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Cebu Pacific eyes up to P16-B loan from banks

By Arjay L. Balinbin, Senior Reporter

CEBU PACIFIC, operated by Cebu Air, Inc., is in discussions with various banks for up to P16 billion in financing amid a public health crisis that has battered commercial airlines, a company official said.

“So overall, on the debt side, we are raising anywhere from another P12.5 billion to maybe P16 billion, but it’s not final yet. We are quite confident that it will go positive. These are through various banks,” Trina E. Asuncion, Cebu Pacific director for financial analytics and investor relations, said at an online briefing on Wednesday.

Ms. Asuncion noted this fundraising is in addition to the company’s convertible preferred shares offering, where it intends to raise around P12.5 billion.

“Part of our fund-raising plan is… debt capital raising via syndicated loans through various commercial banks,” she said. “Our net debt-to-equity ratio is quite low. We have one of the stronger balance sheets, so we’ve seen the support of all banks and these banks include Land Bank of the Philippines and Development Bank of the Philippines.”

Cebu Pacific is hoping to close deals with such banks “within the quarter,” Ms. Asuncion also noted.

The budget carrier is currently operating about 23% of its pre-pandemic network with 32 domestic destinations, according to Candice A. Iyog, Cebu Pacific vice-president for marketing and customer service.

The company operates only half of its 73 aircraft, as some of them have been sent to Australia for “indefinite storage” amid a global health crisis.

The low-cost airline anticipates to receive a few more planes this year.

“It’s not a significant increase because there are old aircraft exiting, so for replacement,” Ms. Asuncion said.

Ms. Iyog said there are no plans for further job cuts this year. “We’ve already done our workforce reductions last year — 30% of the workforce — so that’s around 1,300 of our total workforce last year,” she said.

“We’re being very agile. We are adjusting with the market, and that’s why we keep pushing for the relaxation of travel restrictions and that’s why we are doing everything we can to stimulate travel,” Ms. Iyog added.

Cebu Air shares closed 2.65% higher at P44.55 apiece on Thursday.

Through the looking glass

MOVIE REVIEW
8 ½
Directed by Federico Fellini
Babae sa Bubungang Lata
(Woman on a Tin Roof)
Directed by Mario O’Hara

(Plotlines of both 8 1/2 and Woman on a Tin Roof discussed in  detail.)

Federico Fellini’s 8 1/2 (1963) is one of the most gorgeous black-and-white films ever made, not to mention one of the most influential: it’s inspired at least one terribly expensive (and terrible, period) musical (Rob Marshall’s Nine), one great dance musical (Bob Fosse’s All That Jazz), a royal flush of filmmakers (Martin Scorsese, Woody Allen, David Lynch, among many many others). If I admire it I admire it for the way the camera —  like its protagonist filmmaker Guido — dances nimbly past all the men and women in his (its) life attempting to lay claim to his (its) attention. It’s a heady swirl of delicate Prosecco and robust Chianti —  of the elusively enigmatic and appealingly intimate, of the immediately personal and yearningly metaphysical.

Easy to point out what I think is the film’s central flaw, or vice, or sin: a monumental misogynistic sense of self. Famed film director Guido (Marcelo Mastroianni at his slyest, as Fellini’s alter ego), suffers from a mental block —  he’s in charge of a major motion picture production, and doesn’t know what to do, prevaricating while people surround him, expecting guidance. His mistress Carla (Sandra Milo, Fellini’s real-life paramour) teases him, his wife Luisa (Anouk Aimee as a more glamorous Giulietta Masina) torments him. Invectives are hurled from all sides: he’s naive, arrogant, pretentious, confused —  a liar, a hypocrite, a man incapable of love.

Guido’s all that, yet gets away scot free because he’s so charmingly upfront about his faults and so successful —  so far (like Fellini he’s done six features and three shorts, is struggling with his eighth). The arguably most emblematic scene in the picture is the fantasy sequence involving the women in Guido’s life, from Carla and Luisa to Guido’s own mother to a handful of actresses and showgirls, including the formidable La Saraghina, a beachside prostitute who looms large in his childhood. They baby him and bathe him and —  at one point —  rebel against him; he cracks his whip and commands them to behave.

It’s a hilarious scene because it both realizes and parodies man’s ultimate fantasy: to possess a harem of exotic creatures one can barely control. Also revelatory because you can’t help but suspect Fellini favors realization over parody, that the film is more self-defense than autocritique —  when in the finale the director delivers an impassioned speech it’s a privileged moment: everyone must pause to listen. Luisa, all understanding now where before she has nothing but resentment, steps forward to grant her blessing.

Luisa’s tangled relationship with her husband and its hurried resolution gives the game away: their scenes together have an acrimony found nowhere else. Luisa also comes across as the film’s only adult —  she can’t be fooled or distracted, she knows her husband too well. Guido is not just angry, he’s intimidated —  he hasn’t an idea how to handle her. Would pulling out a gun and holding it to one’s own head have changed her mind so easily? Wouldn’t she just tell him, quietly: “Go ahead pull the trigger, you’re only doing me and everyone else a favor”? Or would Guido —  sorry, Fellini —  pull out his pencil instead, scratch out a few lines of dialogue, scribble in a new ending?

Guido’s real fault, Fellini seems to want to tell us, isn’t that he’s flawed —  everyone’s flawed, it’s a given of human nature —  but that he’s become tiresome about it. Luisa apparently isn’t angry because Guido is unfaithful; she’s angry because he can’t be bothered to put up a spirited defense. Guido sulks not because Luisa is such a nag, but because his alibis sound so lame —  he lacks the ingenuity and wit to come up with anything amusing, much less credible. Now that he’s literally touched bottom, curled into a fetal position beneath a long table, he can crawl out and start anew —  be inventive when lying to Luisa again, dance nimbly past everyone’s grasp again, produce films that delight and inspire again. He —  thanks to this film —  can be Fellini again, only twice as tall and larger than life, the width depth breadth of his magic depicted with some of the most divine filmmaking this side of God, the benediction of cinephiles and critics and fellow filmmakers (and wife) lubricating his way forward now and forever amen.

Mario O’Hara’s Babae sa Bubungang Lata (Woman on a Tin Roof, 1998) couldn’t be more different: a threadbare little film partly based on a one-act play by Agapito Joaquin, shot in 10 days for $62,500, the film follows the lives not of big names —  stars or filmmaker —  but the little people: the stuntmen who leap and tumble for your delight; the billboard artists who sketch famous faces across building-sized canvases; the aspiring writers dreaming of their words spoken from the big screen; the character actors whose faces you can’t forget, with names you can’t quite remember. Yes, it’s about “the magic of movies,” but this is magic done not with elaborate sets and fabulist imagery but with drawn faces and haunted memories, with real-life stories lightly fictionalized and simply presented. O’Hara uses the paucity of his production to suggest the look of a film made by the very people the film is about, as if the raggedy cast and crew stepped forward from behind the whirring camera to tell their raggedy story.

I’ve seen and enjoyed many films about films; few are as free of ego as O’Hara’s. His focus is entirely on characters that traditionally play supporting roles, here seizing center stage with an intensity only a chance of a lifetime can inspire. O’Hara pays special attention to Nitoy (Frank Rivera) and Amapola (Anita Linda) —  Nitoy has amassed a collection of celebrities’ pictures (the better to paint their likenesses), and is blessed —  or cursed if you like —  with a photographic memory of every face he’s idolized. Amapola does Nitoy one better: she is cinema, her memories not secondhand anecdotes or yellowing photographs but direct experiences, vividly remembered.

In fact the direction of the gaze is what I submit marks the two films. Fellini’s is pointed mostly inwards, at his memories, his neuroses, his yearnings to create great art (the latter concept being his sole concession to the importance of something other than himself); O’Hara’s looks outwards and backwards, at the cinema that once was (and has since vanished), at the industry that surrounds him now, mercenary and predatory and unforgivingly, unforgivably hardscrabble.

In 8 1/2 the protagonist-hero is the auteur-director, struggling to find his voice in the midst of the cacophony that is a film set; in this film he’s top predator, dropping in on the set long enough to demand loyalty from cast and crew, perhaps a little sex on the side. Producers are granted the opportunity to leer at a naked Maldo (Mike Magat) while plotting his future at the expense of another (prettyboi Eric, played by Renzo Cruz). Movie stars? Mentioned mostly in passing, their faces quietly worshipped —  divine beings whose actual presences are out of reach for this picture’s budget.

How does O’Hara’s film compare with the rest of the genre? Off the top of my head Sunset Boulevard is a noirish if more conventional take on filmmaking — a writer’s take I’d argue; not a big fan, though it’s fiendishly entertaining. Ditto Sullivan’s Travels (which I find more thoughtful and like much better). Bigger fan still of In a Lonely Place, which reveals itself to be an insider look at not just the industry but also the three leads (Grahame, Bogart, Ray). Day for Night anticipates O’Hara’s anecdotal, gossipy form; he admits to loving the picture. Contempt is very fine, is probably Godard’s greatest achievement in classical narrative filmmaking (arguably it’s his only work in classical narrative filmmaking). The Stunt Man is more metaphysically playful — is closer if not quite on the level of 8 1/2, with a raucous humor all its own. Kaagaz ke Phool shares Bubungang Lata’s melodramatic soul, though it (as do the others) focuses on the auteur filmmaker.

The film’s finale is simplicity itself —  Nitoy in his room, thumbing through what may be his most treasured photo album —  but as in Fellini’s work we feel as if we’ve traveled through years and miles and worlds (this one, the previous, the next) to arrive at this particular juncture, drive home this particular point: that little people have feelings too. Little people suffer, perhaps not as grandly and perhaps not with as much style, but their suffering can be comparably intense, and the simplicity of their suffering —  like the simplicity of this film —  can represent a kind of visual style.

Not saying 8 1/2 is necessarily the lesser film or overrated —  it’s an established classic. But Bubungang Lata does something Fellini’s masterpiece doesn’t: redirect one’s gaze towards the folks haunting the margins of the silver screen, and in such a graceful, understated, unassuming manner the very gesture feels quietly heroic. Yes, by all means see 8 ½   or if you already have, see it again, and bask (again) in its monochrome glory —  but if you ever get the chance, see this too, a gem that deserves wider attention.

PSE suspends trading of Abra Mining shares

By Keren Concepcion G. Valmonte

THE Philippine Stock Exchange (PSE) suspended on Thursday the trading of shares in Abra Mining and Industrial Corp., which the market operator found to be selling stocks beyond the number of its listed shares.

Along with the Philippine Depository & Trust Corp. (PDTC), the exchange found the mining company to have violated three rules based on its disclosures and reports.

The number of Abra Mining’s fully paid issued and outstanding shares exceeded its listed shares, violating a PSE guideline that requires all fully paid issued and outstanding shares be listed.

Lodged PDTC shares are also more than the company’s listed shares. All lodged securities for trading with the PDTC should have been approved first.

Abra Mining’s shares with the PDTC are also more than above the number of issued and outstanding shares in the company’s audited financial statements. Shares that have not been accounted for are being traded, which is a violation of the Revised Corporation Code.

As a result, Abra Mining has been suspended from trading at the Philippine market beginning 9 a.m. on Thursday, March 4.

“The exchange, in close coordination with the Securities and Exchange Commission, has decided to suspend the trading of AR (Abra Mining’s stock symbol) shares until the above matters are satisfactorily resolved by the company’s directors, officers, corporate secretary, and its stock and transfer agents, Asian Transfer & Registry Corp.,” the PSE said.

Analysts said they expect Abra Mining to correct the reported errors.

“AR would have to explain and/or rectify the faults seen by the exchange. Until they do so, [their] stock price would remain suspended,” COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said in a Viber message on Thursday.

Abra Mining shares were last traded at the exchange on Wednesday, closing at P0.0046 apiece, with a 52-week high of P0.013 per share.

“This may keep shareholders pinned in the stock and unable to liquify their holdings until the stock can once again be traded,” Mr. Barredo added.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan pointed out the possibility that regulators may have also been at fault.

“Perhaps, it’s more a reflection of how this discrepancy got passed the regulating bodies and how [they are] going to safeguard the interests of the public moving forward,” Mr. Limlingan said in a Viber message.

However, he said that it was also hard to predict if this case would prompt the regulators to update their rules and regulations.

“It depends on whether this was a human error or because of a loophole in the guidelines. If former no, but if [it’s the] latter, I would think yes,” Mr. Limlingan noted.

The PSE will be providing further updates on the case should there be developments.

Abra Mining could not be contacted for comment as of press time.

Mariah Carey’s brother sues her for defamation over memoir

NEW YORK —  Mariah Carey’s older brother on Wednesday sued the singer over her recent best-selling memoir The Meaning of Mariah Carey, accusing her of defamation and inflicting emotional distress.

Morgan Carey is seeking unspecified damages in a complaint filed in a New York state court in Manhattan, including over book passages that he said falsely suggested he was violent.

The lawsuit was filed one month after Mariah Carey’s older sister Alison sued her for $1.25 million for alleged emotional distress over the memoir, which was published in September and topped The New York Times’ nonfiction best-seller list in October.

Spokespeople for the singer did not immediately respond to requests for comment. Her brother’s lawyer declined additional comment.

Mariah Carey, 51, is known for songs including “Vision of Love,” “One Sweet Day,” and “All I Want for Christmas Is You.” Her memoir described a dysfunctional poverty-stricken childhood, and her early career struggles.

Morgan Carey, born in 1960, said Mariah Carey damaged his reputation by writing about an alleged “vicious fight” with his father that occurred when she was a little girl, and where “it took 12 cops to pull my brother and father apart.” He said actual fights with his father never occurred during Mariah Carey’s childhood, and the alleged incident’s being “fictional” was shown by the likelihood only one or two police officers would have responded to a domestic violence report. Morgan Carey also sued over passages that he said implied he tried to extort money from Mariah Carey, is associated with “sketchy and “questionable” people in the music industry, and has “‘been-in-the-system’ (i.e., a criminal).”

Other defendants include the book’s co-author, its publisher Macmillan, and the imprint Andy Cohen Books, named for the TV producer and host of Bravo’s Watch What Happens Live with Andy Cohen. None of their representatives immediately responded to requests for comment. — Reuters

DMCI Holdings posts 34% profit decline to P2 billion

DMCI Holdings, Inc. (DMC) on Thursday reported a 34% drop in its fourth-quarter core net income to P2.1 billion as the lockdown measures last year hit the construction industry.

In contrast, consolidated quarterly earnings jumped 59% to P1.9 billion with “the absence of a one-time goodwill impairment loss,” the Consunji-led holding firm said in a press release.

“The community quarantines hit our construction productivity, while weak market conditions dragged the sales performance of most of our businesses,” DMCI Holdings Chairman and President Isidro A. Consunji said.

“DMCI Mining was able to beat the downtrend because of strong nickel demand from China amid the Indonesian nickel ore export ban. DMCI Power posted higher sales volume, but its revenues fell due to the high base effect of the retroactive tariff adjustment for its Aborlan plant in 2019,” Mr. Consunji added.

For full-year 2020, consolidated net income fell by 44% to P5.9 billion, which the firm attributed largely to the strict quarantine restrictions and the economic impact of the pandemic.

Excluding non-recurring items, core income last year decreased by 47% to P6.6 billion. The figure excludes non-recurring losses of P1.9 billion mostly from a one-time noncash goodwill charge for its Zambales mining assets in 2019 and a P708-million sales cancellation in 2020.

Semirara Mining and Power Corp. recorded a 65% decline in core income contribution to P2 billion after a decrease in coal sales, and prices for coal and electricity.

DMCI Homes’ income contribution declined by 36% to P1.9 billion, which was attributed to the suspension of non-essential work in the first half. The half slowed down construction and lowered revenue recognition and unit turnovers. Higher construction costs added to the earnings decline.

Maynilad Water Services, Inc. accounted for P1.5 billion, down 13% due to lower commercial and industrial sales and higher depreciation and amortization.

DMCI Power’s income amounted to P611 million, a 12% drop due to the absence of a one-time retroactive adjustment in the non-fuel tariff of its business.

On the other hand, income share of DMCI Mining jumped 165% to P483 million after a rise in nickel shipments and average selling prices.

D.M. Consunji, Inc. contributed P109 million, down 88% due to lower construction productivity and accomplishments because of the pandemic.

On Thursday, DMCI Holdings shares at the stock exchange rose by 0.55% to close at P5.45 apiece. — K.C.G. Valmonte

Berlinale film explores lives lived on Zoom

BERLIN —  The past year has been challenging for filmmakers, who had to battle coronavirus travel restrictions and social distancing rules to participate in what is ordinarily a team activity. But one film in this year’s Berlin Film Festival line-up embraced the spirit of the pandemic like no other: American director Natalie Morales’s Language Lessons is a drama enacted via Zoom, revealing new artistic possibilities in the process.

The film casts Ms. Morales as Carino, a language teacher from Costa Rica giving Spanish lessons via video call to Adam, a wealthy Oakland, California house husband played by Mark Duplass. But a sudden emotional blow transforms their relationship.

“We didn’t know if it would work,” Ms. Morales said of the film, shot over the summer by a skeleton crew entirely from the perspective of the two characters’ webcams. “We didn’t really know how we were going to shoot it or if it was going to look good or if people were going to be bored to death or if we were going to be bored to death,” she added.

Mr. Duplass, who co-wrote the script with Ms. Morales, said he had been inspired by the experience of taking online language classes during lockdown. “We developed a bond just through the screen. And I thought this could be an interesting way to make a movie with the limitation of the COVID lockdown,” he said.

All of the films in this year’s Berlinale were shaped by the pandemic they were shot during. Actors wear masks in several films, notably Romanian director Radu Jude’s black sex comedy Bad Luck Banging or Loony Porn, whose characters seem to poison their own environment as efficiently as any virus.

But Language Lessons embraces the lived experiences of home workers during a pandemic year, exploring the curious ambivalence and intensity of online relationships conducted over weeks and months. “We’re still tired of Zoom, but we’re so used to it that it’s a language we understand,” Ms. Morales said. “You relate to the nature of that relationship in a way that you wouldn’t have two years ago.” — Reuters

Aboitiz firms and Wärtsilä to install 49-MW battery storage system in Davao

TWO Aboitiz units and Finnish company Wärtsilä are working together to install a 49-megawatt (MW) battery energy storage system (BESS) in Maco, Davao de Oro in a bid to strengthen power supply in the Mindanao grid.

In a press release on Thursday, Aboitiz Power Corp. said that the system would be its first battery technology project, which will be put up in the facility of its unit Therma Marine, Inc. (TMI).

It expects the stored energy to “fortify TMI’s capability to support the Mindanao grid” during summer months when energy supply from hydropower plants is limited.

AboitizPower said that it had started building the storage system, in partnership with Wärtsilä and Aboitiz Construction, Inc. The system can be connected to the grid, a small grid, a distribution system, or an end-user facility to deliver demand as needed.

AboitizPower said the energy storage project at its TMI facility is the first of its kind in the country and features a hybrid concept of two complementing technologies.

“This is one of the 12 projects with a total capacity of 248 MW for regulating and contingency reserves that AboitizPower is targeting to develop in the next 10 years. It will serve as AboitizPower’s model for its future battery investments, as well as hybrid renewable energy projects,” the firm said in a statement.

AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said that the firm’s foray into battery technology is a “key component” of its 10-year growth strategy, which seeks to address the energy trilemma of energy security, energy equity, and environmental sustainability.

“The battery technology presents a great opportunity for AboitizPower to address concerns on the reliability, affordability, and sustainability of energy supply. By ensuring the stability of our grid, we are responding to the needs of our customers and communities, as well as supporting economic growth,” he added.

The Energy Regulatory Commission (ERC) in 2015 issued a resolution that classified the BESS as a provider of frequency control ancillary services (FCAS), as it can provide primary and secondary reserves.

“The introduction of BESS as a new source of ancillary service for FCAS would be beneficial to the efficient operation of the grid,” the commission said, adding that BESS is being used by system operators handling advanced and complex grids around the world.

AboitizPower is the listed holding company for the Aboitiz group’s investments in power generation, distribution, and retail electricity services. It also owns distribution utilities in the country’s three major island groups.

Shares of AboitizPower in the local bourse decreased by 0.41% or 10 centavos to close at P24.40 apiece on Thursday. — Angelica Y. Yang

Fresh Off The Boat creator brings ‘authentic’ Asian-American story to the big screen

NEW YORK — Writer and director Eddie Huang hopes his first feature film, Boogie, will help shift expectations about the type of Asian-American stories shown on the big screen.

“This is the next level, where we get to come in and tell our authentic, specific stories,” said Mr. Huang, whose 2013 autobiography was adapted into the ABC DIS.N television sitcom Fresh Off the Boat. “And then the other step I think the film takes for America and cinema is that it’s intersectional. We can tell a story that feels real to Asian-American immigrants, immigrants all over.”

The coming-of-age story centers around a high school basketball star who dreams of playing in the National Basketball Association while navigating family pressure, love, and rivals. Taylor Takahashi, who plays the leading man, makes his acting debut in the film, which will open in US theaters on Mar. 5.

“It was kind of like taking two weeks of swimming lessons and then go jump into the deep end,” he said. “But I had the support of so many people, whether they’re family and friends to me on set, the producers, our director, everyone was there to kind of always jump into the pool if they saw me drowning.”

Mr.  Huang said he cast Mr. Takahashi because of their similar backgrounds. “I knew his experiences and I knew the emotions he would draw on,” said the director, who wants viewers to see themselves in the film as well. “I hope people walk out of it with a cathartic feeling, but also feeling free to reflect and question all of the things people tell us about our existence and our identity and race, because none of us fit in that box.” — Reuters

30 years on, Eddie Murphy, Arsenio Hall are Coming 2 America

NEW YORK —  More than 30 years after Prince Akeem Joffer and his sidekick Semmi first traveled to the United States to find a royal bride, Eddie Murphy and Arsenio Hall reprise their roles in comedy sequel Coming 2 America.

Mr. Murphy, creator and star of the 1988 film — which proved more popular with audiences than critics when it came out —  returns to the fictional nation of Zamunda, this time as Akeem prepares to become king.

A father to three daughters in a country where only a male heir can sit on the throne, Akeem finds out he has a son in America and returns to Queens, the New York borough he first visited decades ago, to meet him.

“This movie is like the first movie. It’s (an) all black cast and it’s … not about race, and it’s not about civil unrest or social injustice or there’s no preaching,” Mr. Murphy told Reuters in an interview. “(It) is just total escapism … it’s a movie about family and love and tradition and doing the right thing.”

In the first film, the pampered prince foregoes his luxuries to find a woman who will love him for himself.

Most of the original cast reprise their roles in the sequel, which is released on Amazon Prime Video on Friday, including James Earl Jones as King Jaffe Joffer and Shari Headley as Akeem’s wife Lisa. New faces include Murphy’s daughter Bella Murphy.

“Being on the movie set with my daughter was a big deal for me,” Mr. Murphy said.

The 59-year-old and Mr. Hall revisit the barber shop scene, a fan favorite from the original movie, where the actors portray multiple ageing characters.

“There is a part three that happens in 16 years,” Mr. Murphy said, jokingly leaving the door open for a future film. “I don’t think the barbers will be in this one though.” —  Reuters

ICTSI to spend up to $250M on projects, maintenance this year

RAZON-LED International Container Terminal Services, Inc. (ICTSI) on Thursday said it expects to spend about $250 million this year, mainly for its ongoing and new expansion projects, equipment acquisitions and upgrades, and maintenance requirements.

“The estimated capital expenditure budget will be utilized mainly for the completion of the expansion project at MICT (Manila International Container Terminal) in Manila, Philippines; the ongoing yard expansion at IDRC (ICTSI DR Congo) in Matadi, Democratic Republic of Congo; the new expansion project at VICT (Victoria International Container Terminal) in Melbourne, Australia; equipment acquisitions and upgrades; and for various maintenance requirements,” the company told the stock exchange.

Its 2020 capital expenditures (capex), excluding capitalized borrowing costs, reached $198.7 million, exceeding the reduced capex budget of $160 million.

The company attributed the increase to the additional capex from the new terminal in Kribi, Cameroon and the reinstitution of postponed capex in various terminals, “which demonstrated strong volume growth in the second half of 2020.”

ICTSI’s net income attributable to equity holders grew 1% to $101.8 million last year.

The company said it saw higher revenues (up 2% to $1.5 billion), lower cash operating expenses resulting from continuous group-wide cost reduction and optimization measures, positive contribution of a new terminal in Rio de Janeiro, Brazil, and lower equity in net loss of joint ventures.

However, it said the growth was “tapered” by an increase in interest on concession rights payable recognized at the new terminal in Cameroon and the full year impact of the new terminal in Brazil; additional impairment charges; and COVID-19 (coronavirus disease 2019)-related expenses.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) went up 6% to $876.8 million.

It handled a total volume of 10,193,384 twenty-foot equivalent units (TEUs) last year, 0.2% higher than 10,178,018 TEUs recorded a year earlier.

ICTSI attributed the slight increase to the contribution of its unit in Rio de Janeiro, improvement in trade activities in the second half of 2020 with eased travel restrictions, and new contracts with shipping lines and services at certain terminals.

But that was “tapered by a decline in trade activities mainly in the first half of 2020” due to the pandemic.

“Excluding the contribution of the company’s new terminal in Rio de Janeiro in Brazil, consolidated organic volume would have decreased by 2% in 2020,” it said.

ICTSI shares closed 1.66% lower at P118.80 apiece on Thursday. — Arjay L. Balinbin

Golden Globes TV audience plummets by more than half

LOS ANGELES —  The TV audience for the virtual Golden Globes ceremony crashed by some 60%, according to ratings data on Tuesday, making the 2021 edition the least watched since 2008.

Nielsen data cited by CNBC and Hollywood outlet Deadline said that just 6.9 million Americans tuned in to watch the three-hour ceremony for film and TV that was broadcast on NBC television on Sunday. Last year, the show drew a TV audience of 18.3 million. NBC did not return calls for comment on Tuesday.

Sunday’s show, hosted under pandemic conditions by Tina Fey and Amy Poehler, was widely criticized for technical glitches and for what many called Zoom fatigue, as scores of nominees watched and reacted to their wins on video camera. Movies Nomadlad, Borat Subsequent Moviefilm, and TV shows The Crown and Schitt’s Creek were the big winners, but the ceremony was also marred by demands for more diversity in the Hollywood Foreign Press Association, which chooses the winners.

Britain’s Daily Telegraph described the ceremony as a “shambolic hellscape of Zoom ineptitude” that it said boded ill for the Oscars in April. Oscar organizers have said they will put on a ceremony from multiple locations with some people appearing in person but have given few details.

Sunday’s Golden Globe audience was the lowest since 2008 when the usual gala dinner was replaced by a news conference because of a Hollywood writers strike and attracted 6.03 million viewers. Last September’s Emmy Awards ceremony for television, which was also a virtual affair, dropped to a record low of 6.1 million viewers. — Reuters

SMPC’s net income drops 66% to P3.3 billion

CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) reported a 66% decline in its consolidated after-tax net income to P3.29 billion on the back of lower coal and power revenues last year.

In a regulatory filing on Thursday, the company placed its total revenues last year at P23.3 billion, down 36.2% from the level in the previous year.

The coal segment logged a 43% decrease in revenues to P16.5 billion, as coal sales dropped last year.

“Coal sales declined 16% from 15.6 MMT (million metric tons) to 13.1 MMT… Average selling price of coal dropped 23% from P2,074 to P1,591 per MT (metric ton),” SMPC said.

Export sales volume declined 27% to 7.6 MMT, but domestic sales volume grew 5% to 5.5 MMT.

The company also noted that the deferment of mining operations at its North Block 7 in Molave Mine, Antique reduced its coal production to 13.2 MMT from 15.2 MMT.

Meanwhile, the firm’s power segment recorded a 23% decrease in consolidated revenues to P11.7 billion in 2020, despite a rise in total power sales volume.

“Total power sales volume up 14% to 4,218 GW (gigawatts)… while ASP (average selling price) fell 32% to P2.76 (per kilowatt),” SMPC said, referring to the latest figures from Calaca Power Corp. and South Luzon Power Generation Corp., which make up the firm’s power segment.

SMPC did not give comparative figures in its disclosure.

SMPC generates revenues by producing and selling sub-bituminous coal. The firm currently has coal supply contracts with its own power subsidiaries, and other power plants and cement manufacturers.

SMPC shares in the local bourse inched up 0.16% or two centavos to close at P12.92 apiece on Thursday. — Angelica Y. Yang