After being bludgeoned by the COVID-19 pandemic in 2020, Megawide Construction Corp. returned to profitability in the first quarter of this year as belt-tightening measures made up for slower revenues generated by the construction and infrastructure businesses. Megawide booked an attributable net profit of P2.9 million in the first three months, much smaller than the…
Ty family-led conglomerate GT Capital Holdings’ first quarter net profit surged by 60 percent year-on-year to as earnings contribution from its banking and automotive businesses rebounded. Excluding nonrecurring items, core net income rose by 19 percent year-on-year to P3.4 billion, GT Capital disclosed to the Philippine Stock Exchange on Tuesday. Automotive arm Toyota Motor Philippines…
Property developer Cebu Landmasters Inc. (CLI) returned to a positive earnings growth path in the first quarter, outperforming the year-ago level even as the impact of the COVID-19 pandemic had yet to be fully felt in the comparative period. CLI, a leading developer in Visayas and Mindanao (Vis-Min) area, grew its attributable first quarter net…
Conglomerate Aboitiz Equity Ventures (AEV) saw a 276-percent year-on-year first quarter net profit growth to P7.6 billion, driven by the sharp earnings rebound across its power, banking, food, real estate and infrastructure businesses. Excluding non-recurring items, AEV’s core net income for the first three months of 2021 amounted to P7.8 billion, up by 243 percent…
Aboitiz-led Union Bank of the Philippines has invested some P1.9 billion to create new products and platforms that would contribute to social sustainability metrics amid the prolonged coronavirus (COVID-19) pandemic. This investment has, in turn, allowed the bank develop over 100 products and platforms that benefit the bank’s stakeholders and customers, Unionbank head of sustainability…
Aboitiz-led UnionBank of the Philippines (UBP) grew its first quarter net profit by 79 percent year-on-year to P4.7 billion on the back of higher interest earnings and hefty trading gains. This performance translated to a robust return on equity of 18.1 percent, the bank told the Philippine Stock Exchange on Friday. “Our strong financial performance…
The country’s oldest conglomerate Ayala Corp. has contributed a total of P13.1 billion so far in the intervention efforts against the COVID-19 pandemic, more than half of which were from its property crown jewel Ayala Land Inc. (ALI) “With the steady rollout of our ambitious national vaccination program, of which the Ayala group and especially…
Property giant SM Prime Holdings provided about P23 billion worth of rental concessions last year to help shopping mall tenants across the country stay afloat amid lockdown restrictions imposed by the government to curb the COVID-19 pandemic. “We are continuously assisting our business partners, most especially our mall tenants, who are badly affected by community…
Demand for local office and residential property continued to rebound from the bottom levels seen in 2020 despite the lull seen within the Philippine offshore gaming operator (Pogo) industry that used to invigorate the sector. This is according to Leechiu Property Consultants (LPC), which estimated that Pogos vacated a total of from the second quarter…
It may take not just a village but collective institutional action to help local micro, small and medium enterprises (MSMEs) and microfinance institutions (MFIs) overcome unprecedented challenges arising from the COVID-19 pandemic. One silver lining is the growing digital connectivity that is helping more of these small players adapt to the “next” normal.This is according…