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Seven Argentine meat plants suspend exports to China over COVID-19 worries

BUENOS AIRES — Seven Argentine meat processing plants are temporarily not exporting to China because they have registered cases of COVID-19 (coronavirus disease 2019) among their employees, a source from the Argentine agricultural health agency Senasa said on Thursday.

The source, who asked not to be named, said three of the seven processing plants were likely to resume shipping to China again in the coming days.

China is the main buyer of beef from Argentina. Last year, the South American country sent China 75% of the total 845,900 tons of beef it shipped internationally.

Both countries have agreed that, if a case of COVID-19 was registered in an Argentine meat packing plant, it would stop its shipments until Senasa and Chinese officials authorize their reinstatement.

“There are seven plants temporarily suspended,” the Senasa source told Reuters.

Since the beginning of the pandemic, 11 Argentine plants of the 96 authorized to ship to China have halted supplying the commodities-hungry nation due to COVID-19 contagion. Suspensions usually last about a week.

China has intensified its sanitary controls after finding traces of the virus in frozen chicken from Brazil and in food packaging samples from Ecuador.

However, compared to Brazil and Ecuador, Argentina has registered a significantly lower number of infections and deaths from the disease due to strong quarantine measures. — Reuters

West play-in: Trail Blazers beat Grizzlies, advance to playoffs

Portland’s Damian Lillard named MVP of seeding games

CJ MCCOLLUM scored 14 of his 29 points in the fourth quarter Saturday afternoon, helping the Portland Trail Blazers rally from a late deficit to beat the Memphis Grizzlies 126-122 in the Western Conference play-in game near Orlando.

The win allowed the Trail Blazers to secure the eighth and final Western playoff berth and move on to a best-of-seven first-round series against the top-seeded Los Angeles Lakers beginning Tuesday night at the ESPN Wide World of Sports Complex.

The loss ended the season for Memphis, which held eighth place at the beginning of the restart but then lost six of eight before Saturday’s defeat.

Damian Lillard had 31 points to pace the Trail Blazers, who took advantage of 19 more free throw opportunities to outscore the Grizzlies 35-18 at the foul line. Lillard completed a double-double with a game-high 10 assists.

Jusuf Nurkic also came up big with 22 points and a game-high 21 rebounds for Portland, while Carmelo Anthony was a fourth Trail Blazer with 20 or more points, going for 21.

Ja Morant and Jonas Valanciunas led the way for Memphis. Morant went for a game-high 35 points to complement eight assists, while Valanciunas contributed 22 points and 17 rebounds to the cause.

McCollum scored eight points in the final 3:08 as the Trail Blazers closed out the win.

After Portland bolted to a 30-14 lead just 10-plus minutes into the game, the Grizzlies got the better of the Trail Blazers for a majority of the next three quarters.

Memphis went up by three in the second period and six in the third, and retained a lead until McCollum bombed in a 3-pointer for a tie at 111 with 3:08 to play.

Nurkic followed with a three-point play 29 seconds later to give the Trail Blazers a lead they never relinquished, and McCollum helped pad the advantage with another 3-pointer and a two-point shot.

Led by Morant and Valanciunas, the Grizzlies clung within 119-116 with still 42.8 seconds to play, but Anthony buried arguably his most important shot since joining Portland in-season, a 3-pointer that doubled the margin to six with just 21.0 seconds to go.

Brandon Clarke and Dillon Brooks added 20 points each, and Kyle Anderson had 10 for Memphis, which outshot Portland 48.9% to 45.2.%

LILLARD NAMED MVP
Portland Trail Blazers guard Damian Lillard was named the runaway MVP of the seeding games at the NBA bubble near Orlando on Saturday.

Phoenix coach Monty Williams, whose Suns went 8-0 in the season restart, was named the top coach of the seeding games.

Lillard was the unanimous winner, securing all 22 first-place votes for 110 points. Devin Booker was a distant runner-up with 58 points. Joining Lillard and Booker on the All-Seeding Games first team were Indiana’s T.J. Warren, Dallas superstar Luka Doncic and James Harden of Houston.

Lillard averaged an NBA-high 37.6 points and 9.6 assists in the seeding games, leading Portland to a 6-2 record. The Trail Blazers won their final three seeding games, with Lillard scoring 51 points against the Philadelphia 76ers, tying his franchise scoring record with 61 points against the Dallas Mavericks, and finishing with 42 points and 12 assists in a victory over the Brooklyn Nets that clinched Portland’s spot in the Western Conference play-in.

Lillard had 31 points and 10 assists on Saturday as the Trail Blazers defeated the Memphis Grizzlies 126-122 in the play-in game. The win advanced the eighth-seeded Blazers into the first-round playoff series against the Los Angeles Lakers. That series starts on Tuesday.

Composing the All-Seeding Games second team were Milwaukee’s Giannis Antetokounmpo, the Los Angeles Clippers’ Kawhi Leonard, Brooklyn’s Caris LeVert, Denver’s Michael Porter, Jr. and Dallas’ Kristaps Porzingis.

Williams, who led the Suns to the NBA’s only unbeaten record in the seeding games and the franchise’s first eight-game winning streak since the 2009-10 season, was selected as the Coach of the Seeding Games with 20 of 21 first-place votes and 103 points.

Portland’s Terry Stotts received the other first-place vote and finished in second place with 41 points, followed by Brooklyn’s Jacque Vaughn (18 points) in third place.

The All-Seeding teams and coach were selected by a panel of sportswriters and broadcasters who have been on site covering the 2019-20 season restart at the ESPN Wide World of Sports complex near Orlando. — Reuters

Kim Si-woo sinks hole in one to take sole lead in North Carolina

GHREENSBORO — South Korea’s Kim Si-woo claimed sole ownership of the lead at the Wyndham Championship in Greensboro, North Carolina, on Saturday, with a hole in one on three highlighting a superb eight-under-par, third-round performance.

Kim (62) said he did not realize at first that he had sunk the ace on the par-three hole as a smattering of cheers echoed around him at the tournament, which he won by five strokes in 2016 and which is being played in the absence of fans this year.

“So I just hit it and then ball goes just right at the pin… and some TV guys told me that’s ace and I was so excited,” said Kim, who won the 2017 Players Championship.

The 25-year-old kept his edge at Sedgefield Country Club, shooting four birdies on the back nine for a two-stroke lead over Americans Rob Oppenheim and Doc Redman, after nearly sinking another ace on 12 that lipped out of the cup.

“Hopefully, tomorrow a little bit of pressure, but I’m going to keep fighting and hopefully get a win,” said Kim, heading into Sunday’s final round at 18 under.

Oppenheim, on the hunt for his first PGA Tour win, shot an eight-under par 62 with an eagle on five and five birdies on the back nine in a near-flawless performance marred only by a bogey on 18, for 16 under.

“Probably, you know, to be honest, one of the better rounds I’ve ever played. I just felt very comfortable. Tee to green was solid and made some putts,” said Oppenheim, who finished ninth at the Puerto Rico Open in February.

Tied with him for second at the Wyndham Championship, the final event of the novel coronavirus-hit regular season, is Redman, who shot a seven-under 63.

American Billy Horschel carded a five-under 65, putting him three back from the lead heading into Sunday, while Jim Herman rocketed up the leaderboard with a nine-under 61 and was tied for fifth with Mark Hubbard (64). — Reuters

Olympique Lyonnais upsets Manchester City to set up semi with Bayern Munich

LISBON — Olympique Lyonnais stunned pre-tournament favorites Manchester City with a 3-1 victory on Saturday to move into the semifinals of the Champions League where they will face Bayern Munich.

It is the first time that two French teams will compete in the semifinals of the competition with Paris St Germain facing RB Leipzig in the other Franco-German game in the last four.

The result also means that, for the first time the first since 1991 no team from England, Spain or Italy will compete in the last four of Europe’s premier club competition.

But for City and their manager Pep Guardiola it is the third season in a row that the team has gone out in the quarter-finals of the Champions League and they remain without a place in the last four under their Spanish coach.

“Different year, same stuff. I think the first half wasn’t good enough, I think we know that, we started slow, we had not many options, but the second half we played really well… it’s a shame for us to go out in this way,” said a disconsolate Kevin De Bruyne.

“We need to learn. It’s not good enough, and that’s it,” he added.

Guardiola’s methods have propelled City to two Premier League titles but he remains without a Champions League trophy since his 2011 victory with Barcelona.

The Spaniard’s tactical decision to play with an extra defender, in a three-man central defense, failed to work and left City chasing the game in the second half.

There was only one change in the City lineup from the team that had beaten Real Madrid in the last 16 earlier this month with attacking midfielder Phil Foden left out for 19-year-old defender Eric Garcia.

City made a poor start, although twice Raheem Sterling got behind the Lyon defence — only to lack options in the penalty area.

Lyon were on the front foot and stunned City when they took the lead in the 24th minute.

A ball over the top found Karl Toko Ekambi and although Garcia halted his progress the ball fell to Maxwel Cornet who, spotting that Ederson was well off his line, showed great awareness and skill, from just outside the box, to curl a low shot into the unguarded near post.

It was Cornet’s fourth goal in three games against City and it left Guardiola’s side with plenty to do to if they were to avoid another Champions League disappointment.

CAUGHT OUT
City drew level through a De Bruyne side-foot finish in the 69th minute after good work from Sterling and pushed forward in search of winner only to be caught out on the break.

Dembele broke free and Ederson’s outstretched leg couldn’t keep his shot out of the net as Lyon went 2-1 up in the 79th. City argued there had been a foul on Aymeric Laporte in the buildup but VAR looked at the incident and allowed the goal to stand.

City then had a golden chance to draw level but Sterling somehow blasted a Gabriel Jesus pass over from close range with the goal at his mercy.

Lyon responded to that let-off by taking advantage of chaos in the City defence with Ederson pushing out a low shot from Houssem Aouar and former Celtic striker Dembele pouncing for his second to wrap up a famous win for Lyon.

Rudi Garcia’s side had only finished seventh in the curtailed French league season. However, after a lengthy break from action have come back to eliminate Juventus and City to set up a clash with a Bayern team on a high after crushing Barcelona 8-2 in their quarterfinal. — Reuters

Sinangote, Young, Retanal spearheaded España Chess Club Manila PH team into overall championships

THE España Chess Club Manila-Philippine chess team (350 points) edged the competition for a runaway victory in the Online Santranc 4YL Ligi Team Battle dubbed as Online Chess 4Y League Team Battle yesterday at lichess.org.

As expected National Master Julius Sinangote (68 pts.), International Master Angelo Young (64 pts.) and National Master Elwin Retanal (62 pts.) are the top scorer for España Chess Club Manila-Philippine chess team.

“Congratulations to España Chess Club Manila PH chess team for winning the latest Online Santranc 4YL Ligi Team Battle dubbed as Online Chess 4Y League Team Battle,” said Ernie Fetisan Faeldonia, founder of  España Chess Club Manila-PH chess team.

With the win, the  España Chess Club Manila-PH chess team was promoted to higher league 3YL of this Turkey’s Chess Super League participated by Chess Teams from Europe, Turkey, India and the Philippines among others. The top 3 teams will advance to higher league.

Other members of the España Chess Club Manila-Philippine chess team (according to their rankings) were Michael Metrio, Israel Landicho, Gresalje Saldo, Abdulkalip Daggung, engr. Ernie Fetisan Faeldonia, Jay Villalobos Castillo, Jerick Concepcion Faeldonia, Ederwin Estavillo, AGM Almario Marlon Bernardino Jr., Bernard Tenorio, J. Rendora, Joey Lapurga, Luzelle Dacayo, Jiggy Miguel Vicente, Noel Jay Estacio, NM Homer Cunanan, Jasper Faeldonia, among others.

The Rochade Europa Schachzeitung of Germany headed by Douglas Karde from Sweden, meantime, placed second while the Alleppey Team of Kerala India led by AG Summit from Qatar settled for 3rd. — Marlon Bernardino

Nine football players at University of Oklahoma test positive for COVID-19

NINE football student-athletes from the University of Oklahoma tested positive for COVID-19, head coach Lincoln Riley said on Saturday, amid fierce national debate over the viability of a fall college football season.

Oklahoma’s Big 12 Conference said this week it would move forward with the fall football season, a cultural ritual for millions of Americans, after two of its fellow “Power Five” conferences said they would postpone play.

Riley said in a video posted to social media that he received the test results Saturday morning after his players took a week-long break from team activities, noting the new cases were the result of “community-based infections.”

“Disappointed by the news, obviously. We’ve done such a tremendous job really this entire time,” Riley said in the video. “You know when you give your players some time, that there is risk in that.”

The school said earlier this week there was previously one COVID-19 case reported on the team since players reported for training earlier this summer.

Two of the five most powerful collegiate conferences, the Pac-12 and Big Ten, said this week they would not play the season as scheduled, citing the risks of the coronavirus outbreak. Both said they would consider options for spring competition.

Oklahoma, a five-time Big 12 Conference champion team that has produced two of the last three Heisman Trophy winners, is set to kick off its season Sept. 12, and Riley said he remained “very confident” in the procedures the team had in place, which include daily screenings for team members and staff.

“The reality is this isn’t the NBA. This is college football,” said Riley, referring to the National Basketball Association. “We can try to minimize these risks as much as we possibly want but we’re never going to have being able to eliminate them 100%. We don’t have a bubble.”

US President Donald Trump reiterated his call for college football to return during a news conference at his golf club in Bedminster, New Jersey, on Saturday.

“I want college football to come back. These are strong, healthy, incredible people,” said Trump, who said he has spoken with Clemson quarterback Trevor Lawrence a couple of times.

While a number of professional athletes have recovered from COVID-19, there are concerns among sports medical professionals that young, healthy people can get sick and have lingering health problems, such as heart, lung and cognitive issues. — Reuters

Go-for-broke stance

Blazers head coach Terry Stotts wanted the victory yesterday, and badly. He wasn’t about to waste the first of two chances to clinch the final playoff spot in the West by resorting to substitution patterns that sought to save his charges for a long postseason run. Instead, he leaned on the same predilections that allowed him to enjoy a stellar 6-2 slate in the seeding games and force the erstwhile eighth-seed Grizzlies to do battle with them for survival in the bubble. Which is to say he leaned on his five best players — hard.

Indeed, Stotts had compelled his top dogs to burn rubber for long stretches over the last month at the ESPN Wide World of Sports Complex in Orlando, Florida. Backcourt mates Damian Lillard and CJ McCollum wound up one and two in minutes played on the Walt Disney World campus, with in-season pickup Carmelo. Anthony also in the top five. Jusuf Nurkic and super sub Gary Trent burned rubber for long stretches as well. Forget that the development placed pressure on the aforementioned Blazers, who had to overcome fatigue, injury, long layoffs, and personal loss to produce what was expected of them. And never mind that the predictability of the setup went both ways.

Perhaps Stotts felt he had no choice given the stakes involved. And, for all the potential pitfalls of his go-for-broke-now stance, he likely figured preservation in the face of uncertainty was foolhardy at best. In any case, there can be no arguing with the results. The Blazers showed their mettle by ousting the Grizzlies yesterday and booking a first-round date with the top-seed Lakers. Despite their heavy workload, they delivered. And, not surprisingly, Lillard was outstanding, making all the right decisions under double, even triple, coverage to underscore his status as Most Valuable Player of the seeding games.

Not that the Grizzlies didn’t make things hard. In fact, they looked ready to move on; they scored 42 points in the third quarter to go five up, and then employed aggressive defense to keep Lillard at bay in the fourth canto. There was just one problem; even as he produced zero field goals in the payoff period, the other Blazers stepped up. McCollum, supposedly slowed by a broken back, was exceptional as the release valve, netting 14 with an array of jumpers that included two against presumptive Rookie of the Year Ja Morant to stretch a one-point lead to five with a little over a minute to go in the match.

The Blazers will keep plodding on, with Stotts not about to change the way he rides his most trusted personnel. And why should he, when all they’ve done is prove him right? Seemingly forgotten after the Rockets unceremoniously dumped him last year, Anthony has been a revelation; yesterday, he had yet another crucial trey and a couple of free throws in the last 21 seconds to preserve the outcome. Trent has punctured the hoop from beyond the arc with virtual impunity, while Nurkic has been all they need, and more, at the five spot.

If there’s one thing the Blazers need to improve on, it’s their defense. Then again, they are who they are; given their makeup, it’s fair to argue that they aren’t built to compete from end to end. Its good, then, that they can light up the board like no other. They’re proud to hang their hats on offense, and, with Lillard at the forefront, they know they’ll always have a shot.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Yale’s COVID-19 saliva test used in NBA gets FDA OK for emergency use

Coronavirus-covid19
SalivaDirect is seen as a cheap, simpler, and less invasive testing method that requires no extraction of nucleic acid and can use several readily available reagents.

The US Food and Drug Administration (FDA) on Saturday granted emergency use authorization to Yale School of Public Health’s saliva test to detect COVID-19, after a trial on National Basketball Association players and staff.

SalivaDirect, the fifth saliva test approved by the FDA for the disease, requires no swab or collection device and uses spit from people suspected of having the coronavirus, the agency said.

FDA Commissioner Stephen Hahn called the test “groundbreaking” in its efficiency and in being unaffected by crucial component shortages.

SalivaDirect is seen as a cheap, simpler, and less invasive testing method that requires no extraction of nucleic acid and can use several readily available reagents.

The NBA has used the test in a program involving asymptomatic players, coaches and staff from various teams, after partnering with Yale in June, the school said in a separate statement.

“We simplified the test so that it only costs a couple of dollars for reagents, and we expect that labs will only charge about $10 per sample,” Nathan Grubaugh, assistant professor at Yale School of Public Health, said.

One of the goals of the research team was to eliminate the need for expensive saliva collection tubes, and a separate study found that the virus is stable in saliva for prolonged periods at warm temperatures, and that preservatives or special test tubes were not necessary, Yale said.

The FDA said the test could lower the risk to healthcare workers from collecting samples as it is self-collected under the observation of a healthcare professional. — Reuters 

 

Uy-led firms post losses as quarantine restrictions disrupt operations

By Arjay L. Balinbin

Two of the major companies owned by Davao City businessman Dennis A. Uy reported quarterly losses on Friday, which was also marked by his departure as president of a separate holding firm.

In a disclosure to the stock exchange, Chelsea Logistics and Infrastructure Holdings Corp. said it had posted a net loss of P941.11 million in the second quarter, swinging from a profit of P186.49 million in the same period last year.

The company attributed the decrease to the community quarantines measures imposed by the government starting around mid-March, which it said “restricted the travel of people via land, sea and air transport and allowed only the delivery of essential goods.”

Chelsea Logistics’ gross revenues declined 49.9% to P959.26 million from P1.91 billion. Gross expenses dropped 17.4% to P1.28 billion from P1.55 billion.

The shipping business declined by 26% to P2.41 billion during the period from the previous year’s P3.27 billion.

In the first quarter, the group posted an attributable net loss of P345.08 million, a reversal of the P138.71-million profit it recorded in the same period last year.

In a statement, Chelsea Logistics said it had already put into place “several measures to stem the losses and improve its financial health.”

“These measures include workforce rationalization, improved vessel utilization, enhanced revenue management, cost cutting strategies, and suspension of uncommitted capital expenditure programs,” it added.

Separately, Mr. Uy’s oil company Phoenix Petroleum Philippines, Inc. said in it a statement that it had reduced its net loss to P5 million in the second quarter, which it described as “significantly lower than the P386 million” posted in the first three months.

The company, the leading independent oil firm in the country, did not indicate the details of its second-quarter financial performance in the press release. It said revenues were lower by 30% in the first half because of the sharp year-on-year decline in oil prices.

Phoenix Petroleum President Henry Albert R. Fadullon said “regional and local developments within the industry and credit markets have tightened access to working capital.”

“We saw this hamper our recovery in the second quarter as we had to divert resources to debt service and pull back on inventory replenishment,” he added.

Phoenix Petroleum reported a P215-million net loss in the first quarter, reversing its P415 million net income recorded in the same period in 2019, as overall revenues and volume declined because of the volatility in the oil market.

Meanwhile, DITO CME Holdings Corp. announced on Friday that Mr. Uy has resigned as president of the company.

Ernesto “Eric” A. Alberto, PLDT Inc.’s former chief revenue officer, is the new president, the group said in a disclosure to the stock exchange.

“The change shall foster an appropriate balance of power, increased accountability, and better capacity for independent decision-making,” it added.

Mr. Uy is still the chairman of the board of directors.

DITO CME, formerly ISM Communications Corp. (ISM), currently operates as a holding company.

The board of directors of ISM approved changing its corporate name on Dec. 10, 2019, the same time it approved buying 100% of Mr. Uy’s shell company Udenna Communications Media and Entertainment Holdings Corp.

DITO CME announced recently that it plans to “leverage on advertising solutions for its brand and business partners, not only through the eyeballs from content, but also leveraging assets within the Udenna Group.”

It also plans to “embark on the basic anchor of technology solutions, from cloud computing to mobile applications.”

On Friday, shares in Phoenix Petroleum slipped 0.53% to P11.34, while those of Chelsea Logistics and DITO CME were unchanged at P3.29 and P3.10, respectively.

‘Resilient’ portfolio helps Sia’s firms record profit growth

By Adam J. Ang

Two listed companies of Edgar J. Sia II recorded profit growth in the second quarter with DoubleDragon Properties Corp. doubling its bottom line on the operations of its “resilient” leasable portfolio.

In a disclosure to the stock exchange, Friday, MerryMart Consumer Corp. posted a 23.91% increase in consolidated net income in the first half of the year to P13.67 million with total net revenues jumping 35.18% to P1.64 billion.

The grocery operator is rethinking its expansion plans to adapt to the so-called “new normal” spurred by the pandemic. “The team locates its branches in strategic locations factoring the post-pandemic new normal scenario,” Mr. Sia said.

The company is set to launch its online platform within the present quarter, while it is opening its first drive-thru outlet in Iloilo City in January 2021. Similar concepts will be launched in “various major thoroughfares” soon, the company official said.

On Aug. 8, it opened the doors of its two latest branches in Mindanao, bringing its total store count to nine. 17 more stores are in the pipeline so it can have a portfolio of 25 branches by yearend.

Meanwhile, DoubleDragon said its total net income grew twice to P4.40 billion in the first semester, with consolidated revenues climbing 45% to P8.11 billion as its leasable portfolio proved “resilient” during the lockdown phase.

Sans fair value gains, the property developer’s earnings were stable, while core profits increased by five times to P578.29 million from P114.60 previously.

“As COVID-19 (coronavirus disease 2019) quarantine measures are prolonged, consumer behavior is also altered, and most likely to stay. DoubleDragon is grateful that its portfolio has been tested to be truly resilient during this pandemic,” Mr. Sia said.

The company noted “high” occupancy in its three-star Hotel 101, as it has accommodated business process outsourcing (BPO) firm employees who continuously work during the quarantine period.

It also highlighted the relevance of its CentralHub industrial warehouse complexes at a time when “the impairment of mobility made consumer companies realize the importance of having warehousing facilities in various parts of the country in order to maintain efficient logistics.” “The company has a strong balance sheet and is capitalizing in the strength of its financial position in light of these unsettled times,” Mr. Sia said.

Moreover, DoubleDragon is now in “advance preparations” for the filing of its real estate investment trust offering, which will list its first basket of mature income-generating assets, according to DoubleDragon Chief Investment Officer Hannah Yulo-Luccini.

On Friday, shares in MerryMart grew by 2.73% to close at P3.01 each, while DoubleDragon’s shares were unchanged at P15.00 apiece.

PAL posts bigger losses, receives equity deposits

The listed operator of flag carrier Philippine Airlines reported incurring more losses in the second quarter as the pandemic continues to cause worldwide travel restrictions.

PAL Holdings, Inc. posted a net loss of P11.55 billion during the three-month period, wider than its loss of P2.49 billion last year.

The group also said in a disclosure to the stock exchange on Friday that it received additional deposits for future stock subscription from Buona Sorte Holdings, Inc. amounting to P6.27 billion.

“As of June 30, 2020, the total deposits of P17.68 billion were presented as non controlling interests in the consolidated equity of PAL Holdings as PAL’s application for the increase in authorized capital stock has been filed with the SEC (Securities and Exchange Commission),” it added.

Gross revenues declined 88.7% to P4.75 billion during the quarter from P41.96 billion posted during the same period last year. Total expenses dropped 66.9% to P13.54 billion from P40.91 billion.

Passenger revenues dropped 93.9% to P2.25 billion from P36.76 billion. Cargo revenues improved 1.3% to P2.32 billion from P2.29 billion.

Ancillary revenues stood at P175.23 million, 93.9% down from last year’s P2.88 billion. In the first quarter, PAL’s net loss was P9.38 billion, more than 10 times the year-earlier level, as travel restrictions caused by the pandemic grounded its aircraft.

In July, PAL reported it had operated 640 local and international cargo flights carrying crucial medical and food supplies since March.

The flag carrier resumed in June and July some weekly commercial flights to the United States, Japan, Canada, the United Kingdom, Saudi Arabia, the United Arab Emirates, Southeast Asia, greater China and over 15 domestic destinations, along with occasional flights to Australia. — Arjay L. Balinbin

JG Summit swings to loss as lockdowns hit operations

JG Summit Holdings, Inc. incurred a P720-million loss in the first half of the year, along with an 89% decline in after-tax core profit because of the severe impact of the coronavirus pandemic to some of its businesses.

The listed conglomerate on Friday said the impact of the public health crisis became more pronounced in the second quarter as harsh lockdowns continued to batter its operations, particularly in its airline, petrochemical, and property businesses.

Yet, it qualified that its diversified portfolio helped cushion the pandemic’s blow “with strong profits coming from food, banking, and core investments in telecoms,” according to JG Summit President and Chief Executive Officer Lance Y. Gokongwei.

The period’s net loss, which is a reversal of the firm’s P17.4 billion profit a year ago, came from a one-off mark-to-market valuation loss on fuel hedges and its share in Manila Electric Co.’s (Meralco) impairment on its investment in Singapore-based PacificLight Power Pte. Ltd. in the first quarter.

JG Summit’s food business operating margin and “better” net interest margins, and trading gains in its banking unit helped its core profit to stand at P1.4 billion, compared with the P13.4 billion it recorded in the same period in 2019.

It saw consolidated revenues down by 26% to P116.5 billion in the first semester.

By business segment, Cebu Pacific Air, Inc. posted a 61% drop in total earnings to P17.33 billion, pulled down by reduced passenger, cargo, and ancillary revenues.

JG Summit’s petrochemicals group saw its revenues plunge by 61% to P7.22 billion because of lower average selling prices and volumes.

The earnings decline in both segments was tempered by the topline growth in the conglomerate’s other businesses.

Universal Robina Corp.’s (URC) earnings slightly increased to P67.41 billion on the back of revenue growth in its sugar and branded consumer foods sales.

Robinsons Land Corp. also saw revenue growth of 3% to P15.22 billion, driven by a 66% earnings uptick in its residential division, though, this was offset by a 42% revenue decline from shuttered malls.

Its banking arm, Robinsons Bank Corp., posted a 23% increase in revenue to P4.79 billion, mainly due to higher interest income from finance receivables, which came from loans portfolio expansion and higher trading gains.

The conglomerate claimed having a “strong” balance sheet with gearing and net debt-to-equity ratios at 0.72 and 0.55, respectively, by end-June.

“With the strength of our balance sheet coupled with our organizational capabilities to quickly adapt to the new normal and respond to changing consumer needs, I am confident in our ability to compete and take advantage of emerging opportunities ahead,” Mr. Gokongwei said. Shares in JG Summit fell by 4.96% to close at P61.30 each on Friday. — Adam J. Ang

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