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MANILA, Philippines — Interior designer Roberto Antonio Valera, the grandson of National Artist for Fashion Design Ramon Valera, wanted to continue his grandfather's legacy through cabinet making.
Chelsea Logistics [C 1.30, up 4.0%; 0% avgVol] [link] posted its FY23 Annual Report showing a P1.24 billion net loss. This was a 54% improvement over its FY22 net loss of P.53 billion. Chelsea achieved revenue growth (+10%) and improved its gross profit margin (12% vs 10% in FY22), but it still reported an operating loss of P43.8 million. Chelsea’s FY23 revenue performance was greater than its pre-pandemic 2017 record, driven by a 44% increase in passenger volume and a 14% increase in trips. Despite a focus on debt management, Chelsea still reports having over P3.85 billion in current loans (~P3.01 billion in bank loans) and over P13.18 billion in long-term loans, for a total of P17.04 billion in total borrowings.
Nickel Asia [NIKL 3.30, up 4.8%; 164% avgVol] [link] reported a Q2 net income of P1.35 billion, up 4.4% y/y from its Q2/23 net profit of P1.30 billion. On an H1 basis, NIKL’s revenues were down 15% y/y to P9.3 billion and its net income was down 38% y/y to just P1.7 billion. NIKL’s management team explained the drop as a result of lower nickel ore prices caused by the “present oversupply situation facing the nickel industry”. While NIKL sold 9% more ore in H1/24 than it did the previous year, the revenues that it earned as a result of those sales fell 16%.
MANILA, Philippines — The Supreme Court has affirmed the dismissal of a former local official of the Office of the Ombudsman who was accused of accepting bribes to manipulate case outcomes.
MANILA, Philippines — Bigo si world No. 2 EJ Obiena na makasungkit ng medalya sa men’s pole vault ng 2024 Paris Olympics na ginanap kahapon sa Stade de France.
Cebu Pacific [CEB 27.85, up 0.2%; 64% avgVol] [link] reported a Q2 net income of P1.3 billion, down 51% y/y from its Q2/23 net income of P2.7 billion. CEB’s H1 net income of P3.5 billion is down just 5% y/y. CEB generated P26.1 billion in Q2 revenue (+15% y/y) on a passenger volume of six million (+10% y/y). While CEB declined to provide its Seat Load Factor (SLF: passengers/seats flown) for Q2 as it has in previous quarters, its Quarterly Report shows an H1 SLF of 85.3%, which is higher than H1/23’s 84.8%, but lower than the 86% it registered in Q2/23 and the 90% it reported back in the pre-pandemic CEB golden age of 2019. CEB splits its income into three streams (passenger, cargo, and ancillary), and all three generated increases on an H1 basis. Passenger revenues were up 18.4% to P5.55 billion on what the management team called an “overall increase in travel demand.” Cargo revenues were up 31.9% to P2.64 billion, driven by a 26.8% increase in cargo volume and higher service prices. Ancillary revenues were up 14.8% to P1.70 billion, thanks largely to the increase in passenger volumes.
MANILA, Philippines — Global Dominion Financing Inc. (“Global Dominion”) made its maiden foray into the debt capital markets with the signing of up to P1 billion fixed-rate corporate notes facility at the end of 2023.
The Senate adopted a resolution Wednesday, August 7, 2024 expressing its profound sympathy and sincerest condolences on the death of Lily "Mother Lily" Yu Chu-Monteverde, esteemed matriarch of Regal Films and a prominent figure in the entertainment industry.