The Boracay Airport located in Caticlan continues its operation despite the damages brought by the recent typhoon in the Visayas region. This is a disclosure made by the infrastructure unit of San Miguel Corporation. The company also disclosed that there were additional flights accommodated by the Boracay airport while the Kalibo airport is still closed due to major damages from the same typhoon. There might be delays and inconvenience due to this and the company wants to inform the public about it. Here is other information supporting the continued operation of the airport.
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The Boracay Airport operates to take all the diverted flights from the Kalibo airport as per the instruction of the Civil Aviation Authority of the Philippines (CAAP). The Boracay airport usually takes 26 flights every day and because it is the only airport open in the region, it was able to operate 40 outbound flights, covering until December 26. This already included the eight Airbus planes that took off after sunset. SMC Infrastructure also disclosed that the communication lines and ATMs are still down at the moment. There are Smart lines available but not all the time. The electricity is still not available so the airport runs on generators.
San Miguel Corporation (SMC) reported a drop in its earnings by 5% during the nine-month period of 2019 as Petron Corporation had been badly affected by the shrinking refining margins. The conglomerate presented on its website that the income fell to P39.7 billion from January to September. According to the firm, the year-to-date net sales were at P758.63 billion flat. This is lower compared to the P761.17 billion net sales reported last year during the same period. The operating income for the nine-month period also slipped by 9% to P88.5 billion.
If we take a look at the business segment section, most of the earnings, which were at P381.66 billion, of SMC were contributed by Petron. Despite the 9% decrease in earnings from the same period last year, Petron continues to be a big role player in SMC’s business. And since Petron has been a major player, it is not surprising that SMC reported a slip in its earnings while Petron is trying to recover from its shrinking refining margins. As for Petron, it reported a 70% net income drop to P3.6 billion. This is due to owing to prolonged depressed refining margins in the region and its refinery shutdown. The decline in earnings was partly tempered by the 2% increase in sales volume in Malaysia. SMC said that it will continue to push for a level playing field in the industry as it supports the fuel-making program of the government. The firm will continue to watch out for the implantation of all the industry players.