Max’s sales up 12%
CASUAL-dining restaurant operator Max’s Group Inc. said its income for the first half of the year grew 12 percent to P331.72 million, from last year’s P295.33 million. “Moving into the next quarter, we have lined up exciting product initiatives to cushion cyclicality effects during wet season,” Robert F. Trota, the company’s president and CEO, said. System-wide sales also grew 12 percent to P8.29 billion, from P7.43 billion last year. Restaurant sales rose 11 percent to P5.04 billion, from P4.53 billion anchored on new store openings and steady same store-sales performance. Commissary sales went up 7 percent to P674.04 million, from P630.87 million, owing to a growing number of franchised outlets. VG Cabuag
Pipe maker’s earnings rise slim
PVC pipes maker Crown Asia Chemicals Corp. said its income grew by a slim 5 percent during the first half of the year ending June to P69.7 million, from P66.4 million last year. Sales of its compounds division sales increased by 24 percent to P363.96 million for the period ending June, from last year’s P292.59 million, attributed to stronger demand from local wire and cable companies. Sales of its pipes division rose by a marginal 3 percent for the period, but the company said this is expected to increase as government infrastructure projects start to gain active momentum in the coming months. VG Cabuag
Eagle Cement cites better gains
EAGLE Cement Corp. said it managed to post an increase in its profits during the first half of the year to P2.2 billion, some 13-percent increase from last year, despite stiff industry competition that pull down prices. Net sales reached P7.5 billion, an increase of 12 percent from P6.7 billion last year, mainly due to the increase in the sales volume of both bagged and bulk cement. VG Cabuag
CPG issues promissory notes
PROPERTY developer Century Properties Group Inc. (CGP) on Tuesday said it has issued some P500 million worth of short-term promissory notes to fund working capital requirements and augment existing short-term bank lines. The debt paper will have a maturity period of 182 days from issue date and will bear interest rates of 4 percent. VG Cabuag
FNI turns around in H1
GLOBAL Ferronickel Holdings Inc. (FNI) reported on Tuesday an income of P148.8 million during the January-to-June period as against a loss of P317.5 million in the same period last year. Earnings before interest, tax, depreciation and amortization amounted to P397.6 million, and revenue grew more than double to P1.86 billion. VG Cabuag
The turnaround reflects strong volume growth, improved operational efficiencies and recovery of nickel prices, the company said.
Petron grows mid-year profit
PETRON Corp. posted a 56-percent increase in its net income for the first half of the year from P5.3 billion at end-June last year to P8.2 billion, mainly on account of higher sales volume. During the period, total sales volumes for both Malaysia and the Philippines reached 52.9 million barrels, slightly higher than the previous record of 52.6 million from 2016. Petrochemical sales also surged 78 percent year-on-year. Consolidated sales revenues increased by 28 percent to P207 billion in the first six months of the year from P161.9 billion over the same period in 2016. Operating income stood at P14.6 billion, a 27 percent improvement from the previous year’s P11.5 billion. Lenie Lectura
ICTSI docks 19% growth
INTERNATIONAL Container Terminal Services Inc. (Ictsi) recorded a 19-percent increase in net income in the first half of the year to $103.6 million from $87.3 million in the same period last year. “The increase in net income was tapered by higher interest and financing charges; higher depreciation and amortization expenses; start-up costs at the company’s terminal in Melbourne Australia; and increase in the company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal project with PSA International Pte Ltd. in Buenaventura, Colombia,” the ICTSI said in a disclosure to the Philippine Stock Exchange.
ABS-CBN files anti-piracy suit
ABS-CBN Corp. served on Tuesday a statement of claim issued by a court in Canada against four entities for damages due to copyright and trademark infringement amounting to $5 million. In a statement, the Lopez-led company said its lawsuit alleges that Techspeed Canada Inc., Joe Baddas, Ferdinand Molina and Todd Ross sold set-top boxes that enabled buyers to access hundreds of its copyrighted movies and TV shows. Jun del Rosario, the company’s country manager in Canada urged Filipinos to be “on the lookout” for those who seek to undermine intellectual property rights and make money illegally from copyright infringement.