First Pacific H1 2026 Recurring Profit Dips 3% to Second-Highest Ever

Earnings
โดย GuruFocus·HK·Read original
Summary · why it matters

First Pacific Co Ltd reported a 3% decline in recurring profit for the first half of 2026, yet it remains the second-highest in company history, with turnover up 6% and an unchanged interim distribution of 13 Hong Kong cents per share. The weaker Indonesian rupiah and Philippine peso, down 5% and 6% respectively on average exchange rates, dragged contribution from operations down 2% in US dollar terms. Among its subsidiaries, Indofood posted record core profit, up 7%, while ICBP achieved record net sales and a core profit of 5.4 trillion rupiah, with full-year sales expected to rise as much as 7% and EBIT margin between 20% and 22%. Metro Pacific and PLDT also delivered record results, with PLDT's service revenues and EBITDA at their highest-ever first-half levels and capital expenditure falling to 19% of service revenues. Pacific Light Power saw revenue rise 12% but core profit drop 26% due to lower non-fuel margins, while Philex Mining's revenue fell 9% but core profit surged 56% on higher metal prices. The company's interest coverage ratio stood at 4.8 times, with a blended interest cost of about 4.5% and average maturity of 3.4 years.

Impact on stocks 2

Financials▼ · 1 stocks
First Pacific Co Ltd
0142
▼ NegativeCapitalrelevance

Recurring profit fell 3% in H1 2026, with operations contribution down 2% in USD terms on weaker rupiah and peso.

Communication Services▲ · 1 stocks

Off-coverage companies 5

Pacific Light PowerPrivate▼ Negative
Capitalrelevance

Pacific Light Power's core profit dropped 26% due to lower non-fuel margins, despite revenue rising 12%.

Indofood CBP Sukses MakmurPrivate▲ Positive
Capitalrelevance

ICBP achieved record net sales and a core profit of 5.4 trillion rupiah, with full-year sales expected to rise up to 7%.

Indofood Sukses MakmurPrivate▲ Positive
Capitalrelevance

Indofood posted record core profit, up 7%, as a subsidiary of First Pacific.

Metro PacificPrivate▲ Positive
Capitalrelevance

Metro Pacific delivered record results in the period.

Philex MiningPrivate▲ Positive
Pricingrelevance

Philex Mining's core profit surged 56% on higher metal prices despite a 9% revenue decline.

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