are inverted, implying a market bet that inflation is temporary.
To be sure, some of the usual correlations have broken down due to other pandemic-related worries.
The Philippine peso, which usually moves in inverse with oil prices, is relatively stable given that inflation is damped by weak economic growth — rising more than 1% over the past three months, the most across a dozen Asian currencies. That relationship underscores the central banking mantra these days that growth and employment should remain a greater focus than prices.
Looking ahead, persistence in materials prices and further hints of wage gains could start to sway the Fed’s message — and build momentum for investors to respond.
“Recent record highs in metal prices are probably just the beginning,” Howie Lee, an economist at Oversea-Chinese Banking Corp., said in a May 11 report. Chinese demand and green-economy investment should keep iron ore and copper, especially, on the upswing, he said. — Bloomberg
A BROWN Co. Inc., said that its attributable net income for the full-year 2020 slid by 41% to P294.13 million, from P494.95 million in 2019, amid lower real estate revenues.
In its annual report shared with the local bourse, A Brown said that its real estate sales dropped 19% to P76.54 million last year from P942 million in 2019. Earnings from real estate made up majority or around 88% of the firm’s total revenues last year.
However, sales from agricultural goods rose 24% to P79.09 million in 2020 from P63.72 million a year before. Meanwhile, the company’s water services improved by 10% to P23.42 million year on year.
Agricultural goods and water services make up 9% and 3%, respectively, of the firm’s total earnings in 2020.
A Brown is mainly engaged in the business of real estate development in Cagayan de Oro, Misamis Oriental, Rizal, Bukidnon and Agusan del Norte. The company’s subsidiaries have ventured into hotels, palm oil milling and power generation, among others.
Last month, the Department of Energy allowed A Brown’s wholly owned unit Vires Energy Corp. to proceed with its planned gas-fired power plant, which will be integrated with a liquified natural gas storage and regasification facility, in Batangas.
Shares of A Brown in the local bourse remained unchanged at P0.92 apiece on Tuesday. — Angelica Y. Yang
