SM Prime’s profit jumped 48% to P10b in 2nd quarter

By Jenniffer B. Austria

SM PRIME Holdings Inc., one of the leading integrated property developers in Southeast Asia, said Monday net income grew 49 percent in the second quarter to P10 billon from P6.7 billion in the same period last year on the back of strong mall and residential revenues.

SMPH said in a disclosure to the stock exchange second-quarter consolidated revenues jumped 39 percent to P31.2 billion from P22.5 billion a year earlier.

Domestic mall revenues surged 30 percent in the second quarter to P16.1 billion from P12.4 billion, while residential sales, led by SM Development Corp., also grew 82 percent year-onyear to P9.9 billion.

The positive second-quarter results led first-half net income to increase 38 percent to P19.4 billion from P14.1 billion.

First-half consolidated revenues were up 29 percent to P59.9 billion.

Consolidated operating income climbed 36 percent to P29 billion in the first six months from a year ago.

“The strong performance of SM Prime’s main business units in the first half of 2023, led by its malls and primary residences, amplifies its commitment to be a driver of growth in the local property industry. We will continue to be strategic in expanding our footprints and operations across different localities where we can continue to be partners for growth and progress,” said SM Prime president

Jeffrey Lim. SMDC’s reservation sales in the first half reached P68.5 billion, a 15-percent increase from last year’s P59.4 billion. This translated into a 17-percent growth in unit sales in the first six months.

SMPH attributed the increase in reservation sales to improving market condition which boosted local and overseas Filipino buyers capacity to invest residential projects.

“We are optimistic about the company’s full-year 2023 results given the improving market condition. SM Prime will also continue to look for new and sustainable ways of reaching our customers and provide them unparalleled experience and value in our developments,” Lim said.

Pse Index Closing

nesia and Mexico. This performance is within the government’s growth target of 6 percent to 7 percent for 2023.

The debt watcher said it does not view the country’s current account deficit in a negative light due to the government’s aggressive infrastructure spending that will redound to economic growth.

R&I also took note of the country’s steady inflows from overseas Filipino remittances, foreign direct investments and sufficient foreign reserves. Countries that have been granted investment-grade ratings can access funding from development partners as well as international debt capital markets at lower costs due to its lower credit risk factor.

By Darwin G. Amojelar

MPCALA Holdings Inc. said Monday it expects to open to motorists the Silang (Aguinaldo) Interchange of the Cavite Laguna Expressway by September this year.

The company said Subsection 4 or the Silang (Aguinaldo) segment was 91-percent completed “Ongoing construction activities include the development of the toll plaza, concrete pouring for the main line and median barriers, as well as various finishing works. In the upcoming phases, the focus will be on the construction of toll facilities, including road lights, signages, and sound barriers,” MPCALA said.

MORE opens registration for

lifeline

Power Subsidy

MORE Electric and Power Corp. opened onsite registration in barangays to process applications of customers qualified for lifeline rate subsidy under the Electric Power Industry Reform Act to reach more Pantawid Pamilyang Pilipino Program members and marginalized sectors.

MORE Power president and chief executive Roel Castro said they would get in touch directly with the groups concerned so more qualified customers could avail of the program.

“In addition to accepting applications in our office, we also deploy personnel to barangays for on-site registration,” Castro said.

MORE Power said it received 1,519 applications from 42 barangays as of Aug. 2.

The power retailer in Iloilo advised its customers to visit their official Facebook page for the exact date and venue of barangay onsite registration. The Department of Energy extended the full rollout of the subsidy application until September due to low application turnout.

Castro urged eligible applicants to take advantage of the subsidy program as MORE Power brought the application closer to customers. Alena Mae S. Flores

Moody’s Analytics predicts slower PH economic growth in Q2

MOODY’S Analytics, a research agency which operates independently of Moody’s Investors Service, said Monday the Philippine economy likely slowed in the second quarter from the previous period.

“We expect Philippine GDP to grow 6 percent year-on-year, slowing from the 6.4 percent pace in the first quarter,” it said in its Asia-Pacific Economic Preview for the week.

“Easing inflation and a tight labor market will power household consumption,” it said.

Data from the Philippine Statistics Authority showed the GDP grew by 6.4 percent in the first quarter, one of the fastest in the Asian region, despite the elevated inflation that impacted consumer spending.

The PSA will release the secondquarter GDP report Thursday.

Inflation peaked at 8.7 percent in January 2023 but eased in the succeeding months. Latest data showed it softened to a 16-month low of 4.7 percent in July.

The International Monetary Fund earlier raised its 2023 growth forecast for the Philippines to 6.2 from 6 percent in April 2023. The projection falls within the 6 percent to 7 percent growth forecast announced by the interagency Development Budget Coordinating Com- mittee. The IMF revised downward its 2024 growth forecast to 5.5 percent from 5.8 percent because of global headwinds and lagged effects of policy tightening.

Data showed the economy grew by a 46-year high of 7.6 percent in 2022 on the back of reinvigorated economic activity due to the reopening of the economy to greater normalcy.

The government earlier maintained its growth assumption of 6.5 to 8 percent for 2024 to 2028, taking into account the risks posed by El Nino and other natural disasters, global trade tensions, value chain disruptions and other factors. Julito G. Rada

Preparations for the toll collection system are also underway, it said. Once completed, CALAX will connect to the busiest highway in Cavite― the Aguinaldo Highway―and help decongest major thoroughfares in the province and Laguna. The interchange will serve more motorists, including the 298,000 Silang residents, given the reduced congestion.

CALAX will expand to 45 kilometers and connect to Manila-Cavite Expressway in Kawit. Its operational segments stretch from Mamplasan in Binan, with interchanges at Laguna Technopark, Laguna Boulevard, Santa Rosa-Tagaytay Road up to Silang East Interchange.

MPCALA is a subsidiary of Metro Pacific Tollways Corp., the toll road development arm of Metro Pacific Investments Corp.

MPTC is the biggest toll road developer and operator in the Philippines. Aside from CALAX and CAVITEX, it also holds the concession rights for North Luzon Expressway, NLEX Connector Road, Subic-Clark-Tarlac Expressway and Cebu-Cordova Link Expressway in Cebu.

Semirara Mining posted 26% decline in six-month net earnings to P19.2b

By Alena Mae S. Flores

SEMIRARA Mining and Power Corp. said Monday earnings dropped 26 percent in the first six months to P19.2 billion from P25.8 billion in the same period last year on high base effect and normalizing coal indices. SMPC said in a disclosure to the Philippine Stock Exchange net income reached P10.2 billion in the second quarter, down 5 percent from a record high of P10.8 billion in the same period last year.

“Even with lower coal prices, we delivered our second-best first-half results because of China demand recovery and the improved performance of Sem-Calaca Power Corporation [SCPC] Unit 2,” said SMPC president and chief operating officer Maria Cristina Gotianun.

SMPC said it delivered robust financial results because of higher coal shipments, improved plant availability and increased electricity sales at elevated prices despite significant corrections in global coal index prices and the impact of high base effect.