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GT Capital income falls as banking, auto units falter

GT CAPITAL HOLDINGS, Inc. recorded an attributable net profit of P197 million in the second quarter, or about 19 times lower than its bottom line in the same period last year, largely because of a deep plunge in its gross revenue.

In a regulatory filing on Monday, the Ty-led conglomerate reported a 75.6% fall in its quarterly gross revenue to P13.6 billion.

In the first semester, the holding firm posted an attributable net earnings of P2.74 billion, down 61.8% and pulled down by income declines in its banking and automotive businesses.

Its total revenues fell 47.8% to P52.62 billion in the first six months of 2020, compared with P100.75 billion a year ago.

Metropolitan Bank & Trust. Co. recorded a 30% drop in profit to P9.1 billion in the period as it raised loan provisions to P22.8 billion.

Toyota Motor Philippines Corp. netted P1.03 billion, more than four times lower than the P4.43 billion it earned a year ago.

It sold 35,648 units between January and June, lower compared with the 73,454 units sold a year ago. Despite this, Toyota still dominated the local industry with a 38.5% market share in the first semester.

“Digital initiatives were rolled out to provide platforms for car buyers to engage with dealers. Pent-up demand drove new vehicle sales in May, but in June, new reservations increased indicating an encouraging return of buyers to the market,” GT Capital Auto Dealership Holdings Chairman Vince S. Socco said.

“Smaller, more affordable vehicles were popular among those seeking alternative transport solutions. This underscores the essential nature of the auto and mobility sector in the drive to rebuild the economy,” Mr. Socco added.

Federal Land, the conglomerate’s property unit, also posted a lower income of P171 million in the first half, compared with P404 million last year. Its reservation sales expanded slightly by 3% to P9.1 billion, while lease revenues grew by 15%.

Metro Pacific Investments Corp.’s core income fell by 38% to P5.3 billion. This is attributed to a slump in contributions from its toll roads, rail services, water, and power businesses as their operations were affected by government-imposed quarantine policies.

GT Capital’s profits, though lower, were supported by income growth in AXA Philippines and Sumisho Motor Finance Corp.

The health insurance firm’s total life and general insurance gross premiums increased by 11% to P16.7 billion in the period, lifting its net income by 29% to P1.5 billion.

“During this period of uncertainty, GT Capital continues to practice fiscal discipline, resulting in a strong and stable balance sheet, adequate liquidity, and access to credit facilities, in case of need,” GT Capital President Carmelo Maria Luza Bautista said.

“Our Group’s solid core businesses make us well-positioned to ride out the impact of this pandemic,” the official said.

On Monday, shares in GT Capital grew by 5.74% to close at P424 each. — Adam J. Ang

PSE subjects small firms’ non-public shareholders to lock-up rule

THE Philippine Stock Exchange, Inc. (PSE) revised the lock-up rule for small, medium, and emerging (SME) companies to only cover non-public shareholders.

In a memorandum circular released on Monday, the local bourse said principal stockholders — or those holding at least a 10% interest in a firm, subsidiaries or affiliates, directors, principal officers, and others who can influence the company’s management are the only ones who are mandated to refrain from disposing of their shares for a one-year period from the shares’ listing.

Also subjected to the revised rule are their related parties, including the immediate families of principal stockholders, directors, and principal officers.

“All other stockholders shall not be subject to mandatory lock-up under this provision,” the circular read.

The PSE rule states that shares issued or transferred and fully paid within six months before the start of a firm’s public offering or prior to its listing date, if it is listing by way of introduction, and with a transaction price lower than the offer price, are subjected to a lock-up period of at least a year from listing. — Adam J. Ang

Fruitas incurs P27-million loss after ‘unprecedented’ sales fall

FRUITAS HOLDINGS, Inc.’s bottom line turned to a loss of P27.44 million in the second quarter as it saw an “unprecedented” sales decline during the period, the company said in a regulatory filing on Monday.

The listed food kiosk operator came from an attributable net income of P41.66 million in the same three months last year.

“The sales decline for the second quarter of 2020 was unprecedented as we had to suspend (the) operation of almost all of our stores because of the quarantine. It also coincided with the summer months, when our beverage sales peak,” Fruitas President and Chief Executive Officer Lester C. Yu was quoted as saying in a disclosure to the stock exchange on Monday.

In the first semester, Fruitas’ losses reached P12.35 million, reversing the P51.97-million net income a year ago. Revenues during the six-month period fell by more than half to P462.05 million from P941.19 million previously.

To manage the loss, it cut operating expenses by 40% to P249 million in the period. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at P42 million, lower compared with P141 million previously.

As the government-imposed lockdowns eased in June, the company reopened stores “more cautiously.”

“For June, our sales were already back to 33% of last year, despite Fruitas only operating an average of about 45% of our store network throughout the month,” Mr. Yu noted.

“We will be a more profitable and productive company as the economy slowly reopens while realizing that a return to pre-pandemic levels will take time. We also continue to pivot our business model to derive more contribution from delivery and community stores,” he added.

The owner of Buko Juice, Jamaican Pattie, and Soy & Bean has firmed up the production capabilities of these best-selling brands for both open outlet and delivery platform, believing demand for them will expand soon as the country recovers from the pandemic.

“Better sales mix coming from products with lower direct costs allowed the company to improve gross profit margin for the first half of 2020 to 60%, compared to 58% during the same period last year,” it said.

Fruitas’ shares were unchanged at P1.18 each on Monday. — Adam J. Ang

AREIT to offer P15-B debt notes

AYALA-LED AREIT, Inc. is preparing to put up as much as P15 billion in debt securities.

The country’s first real estate investment trust (REIT) told the stock exchange on Monday that its board approved an upcoming filing of the debt notes with a three-year shelf registration to the Securities and Exchange Commission.

“This will provide AREIT the ability to leverage for future acquisitions while preserving cash for dividend distributions,” it said.

The company is set to release P0.59-per-share dividends from the first two quarters of the year on Sept. 15.

“AREIT provides investors regular dividend income derived from prime commercial properties, higher than most fixed-income instruments,” AREIT President Carol T. Mills said.

The REIT firm has a portfolio of three Grade-A properties in Makati City: Ayala North Exchange, Solaris One, and McKinley Exchange, which cover a total gross leasable area of about 153,000 square meters (sq.m.) with a 99.9% total occupancy rate.

It has also decided to pay out dividends on a quarterly basis. The planned distribution dates will be on or before March 31, June 30, Sept. 30 and Dec. 31 of the calendar year.

The REIT Act of 2009 provides for a distribution of at least 90% income of a REIT company to investors each year. AREIT’s dividend ratio, the company said, is higher than the prescribed minimum.

Meanwhile, AREIT said it is on track to buy Teleperformance Tower Cebu, a business process outsourcing (BPO) office property in Cebu IT Park, from Ayala Land, Inc.’s ALO Prime Realty. Upon acquisition, AREIT’s portfolio will rise to over 170,000 sq.m. by yearend.

Shares in AREIT soared by 7.68% to close at P25.95 on its third regular trading day. — Adam J. Ang

PLDT’s Pangilinan proposes standards to measure telco service improvements

PLDT, INC. is proposing internationally adopted standards to measure the improvements made by the telecommunications sector by December.

“We suggested the adoption of certain standards that are used by international independent rating agencies like Ookla or OpenSignal to measure us. In this regard, we are thinking of submitting an ideation paper to the government along these lines,” PLDT Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said in a statement e-mailed to reporters on Monday.

In his fifth State of the Nation Address on July 27, President Rodrigo R. Duterte threatened to close or expropriate telco firms if they fail to improve their services by December this year.

Mr. Pangilinan vowed to improve PLDT’s services and further expand the coverage of its 4G and 3G networks.

“As of now, we have more than 95% of the population covered by 4G and 3G networks. We will try to cover higher than that, maybe up to 99%,” he said in a recent briefing.

Ookla, an internet speed surveyor, ranks mobile and fixed broadband speeds from countries around the world on a monthly basis.

“Internet measurements made with (Ookla’s) Speedtest occur at the times and in the places that are most relevant to the person taking the test. Each time a test is initiated, a snapshot of what the internet looks like in that place and time is recorded. When aggregated together, these individual experiences represent the typical internet performance for a given location,” Ookla explained in its Website.

Wireless coverage mapping firm OpenSignal said its measurements are “designed to capture as accurately as possible the experience of typical real users and are subject to all the factors that affect real user traffic, representing a wide base of users and devices.”

“Our scientific analysis processes these measurements to create the most accurate possible picture of user experience and how it varies between operators, regions and countries, as far as possible based only on measurements from real users,” it also said in its website.

PLDT reported recently that its second-quarter attributable net income grew 15.8% to P6.37 billion from P5.5 billion posted in the same period last year, driven by the surge in data and broadband revenues amid the coronavirus pandemic.

The telco giant said it would focus on LTE expansion, transport or backhaul rollout, and ADSL upgrade to fiber in the second half of the year.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

E-commerce boom to help drive demand for PHL logistics spaces

THE E-COMMERCE BOOM is fueling the demand for logistics spaces in the Philippines. – PHILIPPINE STAR/EDD GUMBAN

THE DEMAND for logistics space in the Philippines is expected to grow by 160,000 square meters per year in the next decade due to a spike in e-commerce demand, real estate services firm JLL Philippines said.

The company’s research found that there is 1.7 million square meters (sq.m.) in logistics space in the country — with 424,00 sq.m. expected to be completed next year.

Dry storage makes up two-thirds of the existing supply, while cold storage accounts for 21%.

“While there is a positive demand for logistics space in the country as reflected in the uptick in transaction activity in recent years, there is an increasing demand for better quality facilities, mostly from e-commerce firms and third-party logistics (3PLs) requiring high-specification warehouses that utilize technology and digital tools as part of their operations,” JLL Philippines’ Director for Industrial and Logistics Tom Over said.

JLL Philippines’ Head of Research and Consultancy Janlo de los Reyes, in a webinar last week, said the lockdowns have slowed down the real estate sector as construction activity was halted.

“Overall, we saw close to 350,000 square meters of office space that got deferred to the second half of 2020, and around 260,000 sq.m. in Metro Manila that will likely slip to 2021,” he said.

Average vacancy levels for offices increased by 9.1% in the second quarter of 2020 due to deferred business decisions from outsourcing, Philippine Offshore Gaming Operators, and corporations.

“We do anticipate that this sentiment will remain the same in the coming quarters and will translate to minimal change or movement in the office take-up,” he said.

The residential sector was also weakened despite landlords’ term negotiations.

Average Metro Manila residential rent fell by 14.9% quarter on quarter to P1,000 per month after leasing activities were slowed down by the pandemic.

Malls that have reopened are operating at 30% to 90% after restrictions were relaxed. The vacancy rate rose by the second quarter, after some stores closed permanently.

“We saw the supply slippage of around 60,000 sq.m. of shopping mall space in Metro Manila and Davao,” he said, while another 61,500 sq.m. is at risk of slipping next year.

Mall operators, he said, are focusing on growth in areas outside Metro Manila.

“We’ve seen overall declines in the rental values in Metro Manila, Metro Cebu, and Davao. So what developers have done now is that they’re offering much more flexible lease terms.” — Jenina P. Ibañez

Century Pacific extends ties with Linaco

FOOD MANUFACTURER Century Pacific Food, Inc. (CNPF) has forged a long-term agreement worth more than $50 million to be the original equipment manufacturer for Malaysia-based coconut producer Linaco Group.

In a stock exchange disclosure on Monday, it said that the two companies had agreed to boost volume commitments and expand the range of products that CNPF produces to meet Linaco’s increasing requirements.

Under the extended partnership, CNPF has an additional investment worth P300 million for the improvement of its coconut manufacturing capacity and to keep up with the international demand for high-value coconut products.

The pairing between the two manufacturers started in 2018, when CNPF signed up to be the original equipment manufacturer for Linaco’s coconut milk brands.

“The multi-year contract strengthens CNPF’s position as a leading and fast-growing player in the Philippine coconut industry and comes at a time when product health and safety continues to be top of mind among consumers amidst the ongoing pandemic,” the disclosure said.

Noel M. Tempongko, Jr., CNPF vice-president and general manager of integrated coconut operations, said the renewed partnership with Linaco bodes well not only for the company, but also for the coconut farmers in Mindanao, as they are given a stable market access for their products.

“We view this renewed partnership as a gesture of their continuing trust in our capabilities as a high-value coconut producer and supply partner,” Mr. Tempongko said.

Meanwhile, CNPF Executive Chairman Christopher T. Po said the company’s growing presence in the global coconut market is a part of its long-term plan to create a healthier and more diversified product lineup.

“We will continue to leverage on our manufacturing expertise, as well as our marketing and research and development capabilities, to capitalize on emerging global trends, and invest in our robust new product pipeline,” Mr. Po said.

CNPF is a supplier of global coconut water brand Vita Coco and offers several other coconut-based products such as desiccated coconut, virgin coconut oil, coconut flour and coconut milk.

On Monday, shares in CNPF fell 1.24% or P0.20 to close at P15.96 per share. — Revin Mikhael D. Ochave

Paris palaces face gloomy future as lockdown continues

As the capital of the world’s no. 1 tourist destination, Paris has no shortage of hotels for all tastes and wallets, from the dumpy dive to the pillared palace, where a single night can set you back as much as €30,000 ($35,000).

But coronavirus and the ensuing lockdown have been hard on the City of Lights. The fanciest hotels previously pulled in at least 80% of their guests from outside Europe, a route now closed because of international travel restrictions. As a result, most of the ultra-luxury hotels went into months-long hibernation, from which they will only begin to emerge at the end of this month.

Paris boasts 12 high-end hotels that are classified as palaces, a cut above the mere 5-star status. It’s a designation bestowed upon the houses by Atout France, the agency charged with promoting the country as a tourist destination abroad.

Palace hotels include storied names like the Plaza Athenee, the Le Bristol and the Hotel de Crillon. Only the smallest of the deluxe dozen — La Reserve with its 40 rooms — has been opened since May 5.

That brief monopoly on the most exclusive hotel segment has blessed La Reserve with occupancy rates of close to 80%, according to General Manager Romain Meiran. But when the rest of the pack come back, life will be tougher for everyone, he says.

“What we can do is adapt ourselves to a difficult situation,” Mr. Meiran says. That includes new initiatives like delivery service from its restaurant and special dinner offers to pull in customers.

Christophe Laure, chairman of the UMIH Prestige hotel industry group, estimates revenue will drop by at least 40% this year. Tourism is crucial to France, representing 7% of its economy and accounting for more than 2 million jobs.

There’s hope to claw back some business later this year, with the French Open at Roland-Garros set to start on Sept. 21 and the Fashion Week a week later. Official delegations from foreign countries meeting with the President at the Elysee — a 3-minute walk — should also make a comeback, said Luca Allegri, who runs the Le Bristol palace hotel.

Mr. Allegri is taking no chances at Le Bristol, with its geranium-dripping balconies. Each suitcase entering the premises will pass through a disinfection gateway, there will be a 24-hour gap between new room occupancy to allow for deep cleans, and a staff nurse will now be on location each day of the week.

When the 600 staff and hopefully some guests return on Sept. 1, business will likely be “very challenging, very difficult,” Mr. Allegri said, though the hotel won’t raise prices to make up for lost business.

Others are taking an even dimmer view on their prospects. Over at the Shangri-La hotel located close to the Eiffel tower, the 100 rooms and suites will remain closed for longer: the reopening was just postponed by a month to Oct. 1. — Bloomberg

Megawide suffers first loss in history

MEGAWIDE CONSTRUCTION CORP. said it suffered its first loss, shedding P349 million in the first semester, as its construction and airport businesses posted lower profits due to pandemic-related disruptions.

The listed firm on Monday said it recorded a 21% slump in total revenues to P6.44 billion, while overall earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at P1.45 billion.

It incurred its first loss due to interest expenses and non-cash charges amounting to P1.12 billion, largely from its Mactan-Cebu International Airport concession, which is “the first in Megawide’s history.” The airport operations recorded lower passenger volumes of 742,000 and 1.7 million for both international and domestic flights, respectively, from 2.1 million and 4.3 million a year ago.

Parañaque Integrated Terminal Exchange (PITx) insulated the company from its other weak performing businesses, namely, construction and airport, which were both affected by quarantine restrictions since mid-March.

The landport segment booked P599 million in revenues with a net profit of P255 million between January and June, making up 40% of Megawide’s EBITDA.

“Barely one year of full-blown terminal and commercial operations, we are starting to reap the benefits of this undertaking — not just for the Company but more importantly for our commuting public,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said.

Meanwhile, the construction segment contributed P4.88 billion into the company, airport operations brought in P888 million, and the airport merchandising division chipped in P69 million.

Megawide said it is close to acquiring at least P10 billion worth of new contracts for its construction business, which currently maintains a “healthy” order book of P48 billion, in the coming months.

“The situation we are in is unprecedented but we remain in high spirits for the Company’s prospects moving forward, Mr. Saavedra said.

Shares in Megawide declined by 2.17% to close at P6.30 apiece on Monday. — Adam J. Ang

Online Cinemalaya surpasses targets

Full-length features returning in 2021

THE FIRST fully online Cinemalaya experience has surpassed its target of earning P2 million during the festival’s week-long run, a feat its festival director signaled that the “online digital future of Cinemalaya has arrived sooner than later.”

“It looks like our filmmakers and audiences will be ready to traverse the Cinemalaya Festival at the CCP (Cultural Center of the Philippines), the screenings at partner cinemas, and the online platform when the time comes when we can put this all together,” Chris B. Millado, festival director of Cinemalaya, said in his address during the closing ceremonies of the festival held on Aug. 16 via Facebook Live.

Mr. Millado reported that as of Aug. 15, the Cinemalaya Independent Film Festival had earned a total of P2.015 million, P1.8 million of which came from video rentals via Vimeo alone. The earnings are P15,000 more than their goal of earning P2 million, a modest number that nevertheless signals that, yes, a fully online film festival in the Philippines can work, and that an integration of an online and physical festival experience can also work.

The festival also featured 207 films, both full-length and short films, during its run.

Before its two-week run, Mr. Millado was talking about this Cinemalaya experience as an experiment that would not be completely seamless because this was the first time they tried going fully digital and that “it’s a brave new world… but I hope our viewers appreciate that this [was made] in the context of a learning curve,” he said in July.

After two weeks, the experiment proved successful as beyond the festival itself, screenwriter Ricky Lee’s masterclass attracted more than 500 participants while more than a hundred of his previous students participated in a reunion held via Zoom and livestreamed on Facebook.

Full-length features returning to Cinemalaya

So, what to look forward to from Cinemalaya next year? Well, full-length features are returning and they are returning with a vengeance as there will be 17 full-length films in the main competition section of the 17th Cinemalaya. The 17 films include movies which were not able to be produced for this year’s Cinemalaya thanks to the ongoing COVID-19 (coronavirus disease 2019) pandemic, and the films that were already scheduled for the 2021 Cinemalaya.

The films from 2020 that will be competing in the 2021 edition are:

  • Ang Halimaw by Emmanuel Q. Palo is set during the Marcos era Martial Law and follows a group of underground activists who take a young boy under their wings as the boy waits to reunite with his parents who are high-value targets by the Marcos military;
  • Angkas by Rainerio Yamson II, which is about two estranged friends who confront their past as they ride a motorcycle to retrieve a dead friend;
  • Bakit Di Mo Sabihin (Tell Her) by Real Florido is about a deaf couple who decides to separate;
  • Bula sa Langit by Sheenly Gener follows the experience of a soldier who fought in the Marawi siege who is coming home and facing a different kind of war;
  • Kaluskos by Roman Perez, Jr. tells the story of a single mother who finds something underneath her daughter’s bed that will make her question her love for her child;
  • Kargo by TM Malones is about a woman who is seeking revenge against the people who murdered her family;
  • Kathoey by Joris Fernandez and Paolo Valconcha revolves around a conservative Filipino father searching for his estranged transwoman son and who receives the most unexpected help from a Thai transgender prostitute;
  • Parole by Brilliant Juan is about a parolee who tries to adjust back to society after being imprisoned for 30 years for a crime he didn’t commit;
  • Seperate/Separate by David Corpuz is about a young boy joining a school spelling bee while dealing with his mother’s abandonment; and,
  • The Baseball Player by Carlo Gallen Obispo, which follows a Moro child soldier as he strives to become a baseball varsity player amidst the war in 2003.

The other films competing next year are:

  • 12 Weeks by Isabelle Matutina, about a 40-year-old woman who finds herself pregnant a day after her lover leaves her;
  • Batsoy by Ronald Espinosa Batallones which follows two brothers as they yearn for a soup dish;
  • RMT: Blue Room by Ma-an L. Asuncion-Dagnalan, which is a coming-of-age film about members of a college band being hauled off to a police station;
  • Ginhawa by Christian Paolo Lat, which is about an impoverished boxer trying to continue his brother’s legacy;
  • Guerra by Joseph Israel Laban, which follows a reclusive teenager forced to look after a dangerous man;
  • L+B Forever by John Carlo Pacala is a “non-chronological tale of modern juvenile relationship,” according to a release; and,
  • Retirada by Cynthia Cruz-Paz and Milo Alto Paz, about a retired government employee seeking meaning and purpose for her life.

Cinemalaya continues its run until October as international audiences can watch the festival films via The Filipino Channel from Aug. 17 to 31. Featured films in the festival will also be available for streaming via iWanTV from Sept. 18 to Oct. 2.

For more information, check out the CCP website (www.culturalcenter.gov.ph), follow the CCP official account in Facebook, Instagram, and Twitter, or check out the official Cinemalaya Facebook page.  — Zsarlene B. Chua

One Manhattan offers ‘first-in-Bacolod’ amenities

Megaworld Corp. is offering several “first-in-Bacolod” amenities at its new residential condominium project within The Upper East township.

One Manhattan is a 14-storey condominium at the corner of Manhattan and Lexington Streets in Bacolod City. It has 260 units ranging from studio (up to 33 square meters), one bedroom (up to 85 sq.m.), two bedrooms (up to 112 sq.m.), and three bedrooms (up to 153 sq.m.).

Among the amenities are a wall climbing facility, putting green, mini track oval with gym, and outdoor jacuzzi at the second-level amenity deck, and a bar and lounge at the tower’s roofdeck.

The tower will also have its own private dining room, adult and kiddie pools, pool deck with an outdoor shower area, game and entertainment room, function hall, reading nooks, outdoor seating areas, and an outdoor children’s play area.

“This is our first residential development in Bacolod with more generous unit layouts and sizes, as well as generous unique amenities. Our loft units are first of their kind because we hope to give the best for Bacolod,” Jennifer Ann Palmares-Fong, vice-president for sales and marketing, Megaworld Bacolod, said in a statement.

One Manhattan will have two levels of basement parking.

Megaworld said, since the launch of its first residential condominium development in The Upper East in 2018, prices of condo units in the township have appreciated by 40%.

Globe invests in business application company

GLOBE TELECOM, INC. announced Monday that it will buy a 67% stake in Third Pillar Business Applications, Inc., a business application consulting and systems integration firm.

In a disclosure to the stock exchange, Globe said its wholly-owned subsidiary GTI Business Holdings, Inc. will invest P173 million in Third Pillar.

The deal also mandates Third Pillar to acquire the shares of Third Pillar Global Delivery Center.

“This transaction forms part of Globe’s strategy to be the trusted advisor of enterprise customers in the Information and Communications Technology space through introduction and implementation of efficient, reliable and leading-edge technologies,” Globe said.

Globe President and Chief Executive Officer Ernest L. Cu said the acquisition of Third Pillar expands the telco’s suite of cloud business offerings.

Third Pillar President and Chief Executive Officer Jennifer S. Ligones said: “Globe’s investment in Third Pillar empowers both entities to face the digital future from a position of strength. Globe will be able to enhance its ability to provide enterprise business solutions to its customers, which is a critical complement to its core business.”

“In turn, Third Pillar will be able to achieve greater efficiencies and sustainable local and global growth as it gains access to Globe’s platform, customer base and expertise,” she added.

Globe reported recently that its second-quarter net income declined 7.8% to P4.90 billion from P5.32 billion in the same period last year due to the impact of coronavirus lockdowns on its operations.

Compared with its first-quarter net income attributable to the parent of P6.6 billion, Globe’s latest net income is lower by 26%.

Shares in Globe on Monday closed 0.84% lower at P2,118 apiece. — Arjay L. Balinbin

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