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Wednesday, November 12, 2003
Philippines'
Global Equities Q3 net loss 15.96 mln pesos vs loss 30.72 mln
Philippines'
Ayala Corp 9 mths net profit 2.20 bln pesos vs 2.65 bln
Philippines'
ABS-CBN Q3 net profit 381.8 mln pesos vs 165.6 mln
Philippines
ABS-CBN 9 mths net profit up 1,260 pct yr/yr on ad revenues
ADB
grant for farm research seen to boost Asian food security
Philippines'
Aboitiz Equity Ventures raises WG&A stake to 92.72 pct from 90.05
Philippine
mandates DBP, Landbank as arrangers of 3-yr retail bonds
Philippine
exchange disapproves Ayala/SingTel sale of 130,000 Globe shares
Philippine
Fortune Cement to issue 193.91 mln common shares to Republic Cement
Manila
shares close lower on profit-taking, Wall Street fall
Philippines'
Oriental Petroleum Q3 net loss 2.99 mln pesos vs loss 14.61 mln
Philippines'
Ayala, SingTel to sell total 7.63 mln Globe shares at 765/shr
STOCK
ALERT - Philippine Cyber Bay lower on Supreme Court ruling
STOCK
ALERT - Philippines' Music down on weaker 9 mths results
Philippines'
Cyber suspended on reported Amari deal court ruling - PSE
Tuesday, November 11, 2003
Philippine
Universal Rightfield Property suspension to remain - stock exchange
Manila
shares close lower on profit-taking, Wall Street losses
Philippines
Ginebra San Miguel to seek lifting of court order favoring Tanduay
STOCKWATCH
- Singapore-listed Del Monte higher ahead of Q3 results
STOCK
ALERT - Philippines' Ayala Corp lower early on profit-taking
Philippines'
Metrobank confirms 4.0 bln peso net profit target for 2004
Philippine
Congress formally votes down move against chief justice - report
STOCK
ALERT -Philippine SM Prime dips early on lower 9 mths net profit growth
Philippines'
ICTSI Q3 revenue 1.87 bln pesos, up 24 pct yr-on-yr
Philippines'
PNOC unit says 2 Indonesian cos finish due diligence on Malampaya
Philippine
Music Corp's Q3 orders total 128 mln pesos, up 124.5 pct yr/yr
Philippine House Speaker to uphold court ruling
on impeachment issue
Philippine economic and corporate news summary OLJ97
Philippines' SM Prime 9 mths net profit 3.10 bln pesos vs 2.80 bln
Philippines' Ayala Land hopes 2003 will
beat 2002 net profit despite tough yr
Philippines' Globe Telecom 9 mths net
profit up 70.0 pct yr/yr
Philippine Treasury allows 91-day/182-day
T-bill rates to rise
Philippine Supreme Court rules move to
impeach Davide unconstitutional
Philippine GDP seen up 2.10 pct in Q3 from
Q2 - Neri
November 7 - 10
November 5 - 6
November 3 - 4
| Philippines' Global Equities Q3 net loss 15.96 mln pesos vs loss 30.72 mln |
MANILA (AFX-ASIA) - Global Equities Inc's unaudited three months to September results: Revenue - 1.57 mln pesos vs 25.99 mln Expenses - 18.30 mln pesos vs 56.71 mln Net loss - 15.96 mln pesos vs loss 30.72 mln Loss per share - 0.01 pesos vs LPS 0.02 Nine months to September results: Revenue - 17.81 mln pesos vs 123.28 mln Expenses - 89.32 mln pesos vs 205.60 mln Net loss - 69.24 mln pesos vs loss 82.31 mln LPS - 0.04 pesos vs LPS 0.04 (1 usd = 55.28 pesos) edelacruz@afxasia.com |
| Philippines' Ayala Corp 9 mths net profit 2.20 bln pesos vs 2.65 bln |
MANILA (AFX-ASIA) - Ayala Corp's nine months to September results: Revenues - 27.47 bln pesos vs 22.46 bln Costs and expenses - 24.53 bln pesos vs 19.25 bln Opg profit - 2.94 bln pesos vs 3.21 bln Net profit - 2.20 bln pesos vs 2.65 bln (1 usd = 55.28 pesos) edelacruz@afxasia.com |
| Philippines' ABS-CBN Q3 net profit 381.8 mln pesos vs 165.6 mln |
MANILA (AFX-ASIA) - ABS-CBN Broadcasting Corp's third quarter to September results: Airtime and other revenues - 2.57 bln pesos vs 2.20 bln Net sales and services - 1.07 bln pesos vs 826.24 mln Opg expenses - 2.91 bln pesos vs 2.43 bln Opg profit - 735.76 mln pesos vs 600.15 mln Net profit - 381.80 mln pesos vs 165.60 mln Earnings per share - 0.50 pesos vs 0.22 Nine months to September results: Airtime and other revenues - 6.94 bln pesos vs 5.82 bln Net sales and services - 2.73 bln pesos vs 1.98 bln Opg expenses - 7.79 bln pesos vs 6.69 bln Net profit - 889 mln pesos vs 65.4 mln EPS - 1.15 pesos vs 0.08 (1 usd = 55.28 pesos) edelacruz@afxasia.com |
| Philippines ABS-CBN 9 mths net profit up 1,260 pct yr/yr on ad revenues |
(Updating with company CFO's outlook for full year, 2004) MANILA (AFX-ASIA) - ABS-CBN Broadcasting Corp said its net profit for the nine months to September surged 1,260 pct to 889.0 mln pesos from 65.4 mln in the same period last year, aided by a sustained recovery in advertising revenues. Third quarter to September net profit was up 131.0 pct year-on-year to 381.8 mln pesos. Consolidated net revenues for the nine-month period rose 24.0 pct to 9.67 bln pesos from a year earlier, while operating expenses increased 17.0 pct to 7.79 bln. "The solid performance of the company can be attributed to the continuing recovery of industry advertising spending, steady expansion of international revenue, coupled with the controlled and managed growth of operating expenses, " the company said in a statement issued at a briefing for investors and analysts. Given the strong growth in the nine-month period, ABS-CBN is expected to easily hit its 1.0 bln pesos net profit target this year, said company vice president and chief financial officer Randolph Estrellado. But he said the outlook for 2004 is "very difficult to call" despite the expected revenues from political advertisements, which will replace ads from businesses. "It's more of a function of how strong domestic demand will be," he told reporters. Due to negative political news concerning the Philippines, the company said it has decided to indefinitely defer its plans to issue 150.0 mln usd worth of notes. It intended to use the proceeds of the planned borrowing for debt payments, additional investment in cable television operations and capital expenditure. ABS-CBN said it has a capital expenditure budget of 1.50 bln pesos for 2004, 300.0 mln pesos higher than this year's level. (1 usd = 55.280 pesos) afxmanila@afxasia.com |
| ADB grant for farm research seen to boost Asian food security |
MANILA (AFX-ASIA) - The Asian Development Bank (ADB) said today it has approved a 3.0 mln usd regional technical assistance grant to fund agriculture research projects to boost food security in some 14 Asian countries. The grant will go to international agricultural research centers focusing on helping the poorest regions and most unfavorable environments of Asia, the Manila-based ADB said. The projects chosen for the grant will be implemented through three Consultative Group on International Agriculture Research (CGIAR) centers, in partnership with national agriculture research systems, it said. The CGIAR is an association of 16 international agricultural research centers working in more than 100 developing countries to mobilize cutting-edge science to achieve sustainable food security, protect the environment and reduce poverty. Among those chosen are the International Rice Research Institute (IRRI) in the Philippines and the Malaysia-based World Fish Center. The IRRI is to develop cropping systems and technologies to stabilize and increase rice productivity in unfavorable monsoon-dependent rice environments in Bangladesh, India, Indonesia, Laos, the Philippines, Thailand and Vietnam. The World Fish Center is to test and demonstrate genetically improved carp species -- the most important fish in aquaculture -- to fish farmers, hatchery managers and national researchers. It will also establish national carp breeding programs in Bangladesh, China, India, Indonesia, Thailand and Vietnam. The International Center for Agriculture Research in the Dry Areas (ICARDA), meanwhile, will receive part of the money to demonstrate efficient water and soil fertility management in small farms of six Central Asian countries -- Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. The ADB will also hold regional workshops in Central and South Asia to promote information-sharing and collaboration between the research centers, national governments and donors. Each project is expected to begin in Jan 2004 and be carried out over three years to Jan 2007. |
| Philippines' Aboitiz Equity Ventures raises WG&A stake to 92.72 pct from 90.05 |
MANILA (AFX-ASIA) - Aboitiz Equity Ventures (AEV) has increased its direct stake in shipping firm William Gothong and Aboitiz Inc (WG&A) to 92.72 pct from 90.05 pct after acquiring a further 40 mln WG&A shares from Aboitiz & Co Inc, WG&A said. WG&A told the stock exchange it received a written advice from AEV of the approval of the latter's board for the purchase of WG&A shares at 3.98 pesos each. WG&A was untraded today after closing at 2.65 pesos previously, while AEV finished down 0.10 pesos at 3.15. (1 usd = 55.216 pesos) edelacruz@afxasia.com |
| Philippine mandates DBP, Landbank as arrangers of 3-yr retail bonds |
MANILA (AFX-ASIA) - The Bureau of Treasury has tapped state-run Development Bank of the Philippines and Land Bank of the Philippines to arrange the issuance of at least 5.00 bln pesos in three-year retail Treasury bonds (RTBs). The auction date is set for Nov 27, while the public offer will be from Nov 28 to Dec 3. Earlier, the Bureau of Treasury said it may issue up to 20.00 bln pesos worth of RTBs to beef up government's cash position ahead of the presidential elections in May, as uncertainties in the run-up to the polls are expected to drive up local interest rates. (1 usd = 55.216 pesos) cecille.yap@afxasia.com |
| Philippine exchange disapproves Ayala/SingTel sale of 130,000 Globe shares |
MANILA (AFX-ASIA) - The Philippine Stock Exchange said it did not approve the offer of Ayala Corp and Singapore Telecom to sell 130,000 shares of Globe Telecom Inc, which form part of a block of 7.63 mln shares that the companies intended to sell today. "Please be informed that the floor trading and arbitration committee and the PSE management did not approve the offer to sell through trading participants of the exchange of the 130,000 common shares, invoking the general principle of high standards of commercial honor and just and equitable principles of trade," the stock exchange said in a memo to brokers. It did not elaborate further, although it did say it had received a letter from BPI Securities Corp pertaining to the sale of Globe shares through the brokerage. The PSE said that, of the total 7.63 mln Globe shares to be sold, the 130,000 shares were to be made available by Ayala and SingTel to the local market at 765.00 pesos each. It said the remaining 7.50 mln common shares were to be privately placed in the international market at the same price. After trading was halted from the market opening, trading in Globe resumed shortly before the market closed for the day. The stock closed up 5. 00 pesos at 805.00 on 22,140 shares. Data from the stock exchange show that a total of 7.50 mln shares of Globe were sold in a block sale at 765.00 pesos each at 11.58 am today. The transactio n was handled by Deutsche Regis Partners Inc. Ayala Corp and SingTel had intended to sell 7.63 mln of their shares in Globe at 765.00 pesos each, with Ayala to sell up to 3.815 mln Globe shares through brokers Deutsche Regis Partners Inc and BPI Securities Corp, and SingTel to sell up to 3.815 mln Globe shares. The shares' sale follows Ayala Corp's recent purchase of 10.03 mln Globe shares from Deutsche Telekom AG unit DeTeAsia Holdings GmbH at 680.00 pesos each. SingTel also bought 15.64 mln common shares of Globe from DeTeAsia at 680. 00 pesos each. (1 usd = 55.216 pesos) edelacruz@afxasia.com |
| Philippine Fortune Cement to issue 193.91 mln common shares to Republic Cement |
MANILA (AFX-ASIA) - Fortune Cement Corp said it will issue 193.91 mln common shares from its unissued capital stock to Republic Cement Corp, holder of a convertible loan note the former issued in 1998. "The (Fortune Cement) board approved the settlement of the amount of 790, 450,109 pesos, representing the balance of the principal amount of the convertible loan note issued on July 1, 1998, by conversion into common shares of the company at the conversion ratio of 4.076296 pesos per common share," Fortune said in a disclosure to the stock exchange. (1 usd = 55.216 pesos) edelacruz@afxasia.com |
| Manila shares close lower on profit-taking, Wall Street fall |
(Updating with analysts' comments, share prices) MANILA (AFX-ASIA) - Share prices closed sharply weaker for the second straight day on broad-based profit-taking, led mostly by foreign investors, with Wall Street's overnight losses further dampening appetites, dealers said. The 30-company composite index closed down 20.28 points, or 1.47 pct, at 1,363.53 on 414.63 mln shares worth 6.51 bln pesos, with turnover boosted by a block sale involving Globe Telecom shares. It traded between 1,357.78 and 1, 381.59. In the broader market, losers outweighed gainers 48 to 9, with 37 stocks unchanged. Dealers said political and security concerns continue to weigh heavily on the market, despite technical chart indications that it was due for a rebound after its recent sharp decline. A special military command, comprising 6,000 men, has been created to guard the Philippine capital against terrorists, coup-plotters and insurgents, armed forces chief General Narciso Abaya said yesterday. The announcement comes amid reports of renewed destabilization efforts against the Arroyo administration. "It's kind of difficult to assess the market at this point. We initially thought the market's weakness was just (due to) profit-taking. But, at this stage, foreign investors appear headed out," ATR-Kim Eng Securities research head Andrew Long said. "The volume is not a concern because it is still less than what was traded when the market was on the way up. But the magnitude of the decline is a little alarming." Unicapital Securities senior analyst Elena Ponceca said investors have already sold down "on news", since most blue-chip companies have already released their third-quarter reports. Philippine Long Distance Telephone, which saw its American Depositary Receipts drop 0.59 usd to 14.31, was top-traded, but down 20.00 pesos at 795. 00 on volume of 311,560 shares. SM Prime was down 0.30 at 6.40 on 14.89 mln shares. Ayala Land was down 0.20 at 6.20 on 15.28 mln shares, while parent Ayala Corp shed 0.10 at 5.00 on 15.35 mln shares. Ayala Corp and Singapore Telecom International decided to sell a combined 7.63 mln of their shares in Globe Telecom Inc at 765.00 pesos each. Following the sale of the Globe shares, Ayala Corp said it will have an effective equity ownership of approximately 40.00 pct in the telco. It recently purchased 10.03 mln Globe shares from Deutsche Telekom AG unit DeTeAsia Holdings GmbH at 680.00 pesos each. Globe Telecom closed 5.00 pesos higher at 805.00 on 22,140 after resuming trade before the market's close. San Miguel B, open to foreigners, declined 1.00 to 61.00 on 167,200 shares, while San Miguel A fell 0.50 to 54.50 on 111,400 shares. The all-shares index was down 7.51 points at 833.82. The commercial-industrial index was down 25.45 at 2,027.54. Property was down 20.76 at 573.63, mining down 20.37 at 1,637.05, while oil was up 0.01 at 1.38. Banking and financial services retreated 2.58 to 433.73 (1 usd = 55.216 pesos) cecille.yap@afxasia.com |
| Philippines' Oriental Petroleum Q3 net loss 2.99 mln pesos vs loss 14.61 mln |
MANILA (AFX-ASIA) - Oriental Petroleum and Minerals Corp's third quarter to September results: Revenues from petroleum operations - 10.14 mln pesos vs 7.01 mln Costs and expenses - 11.45 mln pesos vs 12.67 mln Net opg loss - 1.31 mln pesos vs loss 5.66 mln Net loss - 2.99 mln pesos vs loss 14.61 mln Loss per share - 0.000015 pesos vs loss 0.000073 Nine months to September results: Revenues from petroleum operations - 32.50 mln pesos vs 26.11 mln Costs and expenses - 37.92 mln pesos vs 39.84 mln Net opg loss - 5.42 mln pesos vs loss 13.73 mln Net loss - 31.60 mln pesos vs loss 33.18 mln Loss per share - 0.000158 pesos vs loss 0.000166 (1 usd = 55.154 pesos) edelacruz@afxasia.com |
| Philippines' Ayala, SingTel to sell total 7.63 mln Globe shares at 765/shr |
MANILA (AFX-ASIA) - Ayala Corp and Singapore Telecom International will sell a combined 7.63 mln of their shares in Globe Telecom Inc at 765.00 pesos each, the Philippine conglomerate said. In a disclosure to the stock exchange, Ayala Corp said its executive committee today approved the sale of a maximum 3.815 mln common shares of Globe through brokers Deutsche Regis Partners Inc and BPI Securities Corp. The shares will be sold today on the Philippine Stock Exchange. Ayala Corp said SingTel will also sell a maximum of 3.815 mln Globe common shares. Following the sale of the Globe shares, Ayala Corp said it will have an effective equity ownership of approximately 40.00 pct in the telco. Ayala Corp recently purchased 10.03 mln Globe shares from Deutsche Telekom AG unit DeTeAsia Holdings GmbH at 680.00 pesos each. SingTel also bought 15.64 mln common shares of Globe from DeTeAsia at 680. 00 pesos each. (1 usd = 55.184 pesos) edelacruz@afxasia.com |
| STOCK ALERT - Philippine Cyber Bay lower on Supreme Court ruling |
MANILA (AFX-ASIA) - Cyber Bay Corp was lower on resuming trade following a newspaper report that the Supreme Court upheld its earlier decision nullifying the government's Manila Bay land reclamation deal with Amari Coastal Bay Development Corp, dealers said. Cyber Bay was formerly known as Amari Coastal Bay Development Corp. Cyber Bay earlier asked the Supreme Court to reconsider its May 6 ruling nullifying the company's purchase of 367.5 hectares of reclaimed and submerged land in the Manila Bay area from the government through the Public Estates Authority. The company told the stock exchange it has not yet received a copy of the Supreme Court decision and "will not be able to make a fair and accurate disclosure at this time." Cyber Bay was down 0.03 pesos, or 16.67 pct, at 0.15 pesos on 8.03 mln shares. afxmanila@afxasia.com |
| STOCK ALERT - Philippines' Music down on weaker 9 mths results |
MANILA (AFX-ASIA) - Music Corp was down in early trade after it reported weaker nine months to September net profit, dealers said. Music was down 0.01 pesos at 0.38 on volume of 300,000 shares. Music said its nine-month net profit fell to 22.58 mln pesos from 61.00 mln in the year-earlier period. (1 usd = 55.184 pesos) edelacruz@afxasia.com |
| Philippines' Cyber suspended on reported Amari deal court ruling - PSE |
MANILA (AFX-ASIA) - Trading in Cyber Bay Corp has been halted pending clarification by the company of a newspaper report that the Supreme Court has upheld its earlier decision nullifying the government's Manila Bay land reclamation deal with Amari Coastal Bay Development Corp, the stock exchange said. Cyber Bay was formerly known as Amari Coastal Bay Development Corp. Cyber Bay had asked the Supreme Court to reconsider the court's May 6 ruling nullifying the company's purchase of 367.5 hectares of reclaimed and submerged land in the Manila Bay area from the government through the Public Estates Authority. Cyber Bay told the stock exchange it has not yet received a copy of the Supreme Court decision and "will not be able to make a fair and accurate disclosure at this time." edelacruz@afxasia.com |
| Philippine Globe Telecom asks PSE for suspension |
MANILA (AFX-ASIA) - Globe Telecom has requested the stock exchange to suspend trading of its shares pending an announcement, the stock exchange said. No other details were available. afxmanila@afxasia.com |
| Philippine Universal Rightfield Property suspension to remain - stock exchange |
MANILA (AFX-ASIA) - The Philippine Stock Exchange said a trading suspension imposed on Universal Rightfield Property Holdings Inc will remain in effect, even after the Securities and Exchange Commission has set aside an order revoking the company's permit to sell securities to the public. "Trading of Universal Rightfield shares shall remain suspended pending resolution of other disclosure matters," the stock exchange said in a memorandum to brokers. afxmanila@afxasia.com |
| Manila shares close lower on profit-taking, Wall Street losses |
MANILA (AFX-ASIA) - Share prices extended four straight days of declines to close sharply lower led by Philippine Long Distance Telephone Co, as investors locked in recent gains, with Wall Street's overnight losses further dampening sentiment, dealers said. The 30-company composite index closed down 25.53 points or 1.81 pct at 1, 383.81, on 237.35 mln shares worth 548.79 mln pesos. It traded between 1,380. 11 and 1,409.34. Losers beat gainers 47 to 10, with 29 stocks unchanged. Dealers said across-the-board profit-taking was to be expected as most blue chips have already released third quarter earnings results, and investors are taking a breather before adopting new positions. They added political concerns still remain, even after the Supreme Court ruled the bid to impeach Chief Justice Hilario Davide was unconstitutional. The House of Representatives voted down the impeachment complaint, although some members of the opposition say the issue is far from over, and even warn of "anarchy in the streets" following the Supreme Court decision. "The market's decline was in line with the regional trend, and is largely driven by Wall Street's fall," Citiseconline.com analyst Mark Alan Canizares said. He added investors are already locking in gains now that most of the earnings reports have been out. Accord Capital Equities analyst Ron Rodrigo said "the market is due for a correction and it needs to take a breather" before charting another rally. Philippine Long Distance Telephone was top-traded, down 5.00 pesos at 815. 00 on 141,650 shares. Its American Depositary Receipts in New York were down 0.05 usd at 14.90. SM Prime was down 0.40 at 6.70 on 13.92 mln shares. Dealers said investors sold down the stocks, after reporting lower-than-expected net profit growth in the nine months to September. Globe shed 20.00 at 800.00 on 85,240 shares. Jollibee was unchanged at 16.75 on 3.90 mln shares. Bank of the Philippine Islands was down 0.50 at 44.50 on 839,800 shares. Ayala Land was flat at 6.40 on 5.11 mln shares, while Ayala Corp shed 0. 30 to 5.10 on 4.57 mln shares, ahead of its earnings report due tomorrow. Benpres Holdings Corp was down 0.05 at 0.48 on 29.02 mln shares. The all-shares index was down 6.77 points at 841.33. The commercial-industrial index was down 36.20 at 2.052.99. Property was down 17.47 at 594.39, mining was up 34.05 at 1,657.42, and oil was up 0.01 at 1.37. Banking and financial services shed 3.63 to 436.31. (1 usd = 55.19 pesos) cecille.yap@afxasia.com |
| Philippines Ginebra San Miguel to seek lifting of court order favoring Tanduay |
MANILA (AFX-ASIA) - Ginebra San Miguel Inc (GSMI) said it still believes it has a strong legal case for unfair competition against Tanduay Holdings Inc, and will thus seek the lifting of a court order that allows the latter to resume production and sale of its Ginebra Kapitan gin brand. GSMI, the liquor unit of San Miguel Corp, told the stock exchange that the second division of the Courts of Appeal issued a temporary restraining order (TRO), which effectively allows Tanduay to resume the manufacture and sale of the gin brand for a period of 60 days, unless the TRO is lifted sooner. "The company believes that it has a strong legal case for unfair competition against Tanduay Distillers Inc. The company will move to lift the TRO," GSMI said. Tanduay officials could not be reached for comment. GSMI and Tanduay have been waging legal battles against each other on the use of the Spanish term Ginebra in marketing their gin products. At 11.02 am, Ginebra San Miguel was unchanged at 30.50 pesos, while Tanduay was untraded after closing at 2.60 previously. (1 usd = 55.198 pesos) edelacruz@afxasia.com |
| STOCKWATCH - Singapore-listed Del Monte higher ahead of Q3 results |
SINGAPORE (AFX-ASIA) - Philippine-based Del Monte Pacific was higher, bucking the overall market trend, ahead of the release of its third quarter to September results scheduled for Thursday, dealers said. At 10:55 am, Del Monte was up 0.015 sgd, or 2.75 pct, at 0.56 on volume of 413,000 shares. The Straits Times Index was down 24.06 points at 1,718.27. The stock has recovered from recent lows following a profit-warning the company issued late last month. In the profit-warning, Del Monte said it expected its year to December 2003 net profit to post a bigger-than-expected decline, but did not give any specific figure. A regional brokerage analyst, who has a "hold" recommendation on the Del Monte stock, said he expects the company to report a 15.00 pct year-on-year decline in its full-year results. Del Monte had posted a net profit of 35.16 mln usd in year to December 2002 and a net profit of 13.41 mln in the first half to June 2003. (1 usd = 1.73 sgd) singapore@afxasia.com |
| Philippines' City & Land Developers Q3 net profit 13.68 mln pesos vs 8.78 mln |
MANILA (AFX-ASIA) - City & Land Developers Inc third quarter to September results: Gross profit on sales of real estate - 18.50 mln pesos vs 12.92 mln Opg expenses - 9.93 mln pesos vs 12.79 mln pesos Opg profit - 8.58 mln pesos vs 130,136 Net profit - 13.68 mln pesos vs 8.78 mln Nine months to September results: Gross profit on sales of real estate - 49.75 mln pesos vs 42.30 mln Opg expenses - 36.82 mln pesos vs 31.03 mln Opg profit - 12.93 mln pesos vs 11.27 mln Net profit - 32.09 mln pesos vs 23.21 mln Earnings per share - 0.142 pesos vs 0.103 (1 usd = 55.228 pesos) edelacruz@afxasia.com |
| STOCK ALERT - Philippines' Ayala Corp lower early on profit-taking |
MANILA (AFX-ASIA) - Ayala Corp was lower in early trade as investors took profit after the stock's recent gains posted ahead of its third quarter earnings report due tomorrow, dealers said. Ayala Corp was down 0.30 pesos at 5.10 on volume of 2.64 mln shares. Dealers said the stock is technically due for a correction after reaching oversold levels. They said some selling pressure emerged despite expectations that the conglomerate will report improved earnings on the back of healthy gains in units Globe Telecom and Ayala Land. Globe's net profit rose 70.00 pct year-on-year to 7.50 bln pesos in the nine months to September, after recording its highest-ever quarterly wireless subscriber take-up in the third quarter. The results already took into account major provisions made in the first half of the year. Meanwhile, Ayala Land said its third quarter to September net profit rose 9.8 pct year-on-year to 604.00 mln pesos on the back of higher rental and land sale revenues. It hopes to exceed last year's net profit of 2.52 bln pesos despite what it said has been a difficult year. (1 usd = 55.235 pesos) cecille.yap@afxasia.com |
| Philippines' Metrobank confirms 4.0 bln peso net profit target for 2004 |
MANILA (AFX-ASIA) - Metropolitan Bank & Trust Co told the stock exchange it is aiming to book a net profit of 4.0 bln pesos in 2004, 1.0 bln pesos higher than its target level this year. Confirming an earlier newspaper report, the country's largest lender in terms of assets also said it expects to set aside 4.0 bln pesos in provisions for probable loan losses next year. Metrobank posted a net profit of 2.36 bln pesos for the nine months to September, from 2.335 bln pesos earned in the year-earlier period. At 9.55 am, Metrobank was unchanged at 27.00 pesos. (1 usd = 55.235 pesos) edelacruz@afxasia.com |
| Philippine Congress formally votes down move against chief justice - report |
MANILA (AFX-ASIA) - The Philippine Congress today officially voted down a controversial resolution to impeach Supreme Court chief justice Hilario Davide, yielding to the court's ruling a day earlier that the move would be unconstitutional, Agence France Presse reported. "This writes finis to this sordid situation," House Speaker Jose de Venecia said, after the pre-dawn voting. He expressed the hope that the vote will restore political stability and encourage foreign investors to return after the crisis broke out last month and threatened to pit the different wings of administration against each other. The Supreme Court yesterday declared the impeachment move against Davide unconstitutional, but opposition congressmen said they would defy the court, prompting the House to call for a vote on the issue. De Venecia said in a television interview that 115 congressmen voted to abandon the impeachment bid and 77 to proceed with it. Presidential spokesman Ricardo Saludo said the House vote "resolves this issue in a manner that we feel advances democracy." The crisis began last month when opposition members sought to impeach Davide for alleged mismanagement of a judicial fund. Davide denied any wrongdoing and charged the congressmen with overstepping their authority. The currency and stock market plunged due to the political uncertainty. Critics said the opposition wanted to punish Davide for unfavorable rulings against its ranks. |
| STOCK ALERT -Philippine SM Prime dips early on lower 9 mths net profit growth |
MANILA (AFX-ASIA) - SM Prime was lower in early trade after the company reported a lower-than-expected net profit growth of 8.00 pct year-on-year in the nine months to September, dealers said. SM Prime was top-traded, down 0.40 pesos at 6.70, on 4.73 mln shares. Dealers said its nine-month earnings report, which showed a net profit of 3.10 bln pesos versus 2.80 bln a year earlier, may have prompted the selldown. "The results were off from what we have expected, which was around a double-digit growth," Accord Capital Equities analyst Ron Rodrigo said. SM Prime reported its gross revenue rose 10.00 pct year-on-year to 6.40 bln pesos, of which 5.00 bln was rental revenue from its shopping malls nationwide. In a statement yesterday, the company said its rental revenue remains healthy, having risen 10.00 pct year-on-year to 5.00 bln pesos from 4.50 bln. Its cinema revenue grew 16.00 pct year-on-year to 1.00 bln on the back of blockbuster movies Terminator 3, Charlie's Angel 2, Tomb Raider 2, Finding Nemo and SWAT. Operating income also expanded 10.00 pct year-on-year to 3.70 bln pesos from 3.40 bln, while other income was up 64.00 pct due to higher net interest income attributable partly to the full payment of its 150.00 mln usd Eurobond in Feb 2002. (1 usd = 55.235 pesos) cecille.yap@afxasia.com |
| Philippines' ICTSI Q3 revenue 1.87 bln pesos, up 24 pct yr-on-yr |
MANILA (AFX-ASIA) - Port operator International Container Terminal Services Inc (ICTSI) said it booked a 24 pct year-on-year increase in consolidated revenues in the third quarter to September to 1.87 bln pesos, due mainly to the consolidation of revenues from its new subsidiary Baltic Container Terminal Ltd. In the nine months to September, consolidated revenue rose 33 pct year-on-year to 5.3 bln pesos. The company gave no other details. A company spokesman said the complete financial results will be released within the day. (1 usd = 55.23 pesos) edelacruz@afxasia.com |
| Philippines' PNOC unit says 2 Indonesian cos finish due diligence on Malampaya |
MANILA (AFX-ASIA) - PNOC Exploration Corp told the stock exchange that two Indonesian firms, Medco Energi International and the Expan group, have concluded their joint due diligence relating to their interest to acquire the Philippine company's stake in the Malampaya natural gas project. PNOC-EC, a unit of state-owned Philippine National Oil Co, is in the process of privatizing its 10 pct stake in the 4.5-bln usd gas project. The Malampaya gas is now being used for power generation. The Malampaya project is being undertaken by a consortium including Shell Philippines Exploration BV and ChevronTexaco group, which have a 45 pct interest each. edelacruz@afxasia.com |
| Philippine Music Corp's Q3 orders total 128 mln pesos, up 124.5 pct yr/yr |
MANILA (AFX-ASIA) -Semiconductor firm Music Corp said new orders from customers in the third quarter totaled 128 mln pesos, up 124.5 pct year-on-year from 57 mln pesos a year earlier. Despite the orders improvement, Music said it remains "extremely cautious due to continuing lack of visibility in the market, evidenced by customers' unwillingness to place longer term purchase orders." The company also reported it has reduced its capital deficiency to 102 mln pesos as of end-September from 344 mln at end-December. It expects to post a nine-month net profit of 70 mln pesos from October this year to end-June 2004, which will help reduce its deficiency to 32 mln pesos from operations improvement alone. Music will ask shareholders in a December 17 meeting to approve its planned increase in capital and to issue new shares to raise between 60-90 mln pesos. "The fund-raising exercise, along with continuing profitability, will allow the company to return to capital surplus by 30 June 2004," Music said in a disclosure to the stock exchange. (1 usd = 55.365 pesos) cecille.yap@afxasia.com |
| Philippine House Speaker to uphold court ruling on impeachment issue |
MANILA (AFX-ASIA) - House Speaker Jose de Venecia said he will abide by a Supreme Court decision declaring unconstitutional an opposition-led attempt in the House of Representatives to impeach Chief Justice Hilario Davide. "The chair is constrained to respect the decision of the Supreme Court," de Venecia, who was presiding the session at the lower chamber, said. The Supreme Court justices voted 13 to 1 against the legality of the impeachment complaint in the House of Representatives against Davide, the second within a year, Khan said. The constitution prohibits the filing of more than one complaint against an impeachable official within a year. The court also ruled it has jurisdiction over the impeachment case. The decision came shortly before Congress resumed this afternoon. The House was to decide whether to send the impeachment bid to the Senate, which would then have acted as impeachment court. Senate President Franklin Drilon said he will respect the Supreme Court's decision. Congressmen had accused Davide of misusing state funds, a charge he strongly denied. Congressman Florencio Abad earlier said a majority of House members had agreed at a caucus today to abide by the Supreme Court's ruling and not send the impeachment complaint to the Senate. edelacruz@afxasia.com |
| Philippine economic and corporate news summary OLJ97 |
BEIJING (AFX-ASIA) - A summary of Philippine economic and corporate news at 1000 GMT -Philippine GDP seen up 2.10 pct in Q3 from Q2 - Neri -Philippine Treasury allows 91-day/182-day T-bill rates to rise -182-day t-bill avg 7.421 pct vs 7.055 pct in previous auction -91-day t-bill avg 6.262 pct vs 5.966 pct in previous auction -Philippine Treasury rejects bids for 364-day t-bills -Experts outline roadmap for Asian monetary and financial cooperation -Government revenue seen exceeding 2003 target by 3.0 pct -Manila Jockey Club approves market study on possible property development -Court rules impeachment case vs Davide unconstitutional -TV reports -Ayala Land Q3 net profit 604 mln pesos vs 550 mln -Ayala Land 9 mths to Sept net profit 1.71 bln pesos vs 1.62 bln -Ayala Land hopes 2003 will beat 2002 net profit despite tough yr -Globe Telecom 9 mths net profit 7.5 bln pesos, up 70.0 pct yr/yr -Globe Telecom end-Sept wireless subscribers total 8.1 mln, up 36 pct yr/yr -SM Prime 9 mths net profit 3.1 bln pesos vs 2.8 bln -Benpres says intl court allows MWSS to draw on 120-mln usd bond -Chemphil acquires Rhodia's 40 pct in Chemphil Albright & Wilson -EDSA Properties Holdings says it has complied with SEC rules -Petron Corp receives tax perks for 5.5-bln peso refinery upgrade emily.xiong@xfn.com |
| Philippines' SM Prime 9 mths net profit 3.10 bln pesos vs 2.80 bln |
(Updating to include operating income, expansion plans) MANILA (AFX-ASIA) - Shopping mall operator SM Prime Holdings Inc said it posted a net profit of 3.10 bln pesos in the nine months to September, up 8. 00 pct year-on-year from 2.80 bln pesos, on the back of increased rental revenue. Gross revenue rose 10.00 pct year-on-year to 6.40 bln pesos, of which 5. 00 bln was rental revenue from its shopping malls nationwide. In a statement, the company said its rental revenue remains healthy, having risen 10.00 pct year-on-year to 5.00 bln pesos from 4.50 bln. Its cinema revenue grew 16.00 pct year-on-year to 1.00 bln on the back of blockbuster movies Terminator 3, Charlie's Angel 2, Tomb Raider 2, Finding Nemo and SWAT. Operating income also expanded 10.00 pct year-on-year to 3.70 bln pesos from 3.40 bln, while other income was up 64.00 pct due to higher net interest income attributable partly to the full payment of its 150.00 mln usd Eurobond in Feb 2002. "The financial condition of SM Prime Holdings Inc remains strong with a cash balance of 8.30 bln pesos as of Sept 30, 2003. Receivables declined to 930.00 mln pesos from 1.078 bln in Dec 2002 on account of good collections from tenants during the third quarter of the current period," the company said. The scheduled opening of two malls, SM City Baguio and SM City Marilao, this month will raise its total number to 17 nationwide. SM Prime's total gross floor area will reach 2.20 mln square meters by end-2003. The company said its land bank of 1.70 mln sq m in 12 prime locations will enable it to continue with its expansion program in the next five years. Currently under construction are SM City Dasmarinas in the province of Cavite and SM City Batangas, both of which will open in 2004. (1 usd = 55.375 pesos) edelacruz@afxasia.com |
| Philippines' Ayala Land hopes 2003 will beat 2002 net profit despite tough yr |
MANILA (AFX-ASIA) - Ayala Land Inc is still hoping its 2003 net profit will exceed last year's level of 2.52 bln pesos despite what has been a difficult year, company chief financial officer Jaime Ysmael said. "We are hoping that we could at least exceed last year's performance. It's still a tough year," he told reporters after the company released third quarter results today. The property arm of Ayala Corp said its third quarter to September net profit rose to 604.00 mln pesos from 550.00 mln in the same period last year, while nine months to September net profit increased to 1.71 bln pesos from 1. 62 bln a year ago. The earnings improvement was achieved on the back of higher rental and land sales revenues. During the nine-month period, shopping center rentals grew 13.00 pct from a year earlier and accounted for 83.00 pct of the company's total revenues. Total mall sales were up 6.00 pct year-on-year. The company said it had increased its merchant basic rate by 5.00 to 12.00 pct. Analysts, polled by AFX-Asia, expected Ayala Land's net profit to be in the range of 570.00-664.00 mln pesos in the third quarter, on the back of steady gains in the medium- and low-end residential segments. For 2004, Ysmael said Ayala Land expects to meet, if not exceed, its 2003 performance also on the back of higher rental revenues and land sales. It expects to reduce its capital expenditure next year from the allotted 7.90 bln pesos this year, in the absence of any acquisition in the pipeline. Ysmael, meanwhile, said it plans to launch its 2.00-bln peso bond issue later this month. The debt instruments will be in the form of fixed and floating rate bonds, with a five-year maturity period. "We are aversed to any dollar borrowing, we prefer peso-based debt instruments," Ysmael said, adding the 2.00 bln bond offer will be the last for the year and adding there may be no need to issue the same amount of debt instruments next year. Ayala Land has appointed HSBC and the Land Bank of the Philippines as joint lead managers for the issue. The company said it will use the net proceeds from the offer, estimated to be 1.97 bln pesos after deducting expenses, to repay 1.20 bln pesos worth of maturing obligations and finance 770.00 mln pesos worth of capital spending. (1 usd = 55.365 pesos) afxmanila@afxasia.com |
| Philippines' Globe Telecom 9 mths net profit up 70.0 pct yr/yr |
MANILA (AFX-ASIA) - Globe Telecom Inc said it booked a 70.00 pct year-on-year surge in net profit to 7.50 bln pesos in the nine months to September, after recording its highest-ever quarterly wireless subscriber take-up in the third quarter. It said the net profit figure took into account provisions made in the first half of the year. Net profit before provisions stood at 8.40 bln pesos in the nine-month period, up 91.00 pct from a year earlier. The company did not give third quarter results. Analysts polled by AFX-Asia had expected Globe's third quarter net profit to be in a range of 1.60-2.60 bln pesos in the third quarter to September, exceeding the year-ago profit of 1.30 bln, on the back of sustained gains in the wireless business. They saw Globe's nine months to September net profit in a range of 6.00-7. 00 bln pesos. While Globe maintains its dominance in the post-paid wireless market, analysts said the company is also trying to widen its pre-paid segment by introducing its own cheap pre-paid re-load service -- a strategy that has helped boost earnings of rival Smart Communications Inc. Globe said it recorded gross and net wireless subscriber additions of 1. 70 mln and 810,000 respectively in the third quarter. As of end-September, its wireless subscribers totaled 8.10 mln, up 36.00 pct from the year-earlier level. Following the launch of new products and services, Globe's wireless subscribers' base was boosted by 777,335 pre-paid subscriber net additions, the highest posted by the company in a quarter, and 2.50 times the previous quarter's 310,720. Both pre-paid brands, Prepaid Plus and Touch Mobile, closed the third quarter with record net additions, Globe said. This translated into improved financial results, with service revenue reaching 35.20 bln pesos, up 23.00 pct from a year ago. "We are happy with the robust subscriber take-up we achieved in the third quarter, despite the continuing challenges in the business environment," Globe president and chief executive officer Gerardo Ablaza Jr said in a statement. "This has enabled us to continue delivering solid financial results." After having completed the integration of its wirelines business in unit Innove Communications, with Globe becoming purely a wireless company, he said Globe "will be intensifying cost-effectiveness initiatives while further strengthening the top-line trajectory." As a result of the top-line growth, Globe's earnings before interest, taxes, depreciation, and amortization (EBITDA) registered at 20.50 bln pesos, with EBITDA margin stable at 58.00 pct in the first nine months of 2003. Globe's total asset base stood at 144.80 bln pesos as of end-September, up 8.00 pct from the same period last year. Capital expenditure amounted to 11.70 bln pesos, which represents 33.00 pct of service revenues, down from 48.00 pct for the whole of 2002. Globe's free cash flow was strong at 9.10 bln pesos, almost three times higher than the 3.20 bln pesos recorded for the same period last year. Globe's major shareholders are Ayala Corp and Singapore Telecom, which have increased their stakes in the company by acquiring the shares held by Deutsche Telekom AG unit DeTeAsia Holdings GmbH. (1 usd = 55.375 pesos) edelacruz@afxasia.com |
| Philippine Treasury allows 91-day/182-day T-bill rates to rise |
MANILA (AFX-ASIA) - The government allowed 91-day and 182-day Treasury bill rates to rise at today's auction, but rejected all tenders for the 364-day tenor, the Bureau of Treasury said. The bellwether 91-day average rate, used by banks as a benchmark to price loans, rose to 6.262 pct from 5.966 pct previously. The government accepted 2. 109 bln pesos of total tenders amounting to 2.764 bln, against its offer of 4. 000 bln. The 182-day rate averaged 7.421 pct versus 7.055 pct previously, with the government accepting 2.140 bln pesos worth of tenders totaling 4.530 bln. It offered 2.500 bln pesos worth of six-month bills. The government rejected all tenders for 364-day bills worth 2.170 bln pesos, as bid rates ranged from 8.000 pct to 9.000 pct, versus the previous average rate of 7.884 pct. It offered 3.000 bln pesos worth of one-year bills. Deputy national treasurer Mina Figueroa said banks regularly participating in the bidding naturally wanted to hold on to their cash in the aftermath of the weekend siege at the Manila airport control tower. The siege fueled security concerns among investors in the local financial markets. However, she said the government is prepared to reject high bids even at tomorrow's auction of four-year T-bonds, with the offer set at 3.000 bln pesos. Philippine authorities are looking into whether the three-hour siege, which ended in the killing of the two attackers, including former aviation chief Panfilo Villaruel, was part of a plot to grab power or sow terror. Villaruel was interviewed over radio during the siege and he denounced alleged corruption in the government. (1 usd = 55.375 pesos) edelacruz@afxasia.com |
| Philippine Supreme Court rules move to impeach Davide unconstitutional |
MANILA (AFX-ASIA) - The Supreme Court has declared unconstitutional an opposition-led attempt in the House of Representatives to impeach Chief Justice Hilario Davide, court spokesman Ismael Khan said. The Supreme Court justices voted 13 to 1 against the legality of the second impeachment complaint in the House of Representatives against Davide, Khan said. The House of Representatives was scheduled to resume its session today to decide whether or not to transmit the Articles of Impeachment to the Senate, which is supposed to act as impeachment court. "As a lawyer and member of the legal profession, I will respect the decision of the court even if I may or may not agree with it. In other words, I put aside my personal feelings for the greater interest of the nation," Senate President Franklin Drilon said on ABS-CBN television. Philippine financial markets have been awaiting the decisions of both the Supreme Court and the House amid fears that they may spark a constitutional crisis in the country. Congressmen accused Davide of misusing state funds, a charge he strongly rejected. Congressman Florencio Abad said "more than a hundred" House members agreed at a meeting today to abide by the Supreme Court's ruling and not forward the impeachment complaint to the Senate. "We're confident that we will get the majority for us to approve a motion to respect the decision of the Supreme Court," he said in a separate television interview. edelacruz@afxasia.com |
| Philippine GDP seen up 2.10 pct in Q3 from Q2 - Neri |
MANILA (AFX-ASIA) - The country's gross domestic product (GDP) likely grew faster at 2.10 pct in the third quarter from the second quarter, Economic Planning Secretary Romulo Neri said. GDP expanded 0.10 pct quarter-on-quarter and 3.20 pct year-on-year in the second quarter, the National Statistical Coordination Board (NSCB) earlier said. In a news briefing, Neri said he is maintaining his year-on-year growth forecast of between 3.80-4.30 pct for the third quarter. The NSCB may announce the third quarter GDP data later this month. afxmanila@afxasia.com |
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