Business NEWS

MREIT, Inc., the real estate investment trust of top office landlord Megaworld Corporation, reported a distributable income of P638 million for the second quarter of 2022 sustaining its strong performance in the previous quarter.

The local stock market may cautiously try to move further up this week on the back of good corporate earnings reports and after breaching its resistance level but investors will also get cues from the release of GDP and employment figures.

Food and beverage firm RFM Corporation reported that its earnings were flat at P688 million for the first half of the year due to lower profits in the second quarter of 2022.

The local stock market fell after the government announced a higher-than-expected rise in the consumer price index.

BDO Insure, a wholly-owned subsidiary of BDO Unibank, is offering financial and emergency medical protection to travelers through its comprehensive travel insurance plans with COVID-19 coverage.

The Securities and Exchange Commission (SEC) has approved the P30 billion debt securities program of Robinsons Land Corporation, which looks to raise as much P15 billion from the initial tranche.

SM Prime Holdings, Inc. (SM Prime), one of the leading property developers in Southeast Asia, has secured a long-term deal with Aboitiz Power Corporation for Cleanergy supply.

Real estate giant Ayala Land Inc. (ALI) registered a 34 percent growth in net incometo P8.1 billion in the first half of the year due to the improved operations of its various business segments.

Robinsons Retail Holdings, Inc. reported a 64 percent jump in attributable net income to P2.7 billion in the first half of 2022 from P1.67 billion in the same period last year due to robust gains from the second quarter.

Diversified conglomerate San Miguel Corporation reported a 33 percent drop in consolidated net income to P19.8 billion in the first semester of 2022 from the P29.6 billion registered in the same period last year.

The local stock market rose for the third day as corporate earnings continue to buoy investor sentiment.

Vitarich Corporation (PSE:VITA) reported a 47 percent drop in net income to P147.7 million in the first half of 2022 from the P276.9 million earned in the same period last year due to a surge in costs.

Nickel Asia Corporation (NAC), the Philippines’ largest producer of lateritic nickel ore, reported a 41 percent increase in attributable net income to P3.83 billion for the first semester of 2022 from P2.73 billion in the same period last year.

Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc. or BLFI) reported a net income of P3.7 million for the first six months of 2022 compared to the P29.1 million earned in the same period last year.

The local stock market rose further as more firms report positive performances for the first half of the year.

Century Pacific Food, Inc. (CNPF) grew its net profit by nine percent to P3 billion in the first half of the year as it managed to increase its margins despite rising inflation.

San Miguel Food and Beverage, Inc. (SMFB) reported a record-breaking first half performance, posting its highest level of revenue and profitability since its consolidation in 2018.

Metro Pacific Investments Corporation reported a 24 percent growth in consolidated core net income to P7.5 billion for the first half of 2022, a post-pandemic high, from P6.0 billion a year earlier.