The National Reinsurance Corporation of the Philippines reported a surge in net profits for 2023, fueled by robust international underwriting business and favorable catastrophe loss experience.
The canned tuna company said this reduction was primarily driven by a 22% decrease in manufacturing overhead due to upgraded plant machinery, enhancing efficiency and plant utilization.
The hard liquor arm of San Miguel Corp.booked strong sales during the first quarter of the year as profits fell lower due to the absence of a one-time gain.
Tycoon Edgar Saavedra’s Megawide Construction Corp. booked a profit of P183.4 million during the first quarter of the year, reversing losses of P7.4 million.