Quick takes from around the market
Holcim [HLCM 5.10 4.14%] [link] Q1 profit slumped 54% y/y, fattened 59% q/q, to P420 million. HLCM blamed huge increases in the cost of fuel and electricity for its huge drop in profit, which HLCM’s management referred to as a price “spike”. What happens if this is less of a spike, and more of a “just how things are”? I bet that thought is making for some uncomfortable meetings.
Petron [PCOR 3.28 0.92%] [link] Q1 profit ballooned 132% y/y, down 32% q/q, to P3.2 billion. PCOR attributed a 34% increase in consolidated volumes on increased demand brought on by decreased mobility restrictions in the Philippines, Malaysia, and Singapore. Increased demand coupled with record-high prices will make for a nice quarter. Continued improvements to the power plant inside its Bataan refinery should make the refinery self-sufficient from an electricity perspective before the new year.
Jollibee [JFC 210.20 3.22%] [link] Q1 profit skyrocketed 1412% y/y, sank 27% q/q, to P2.3 billion. JFC reported that system-wide sales were up 26%, revenues were up 24%, and same-store sales were up 16.5%. While the Philippines is recovering, markets in China are shutting down again and JFC reported 17% of stores in China were closed at the end of March.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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