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Maynilad signs new concession deal with gov t
May 19, 2021 10:56 AM PHT
Maynilad Water Services signed a revised concession agreement with the Philippine government, which no longer has the contentious provisions found in the original deal.
Justice Secretary Menardo Guevarra said on Tuesday, May 18, that the deal is similar to the one recently signed with Manila Water, which removed the guarantee of earnings from investments as well as the non-interference clause.
The non-interference clause, which earlier barred the government from interfering in the rate-setting mechanism or determination of water rates, had angered President Rodrigo Duterte the most.
In a disclosure to the Philippine Stock Exchange on Wednesday, May 19, Maynilad s parent company Metro Pacific Investments Corporation said the new agreement with the Metropolitan Waterworks and Sewerage System continues the concession period until July 31, 2037.
Jollibee Foods swings to profitability in Q1 By TED CORDERO, GMA News
Published May 12, 2021 12:47pm Home-grown global fast food chain Jollibee Foods Corp. (JFC) reverted to profitability in the first quarter of 2021 after suffering financial losses in the same period last year. In a disclosure to the Philippine Stock Exchange on Tuesday, JFC reported a net income of P49 million, a turnaround from a net loss of P1.952 billion in the first quarter of 2020. “Most of our businesses abroad are reaching sales at pre-pandemic level. In the month of March 2021, our sales in China, North America (Philippine brands), EMEAA (Europe, Middle East and Asia) and SuperFoods mainly in Vietnam were already equal to or slightly higher than those in March 2019. Same store sales growth was offsetting the effect of stores closed permanently due to the pandemic,” said JFC chief executive officer Ernesto Tanmantiong.
Travellers International Hotel Group Inc, the operator of the Resorts World Manila casino complex in the Philippine capital, recorded net gaming revenues of PHP9.4 billion (US$196.3 million) in full-2020, despite being subjected to forms of government-mandated lockdown throughout the year, due to efforts to stem the further spread of Covid-19 locally.
Resorts World Manila (pictured in a file photo) is a venture between the Philippine conglomerate Alliance Global Group Inc and Hong Kong-listed Genting Hong Kong Ltd.
Alliance Global mentioned the net gaming revenue result in a press release filed with the Philippine Stock Exchange on Monday. It did not provide a comparison with Travellers International’s performance in 2019.
Cebu Pacific bleeds P7.3 billion in Q1 2021
May 10, 2021 4:15 PM PHT
Cebu Air, operator of budget airline Cebu Pacific, posted a net loss of P7.3 billion in the 1st quarter of 2021, as the Philippines failed to contain COVID-19 cases.
Cebu Air s net loss is 516% higher than the P1.2-billion net loss it sustained in the same period in 2020.
The passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE law, which lowered corporate income tax to 25%, somewhat helped the airline, as provision for income tax was cut to P149.4 million.
The airline recorded an 83% drop in revenues to P2.7 billion, with passenger revenues falling 92%.