Corporate

The continued refusal by the Cagayan de Oro Water District (COWD) to acknowledge and pay outstanding obligations to the water concession holder, Cagayan de Oro Water District) (COBI), finally compelled the utilities company to shut off the water mains, leaving hapless residents and business entities without the critical service.

Filinvest Development Corp., the listed investment holding arm of the Gotianun Group, reported Wednesday a 36 percent jump in first-quarter net income to P2.9 billion on the back of strong performances of its banking, power and real estate ventures.

Shell Pilipinas Corp. on Tuesday bared setting aside P3 billion as capital expenditure this year in an economy it projects growing at a fairly accelerated rate of 5.8 percent in terms of the gross domestic product (GDP) from last year's 5.6 percent.

Ayala Corp., a diversified investment holding company, said Tuesday first-quarter net income surged 28 percent to P13 billion, aided by strong performances from its banking, property, and renewable energy businesses.

Converge Information and Communications Technology Solutions Inc., the only pure-play high-speed fixed broadband operator, on Tuesday reported an 18 percent growth in net income to P2.6 billion on strong subscriber growth and an improvement in churn rate.