First Gen 9-mth profit up 42% at $170M


LOPEZ-LED First Gen Corporation (First Gen) said net income attributable to equity holders of the parent amounted to $170 million (P8.35 billion) in the first nine months of 2016, up 42 percent from the $120 million recorded in the same period last year. In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, First Gen said its newest natural gas-fired power plant, the 414-megawatt San Gabriel Flex Plant, booked income from liquidated damages caused by its construction delay while Energy Development Corporation (EDC) and First Gen Hydro Power Corporation (FG Hydro) both delivered higher earnings.

Consolidated revenues from the sale of electricity decreased to $1.17 billion for the first three quarters compared to $1.40 billion last year, with First Gas Power plants accounting for $632 million, or 54 percent, of total consolidated revenues. EDC’s geothermal, wind and solar revenues accounted for $500 million, or 42 percent of consolidated revenues, down 6 percent from a year ago due to the unfavorable effects of foreign exchange translation.

On a recurring basis, First Gen’s attributable net income for the first nine months was flat at $128 million, and the parent company likewise incurred higher interest expense as a result of a new $200 million term loan it obtained in September 2015. Voltaire Palaña

Strong same-store sales drive JFC’s 9-mth profit

FAST FOOD giant Jollibee Foods Corporation (JFC) said net income in the first nine months of the year grew by 10.3 percent, driven by strong same-store sales growth and the expansion of its store network.

The company told the Philippine Stock Exchange on Tuesday that net income rose to P4.38 billion from P3.97 billion in the previous year, while on a quarterly basis, net income grew 3.5 percent from a year ago to P1.31 billion.

Nine-month revenues rose 12.8 percent to P82.2 billion, driven by a 14.1 percent growth in system-wide sales to P107.77 billion, with sales of restaurant chains in the Philippines rising by 16 percent while those abroad saw sales increasing by 6.8 percent

“We expect to end the year 2016 with the highest system wide sales growth in five years and the highest organic growth in at least a decade driven by strong same-store sales growth and the highest store network expansion,” JFC chief executive officer Ernesto Tanmantiong said. Catherine Talavera

Robinsons Retail nets P3.3B in Jan-Sept

ROBINSONS Retail Holdings Inc. (RRHI) said Monday its net income in the first nine months of the year jumped 13.2 percent from a year ago to P3.53 billion driven by higher same-store sales growth.

Consolidated revenues climbed 16.6 percent to P73.8 billion on higher sales volume from new stores and stores that opened in 2015, sales from the acquisitions of Savers Appliances and The Generics Pharmacy, and strong same-store sales growth.

The company told the stock exchange that on a quarterly basis, net income in the third quarter grew 17.1 percent to P1.36 billion as consolidated net sales rose 16.2 percent to P25.48 billion. Robinsons Retail said it ended the third quarter with a total store count of 1,541 plus 1,864 The Generics Pharmacy stores for a total of 3,405 stores across the country, with gross floor area breaching the 1 million square meter mark. Catherine Talavera

UCPB net income swells 45% to P2.88B

UNITED Coconut Planters Bank (UCPB) said its net income grew 45 percent year-on-year in the first nine months of the year on robust demand for consumer loans and steady cost management efforts.

In a statement on Tuesday, the bank said it netted P2.88 billion during the nine-month period as net interest income rose 15 percent to P7.21 billion.

“Appetite for consumer loans continues to grow as well as our deposits. We are on track to meet our targets this year, and we thank our customer for their continued trust in the Bank,” UCPB president and chief executive officer Higinio Macadaeg Jr. said.

UCPB said loans grew by 17 percent to P136 billion while consumer loans posted an unprecedented increase of 28 percent to P58.2 billion as corporate loans rose 10 percent to P77.8 billion. Non-interest income increased 31 percent to P2.42 billion, driven by a 64 percent increase in trading gains to P1.14 billion. Mayvelin U. Caraballo


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