AboitizPower [AP 33.00 2.65%] [link] Q1 consolidated net income slumped 53% to P2.9 billion. AP blamed the drastically-lower result on outages related to Typhoon Odette, and the high-bar one-off gain AP recognized in Q1/21 resulting from its award of liquidated damages for a contract dispute it won. Without these one-offs, and without Typhoon Odette, AP said that its consolidated net income would only have been down 4% y/y on the quarter. It’s still not a good look if the most curated alternate reality that AP can come up with is still worse.
Wilcon [WLCON 28.00 1.75%] [link] Q1 profit jumped 41% y/y, growing 23% q/q, to P850 million, on 8.6% same-store sales growth and contributions from new stores. WLCON said that it was still on-track to achieve its target of 100 stores by 2025. WLCON needs to just build like crazy.
Alliance Global [AGI 12.20 ?0.66%] [link] FY21 profit surged 132% to P23.8 billion, which AGI credits to its “diversified portfolio”, “hefty growth in the topline”, coupled with COVID-era “cost efficiency measures” which have remained in place. ANDREW TAN’S AGI [emphasis copied from AGI press release] is well-placed in several industries that will continue to benefit from a widening recovery.
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