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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