PT&T's FY2023 Financial Results Indicate a Notable Turnaround with a Staggering 155% Net Income Gain4/15/2024 For the fiscal year that ends on December 31, 2023, Philippine Telegraph and Telephone Corporation (PT&T) announced a major turnaround aimed at bolstering its financial foundation. This improvement is a result of the company's conversion of debt to equity, which is an essential part of its continuous execution of important rehabilitation orders.
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First Gen Corporation (FGEN) concluded its international tender for an LNG cargo by awarding a contract to CNOOC Gas and Power Trading & Marketing Limited (CNOOC). CNOOC will supply one (1) LNG cargo of approximately 130,000 m3 with delivery in May 2024 on a Delivered Ex Ship (DES) basis to FGEN’s wholly-owned subsidiary, First Gen Singapore Pte. Ltd (FGEN Singapore).
The National Grid Corporation of the Philippines (NGCP) and renewable energy pioneer Alternergy Holdings Corporation (Alternergy), through its wholly-owned subsidiary Alternergy Tanay Wind Corporation (ATWC), have signed the Interconnection Agreement (ICA) for the 100 MW Tanay Wind Power Project in Tanay, Rizal.
Philweb Corporation ended the first quarter of 2024 with a net income of P2.3 million, an increase of 142% from the net loss of P5.5 million from the same period in 2023. Revenues were driven primarily by Philweb’s eGames service, despite the effects of tighter responsible gaming regulations in some local government jurisdictions. This year’s first quarter performance is an improvement over the company’s net loss of P5.5 million during the same period in 2023.
With net income reaching an all-time high of P2.58 billion, a rise of 34% year-on-year, the SSI Group maintained its record-breaking performance throughout the entire year 2023. 2023 marked a 17% growth in revenues to P27.7 billion.
One of the leading food service companies in the Philippines, Shakey's Pizza Asia Ventures, Inc. (SPAVI), announced a successful year-end for 2023. Reaching a milestone of P1.08 billion, the group's net income after tax increased by 23% over the prior year. Despite difficult financial challenges, the group's systemwide revenues increased to P18.64 billion, a 32% YoY increase.
Alliance Select Foods International Inc. (ASFII), a homegrown seafood company, recorded consolidated net revenues of US$56.5 million for the full year 2023, up from US$34.6 million in 2022, representing a 63% rise year-on-year. This was primarily driven by a rise in tuna export volume and higher selling prices across all product categories.
Philippine Business Bank (PBB) reported net interest income of P6,421.4 million in 2023, up 15.8% from P5,547.4 million. Core income totaled P3,105.0 million. Pre-tax pre-provision profit was P3,392.8 million, representing a 26.5% rise year over year. Profit before taxes increased by 25.6% to P2,339.4 million in 2023. Net income was P1,824.0 million, up 39.1% year-on-year.
Microsoft Plans to Invest US$2.9 Billion in Cloud Computing and Artificial Intelligence in Japan4/13/2024 Microsoft Corporation, one of the largest IT companies, announced that it will expand its hyperscale cloud computing and artificial intelligence infrastructure in Japan by spending US$2.9 billion over the next two years. Along with opening its first Microsoft Research Asia lab in Japan and strengthening its cybersecurity partnership with the Japanese government, it will also extend its digital skills initiatives, aiming to provide AI skills to over 3 million people over the course of the next three years.
It is not every day we see a classroom turn into a tech startup hub. But for FEU Institute of Technology, their FEU TECH Innovation Center (FTIC) is the next generation of university learning that goes beyond conventional classrooms, offering a transformative learning environment.
GCash Teams Up with Inter-Government Agencies to Protect Public from Online Travel Scams this Summer4/13/2024 Seated from left: Department of Interior and Local Government (DILG) secretary Benhur Abalos, Jr., Department of Transportation (DOTr) secretary Jaime Bautista, Department of Information and Communication Technology (DICT) secretary Ivan John Uy, Metropolitan Manila Development Authority (MMDA) chairman Romando Artes; Standing third from left: Cybercrime Investigation and Coordination Center (CICC) assistant secretary Mary Rose Magsaysay, and Philippine National Police (PNP) chief P/Gen. Benjamin Acorda, Jr. Top anti-cybercrime agencies have launched an anti-fraud campaign this summer season with leading finance app GCash. Online Bantay Lakbay 2024 is a joint anti-travel scam campaign of Scam Watch Pilipinas, the Department of Information and Communication Technology (DICT), the Cybercrime Investigation and Coordination Center (CICC), and the Special Action and Intelligence Committee for Transportation (SAICT). The campaign aims to protect the public from online travel scams, particularly during the summer holidays.
Global Estate Resorts, Inc. (GERI), a leading developer of integrated tourism and leisure townships and a subsidiary of Megaworld, recorded a consistent P2.1 billion in net income in 2023 due to the booking of more vertical residential projects than the higher-margin horizontal projects that were booked the year prior.
Leading developer in VisMin Cebu Landmasters Inc. (CLI) raised over P4.28 billion in its follow-on-offering of preferred shares, having to exercise its oversubscription option to meet demand.
The Board of Dominion Holdings approved the declaration of special cash dividends of P1.50 per share to all stockholders on record as of April 30, 2024. The payment date will be May 10, 2024.
Balai ni Fruitas Inc., a pioneer in Philippine counter-service bakery businesses, reported revenues of P535 million in 2023, up 57% from P341 million in 2022. Despite persistent inflationary pressures, the company's EBITDA and net income margins improved in 2023. BALAI reported 59% and 58% growth in EBITDA and net income, respectively.
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BLOGGER Hi, I'm Ralph Gregore Masalihit! An RFP Graduate (Registered Financial Planner Institute - Philippines). A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). Currently, I'm working my way toward time and financial freedom. PLACE YOUR ADS HERE FOLLOW ME ON FACEBOOK & X Categories
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