Alfred Yao makes headway in business; Macay Holdings turns profitable

Macay Holdings, an investment holding firm led by Zest-O founder Alfredo Yao, turned a profit in the third quarter, snapping its four-quarter streak of net losses on the back of the strong performance of subsidiaries ARC Refreshments Corp. and Artemisplus Express.

In a regulatory filing, Macay said it swung to a P73.9 million profit in the July to September period from a loss of P48.6 million a year ago. The impressive third quarter results reversed a P69.6 million loss in the first nine months last year with a P43.9 million profit.

Third quarter sales jumped 78 percent to ₱3.63 billion while gross profit rate increased from 14.59 percent to 20.12 percent.

This brought year-to-date sales to P9.14 billion, 34 percent higher than the previous year.

ARC is engaged in the business of trading of goods such as beverages on wholesale basis and to operate and maintain the business of bottling, distribution, marketing and sales of RC Cola, RC Cola No Sugar, Fruit Soda Orange, Juicy Lemon, Arcy’s Rootbeer, Seetrus and Rite-N-Lite.

It is also engaged in toll manufacturing and bottling “Extra Joss” for Asiawide Kalbe Philippines, Inc.

MACAY, through ARC, operates nine production facilities in various locations throughout the country.

Artemisplus Express, on the other hand, is engaged in the business operations of cafeterias, canteens, institutional dietary kitchens, refreshment parlors and catering enterprise under the trade name of Kitchen City.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.