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Tuesday, November 18, 2003
Manila
shares slightly firmer early on technical rebound
STOCK
ALERT - Philippines' Benpres firmer on Maynilad debt relief approval
Philippine
Asian Terminal 9 mths net profit 296.4 mln pesos vs 446.1 mln
Philippine
firm Maynilad Water gets debt relief approval from court
Philippines'
Ayala Land sets 2.0 bln pesos bond issue for Nov 27
Bank
of Philippine Islands opposes Beyond Cable restructuring plan - report
Philippine
regulator approves 29 pct toll rate hike - report
Philippines'
iVantage Q3 net profit 36.35 mln pesos vs 43.49 mln
Philippines'
A. Soriano Corp 9 mths net profit 292.12 mln pesos vs 710.64 mln
Philippines'
Filinvest Land 9 mths net profit down on increase tax provision
Philippines'
Filinvest Land Q3 net profit 89.48 mln pesos vs 72.63 mln
Easycall
Philippines Q3 net loss 20.06 mln pesos vs loss 21.19 mln
Philippines'
Tanduay Q3 net profit 85.3 mln pesos vs 356.17 mln
Philippines'
Arroyo endorses US medical trip for Estrada - official statement
Monday, November 17, 2003
Philippines
RFM Corp Q3 net loss 86 mln pesos vs loss 173 mln
Philippines'
Republic Cement Q3 net profit 66.49 mln pesos vs loss 140.82 mln
Philippine
SEast Asia Cement Q3 net loss 274.1 mln pesos vs loss 166.2 mln
Matsushita
Electric Philippines to pay cash div 0.20 pesos/share
Manila
shares close lower on weak offshore markets, political concerns
Philippine
Fortune Cement Q3 net profit 122.05 mln pesos vs loss 75.27 mln
Philippine
Liberty Telecoms Q3 net loss 99.71 mln pesos vs loss 77.99 mln
Philippine
Filinvest Development Q3 net loss 7.48 mln pesos vs profit 5.95 mln
Philippine
Bank of Communications Q3 net loss 146.4 mln pesos vs profit 180.8
Philippines'
Arroyo seeks to appease old foes ahead of 2004 vote - aide
STOCK
ALERT - First Philippine Holdings firmer on improved Q3, 9 mth results
Philippine
central bank approves Security Bank's 3.0 bln peso notes issue
Philippines'
GMA Network 9 mths net profit 975 mln pesos vs 246 mln
Philippines'
BIR may reconsider tax ruling on San Miguel - report
Philippines'
Aboitiz group eyes Olongapo power contract - report
Philippines
seeks
Philippines'
PLDT reopens circuits to MCI - report
Philippine
banks end-Sept total loans 1.47 trln pesos, up 3.9 pct yr-on-yr
Singapore-listed
Ionics EMS Q3 net loss 384.90 mln pesos vs profit 120.59 mln
Philippines to reform military after
mutiny
Philippine electronics firms seek
higher-value to stay competitive
Philippine army new head sworn in
November 13 -
14
November 11 -
12
November 7 - 10
November 5 - 6
November 3 - 4
| Manila shares slightly firmer early on technical rebound |
MANILA (AFX-ASIA) - Share prices closed flat in a mixed session as investors stayed on the sidelines to monitor developments on the political front ahead of the May elections, dealers said. The composite index closed down 0.62 points, or 0.05 pct, at 1,328.04 on volume of 208.78 mln shares worth 495.15 mln pesos. It traded between 1,327. 75 and 1,335.91. In the broader market, there were 17 gainers and an equal number of losers, while 48 stocks closed unchanged. Dealers said investors were, in particular, awaiting an announcement from popular movie actor Fernando Poe Jr on whether or not he will run against President Gloria Arroyo in the May elections. "Investors generally have been cashing it in to wait for developments on the political front," DA Market Securities president Nestor Aguila said. Accord Capital Equities analyst Lawrence de Leon said Poe's decision will make the political picture clearer. "The puzzle is more or less complete," he said, although he admitted it is difficult to say if Poe's candidacy will still weigh on sentiment. The market took earlier speculation that Poe will run under the opposition banner negatively because he is seen a strong contender, albeit lacking experience in public service. Dealers said, looking at the technical charts, the market needs to break the 1,336-point resistance to be able to return to a sustainable upside. Failure to breach that level may mean further weakness in the coming days, with the index expected to see support at the 1,280-1,300 range, they added. Philippine Long Distance Telephone was top trade and closed down 5.00 pesos at 730 on 224,080 shares, giving back the marginal technical gains made early in the session. Ayala Corp was down 0.10 at 4.90 on 12.5 mln shares. Benpres Holdings closed 0.01 lower at 0.46 on 2.59 mln shares, turning weaker after investors decided to "sell on strength" following slight gains made early in the session. Benpres attracted some buying interest in early trade on news that a lower court had given unit Maynilad Water Services Inc a debt reprieve. However, DA Market's Aguila said, although the court's stay order against all claims from creditors against Maynilad and its guarantors was positive news, investors are looking for a final resolution to parent Benpres' financial problems. Jollibee Foods was up 0.25 at 17.25. The all-shares index was down 4.04 points at 828.42. The commercial-industrial index fell 6.22 to 1,975.97. Property was up 4.61 at 565.13 and mining up 28.31 at 1,616.12. Oil was unchanged at 1.38. Banking and financial services gained 0.01 to 419.71. (1 usd = 55.44 pesos) edelacruz@afxasia.com |
| STOCK ALERT - Philippines' Benpres firmer on Maynilad debt relief approval |
MANILA (AFX-ASIA) - Benpres Holdings was slightly firmer in early trade after unit Maynilad Water Services Inc was given a debt relief by a Quezon City court, by issuing a stay order in the enforcement of all claims by creditors against the company and its guarantors, dealers said. Benpres was up 0.01 pesos at 0.48 on volume of 160,000 shares. Dealers said Benpres also attracted some interest after having reached oversold levels. Maynilad earlier filed a petition for corporate rehabilitation in the Quezon City court after the International Arbitration Court ruled that the water supplier should pay regulator Metropolitan Waterworks and Sewerage System (MWSS) 6.77 bln pesos in concession fees. The arbitration panel also ruled that Maynilad must maintain its 25-year concession agreement to supply drinkable water to parts of metropolitan Manila. Benpres chief operating officer Angel Ong said the stay order also prevents MWSS from drawing on a 120-mln usd performance bond the latter put up on winning the concession, although the arbitration panel ruled MWSS can draw on the performance bond. Benpres and its French partner in Maynilad, the Suez/Ondeo group, act as guarantors for the performance bond. (1 usd = 55.45 pesos) edelacruz@afxasia.com |
| Philippine Asian Terminal 9 mths net profit 296.4 mln pesos vs 446.1 mln |
MANILA (AFX-ASIA) - Asian Terminal Inc said its nine months to September net profit declined 34 pct year-on-year to 296.4 mln pesos from 446.1 mln a year earlier due to lower non-containerized volumes handled during the period. Asian Terminal, which operates four of the country's major international marine terminals, said consolidated revenues rose 3.1 pct year-on-year to 2. 69 bln pesos from 2.61 bln a year earlier. "Poor demand and importation of construction materials, the drop in grain importations and the slowdown in the movement of the livestock market have slowed down the volume of non-containerized cargoes handled at the ATI-operated marine terminals," the company said in a statement. Operating expenses increased 12.6 pct year-on-year to 2.01 bln pesos due to higher depreciation costs and rate increases in salaries, electricity and fuel. (1 usd = 55.42 pesos) cecille.yap@afxasia.com |
| Philippine firm Maynilad Water gets debt relief approval from court |
(Updating with comments from Benpres C00) MANILA (AFX-ASIA) - A Quezon City court has approved Maynilad Water Services Inc's petition for debt relief by issuing a stay order in the enforcement of all claims by creditors against the company and its guarantors. A two-page order issued by Quezon City Regional Trial Court Judge Reynaldo Daway said the court is "staying enforcement of all claims, whether for money or otherwise and whether such enforcement is by court action or otherwise, against the petitioner, its guarantors and sureties not solitarily liable with the petitioner." Maynilad earlier filed a petition for corporate rehabilitation in the Quezon City court after the International Arbitration Court ruled that the water supplier should pay regulator Metropolitan Waterworks and Sewerage System (MWSS) 6.77 bln pesos in concession fees. The arbitration panel also ruled that Maynilad, a unit of listed Benpres Holdings Corp, must maintain its 25-year concession agreement to supply drinkable water to parts of metropolitan Manila. The panel also allowed MWSS to draw on a 120 mln usd performance bond, which Maynilad put up on winning the concession a few years back. Benpres guarantees 60 pct of the bond, while the other 40 pct is guaranteed by its partner in Maynilad, the Suez/Ondeo group. Benpres earlier said its guarantee of the Maynilad bond is already included in the 553 mln usd obligations currently being restructured under its Balance Sheet Management Plan. Benpres chief operating officer Angel Ong said the stay order prevents MWSS from drawing on the performance bond. The Quezon City court also appointed Rosario Bernaldo, currently the managing partner of Bernaldo, Mirador Law Offices and of the accounting firm R.S. Bernaldo and Associates, as rehabilitation receiver for Maynilad. The court has set the initial hearing on Maynilad's petition for corporate rehabilitation for Jan 7, 2004. Maynilad decided in late 2002 to terminate early its 25-year concession agreement with the MWSS, after failing to win approval for rate increases. It said the government failed to comply with the terms of the concession agreement. Maynilad took the case to the International Court of Arbitration when the government disputed the allegations. (1 usd = 55.42 pesos) edelacruz@afxasia.com |
| Philippines' Ayala Land sets 2.0 bln pesos bond issue for Nov 27 |
MANILA (AFX-ASIA) - Ayala Land Inc said it has set for Nov 27 the issuance of its bonds worth 2.0 bln pesos, which will have a maturity of five years plus one day from the issue date. The bonds are on offer to the public from yesterday until Nov 21 through joint lead managers HSBC and Land Bank of the Philippines, or selling agents BDO Capital and Investment Corp and First Metro Investment Corp. The bonds will have fixed and floating rate tranches. The fixed-rate bonds with a nominal principal amount of 1.0 bln pesos carry a coupon of 10.75 pct. The floating rate bonds, also worth 1.0 bln pesos, will bear a margin of 1.25 pct over the 91-day Treasury bill rates in the secondary market and will be re-priced quarterly. Net proceeds from the offer, estimated at 1.97 bln pesos, will be used to repay 1.20 bln pesos worth of maturing obligations and finance 770.00 mln pesos worth of capital spending. (1 usd = 55.42 pesos) edelacruz@afxasia.com |
| Bank of Philippine Islands opposes Beyond Cable restructuring plan - report |
MANILA (AFX-ASIA) - Bank of the Philippine Islands (BPI) has refused to agree to a restructuring of Beyond Cable Inc's 2.5 bln pesos debts, Manila Standard reported, citing an unidentified industry source. The report said BPI has declined to join in the signing of the restructuring agreement until its conditions are met. Beyond Cable is a joint venture between the Lopez group's SkyCable and Home Cable of Philippine Long Distance Telephone Co. SkyCable chairman Eugenio Lopez III earlier said he saw "no major obstacles" to the signing of an actual restructuring agreement after a majority of SkyCable and Home Cable creditors agreed to the restructuring proposal submitted by Beyond Cable. The Lopez group's Benpres Holdings owns SkyCable, while PLDT Beneficial Trust Fund's MediaQuest Holdings Corp owns Home Cable. (1 usd = 55.42 pesos) edelacruz@afxasia.com |
| Philippine regulator approves 29 pct toll rate hike - report |
MANILA (AFX-ASIA) - The Toll Regulatory Board has approved a 29 pct increase in toll rates for the North and South expressways in metropolitan Manila effective Dec 1, BusinessWorld newspaper reported, citing the Philippine National Construction Corp (PNCC). PNCC, the publicly-listed toll operator, said the new rates vary, depending on the type of vehicles using the expressways. edelacruz@afxasia.com |
| Philippines' PLDT, MCI settle rate dispute - report |
MANILA (AFX-ASIA) - Philippine Long Distance Telephone (PLDT) and US carrier MCI International have settled their long-running dispute over termination rates, the Philippine Star reported. The report said MCI has formally asked the US Federal Communications Commission (FCC) international bureau to lift its order prohibiting payments to PLDT. The report cited a Nov 14 letter to FCC from MCI, which officially notified the FCC bureau that PLDT and unit Smart Communications Inc have ceased blocking MCI traffic to the Philippines. The report followed a statement from PLDT saying it has reopened its circuits to MCI after they forged an interim agreement to resolve their dispute on termination rates. PLDT senior vice president Alfredo Panlilio had said PLDT would accept call traffic from MCI, provided that the US carrier pays all its outstanding obligations to PLDT. The FCC earlier ordered US carriers to suspend payments to local carriers for processed inbound calls from the US. The decision was based on claims that PLDT and other local telcos were blocking calls from two US carriers to force them to pay higher termination fees. edelacruz@afxasia.com |
| Philippines' iVantage Q3 net profit 36.35 mln pesos vs 43.49 mln |
MANILA (AFX-ASIA) - iVantage Corp third quarter to September results: Revenues - 75.57 mln pesos vs 74.10 mln Expenses - 34.41 mln pesos vs 26.67 mln Net profit - 36.35 mln pesos vs 43.49 mln Earnings per share - 0.0207 pesos vs 0.0247 Nine months to September results: Revenues - 204.37 mln pesos vs 219.03 mln Expenses - 75.11 mln pesos vs 142.23 mln Net profit - 112.41 mln pesos vs loss 386.09 mln Earnings per share - 0.0640 pesos vs loss 0.2198 iVantage is an investment holding company with shares in inward remittance and network agent companies, information technology-based entities and financial institutions. (1 usd = 55.42 pesos) cecille.yap@afxasia.com |
| Philippines' A. Soriano Corp 9 mths net profit 292.12 mln pesos vs 710.64 mln |
MANILA (AFX-ASIA) - A. Soriano Corp nine months to September results: Revenues - 244.01 mln pesos vs 849.62 mln Expenses - 75.64 mln pesos vs 74.95 mln Net profit - 292.12 mln pesos vs 710.64 mln Earnings per share - 0.161 pesos vs 0.388 A. Soriano is the holding company of the Soriano Group, with interests in mining, finance, manufacturing, aviation, insurance, property, agribusiness, container business, and paper production. (1 usd = 55.42 pesos) edelacruz@afxasia.com |
| Philippines' Filinvest Land 9 mths net profit down on increase tax provision |
MANILA (AFX-ASIA) - Housing developer Filinvest Land Inc said its net profit in the nine months to September fell to 303.07 mln pesos from 344.57 mln a year earlier due to increased income tax provision. Net profit before income tax rose to 372.00 mln pesos from 364.00 mln a year ago. Provision for income tax increased to 68.60 mln pesos from 19.50 mln a year ago. Total operating expenses dropped to 303.49 mln pesos from 322.99 mln. Gross profit rose to 707.69 mln pesos from 683.84 mln. Filinvest said real estate sales generated during the third quarter came mostly from its affordable housing projects. (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Philippines' Filinvest Land Q3 net profit 89.48 mln pesos vs 72.63 mln |
MANILA (AFX-ASIA) - Property developer Filinvest Land Inc third quarter to September results: Real estate sales - 355.13 mln pesos vs 316.73 mln Cost of real estate sales - 109.90 mln pesos vs 167.80 mln Gross profit - 245.23 mln pesos vs 148.93 mln Opg expenses - 106.05 mln pesos vs 111.69 mln Opg profit - 129.91 mln pesos vs 73.3 mln Other income - 17.66 mln pesos vs 1.66 mln Net profit - 89.48 mln pesos vs 72.63 mln Earnings per share - 0.0527 pesos vs 0.0600 Nine months to September results: Real estate sales - 1.09 bln pesos vs 1.19 bln Cost of real estate sales - 386.93 mln pesos vs 511.43 mln Gross profit - 707.69 mln pesos vs 683.84 mln Opg expenses - 303.49 mln pesos vs 322.99 mln Opg profit - 376.54 mln pesos vs 414.62 mln Other expenses - 4.89 mln pesos vs 50.60 mln Net profit - 303.07 mln pesos vs 344.57 mln (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Easycall Philippines Q3 net loss 20.06 mln pesos vs loss 21.19 mln |
MANILA (AFX-ASIA) - Easycall Communications Philippines Inc third quarter to September results: Sales and service income - 10.46 mln pesos vs 15.92 mln Costs of sales and services - 12.3 mln pesos vs 22.3 mln Gross loss - 1.84 mln pesos vs loss 6.38 mln Opg expenses - 10.99 mln pesos vs 15.86 mln Opg loss - 12.83 mln pesos vs 22.25 mln Other charges - 7.24 mln pesos vs income 1.06 mln Net loss - 20.06 mln pesos vs loss 21.19 mln Loss per share - 0.13 pesos vs loss 0.14 After closing its paging business, Easycall moved into the internet business. (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Philippines' Tanduay Q3 net profit 85.3 mln pesos vs 356.17 mln |
MANILA (AFX-ASIA) - Tanduay Holdings Inc's third quarter to September results: Revenue - 1.58 bln pesos vs 1.80 bln Cost and expenses - 1.42 bln pesos vs 1.34 bln Net profit - 85.3 mln pesos vs 356.17 mln Earnings per share - 0.026 pesos vs 0.109 Nine months to September results: Revenue - 4.04 bln pesos vs 4.13 bln Cost and expenses - 3.62 bln pesos vs 3.52 bln Net profit - 252.11 mln pesos vs 466.15 mln EPS - 0.077 pesos vs 0.143 Tanduay Holdings is engaged in liquor-making business and is the main rival of San Miguel Corp unit Ginebra San Miguel Inc. (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Philippines' Arroyo endorses US medical trip for Estrada - official statement |
MANILA (AFX-ASIA) - President Gloria Arroyo has endorsed detained predecessor Joseph Estrada's petition seeking leave from his corruption trial to receive medical treatment in the US, the government said in a statement. Estrada has asked a special anti-graft court to allow him to seek treatment in the US for severe arthritis. Arroyo "sees it in the public interest to adopt a policy of humanitarian compassion for a former president given his reported condition," spokesman Ignacio Bunye said in a statement. "This is a sincere gesture and it is unfair to read politics into it," Bunye said, reacting to critics' accusations that the move is politically motivated ahead of the May 2004 elections, as Estrada remains a popular figure. However, the statement stressed that Arroyo has left it to the anti-graft court to decide on Estrada's request. "The executive has simply laid down a viewpoint on a public issue and has never interfered with the decisions of the court," Bunye said. Estrada was ousted in a popular revolt in 2001 amid a corruption scandal. Then vice president Arroyo replaced him. He faces life in prison if convicted of corruption, but remains popular among the majority poor and is still the de facto opposition leader. A coalition of non-government organizations and activist groups, which helped oust Estrada, has warned that he will flee if allowed to leave the country. |
| Philippines RFM Corp Q3 net loss 86 mln pesos vs loss 173 mln |
MANILA (AFX-ASIA) - RFM Corp third quarter to September results: Net sales - 1.1 bln pesos vs 1.34 bln Cost of sales - 973 mln pesos vs 1.28 bln Gross profit - 130 mln pesos vs 122 mln Opg expenses - 239 mln pesos vs 274 mln Opg loss - 109 mln pesos vs loss 152 mln Net loss - 86 mln pesos vs loss 173 mln Loss per share - 0.06 pesos vs loss 0.15 RFM has investments in property developments and the food sector. (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Philippines' Republic Cement Q3 net profit 66.49 mln pesos vs loss 140.82 mln |
MANILA (AFX-ASIA) - Republic Cement Corp third quarter to September results: Net sales - 1.36 bln pesos vs 1.09 bln Cost of sales - 953.99 mln pesos vs 1.00 bln Opg expenses - 140.27 mln pesos vs 44.13 mln Opg profit - 264.64 mln pesos vs 49.72 mln Net profit - 66.49 mln pesos vs loss 140.82 mln Earnings per share - 0.0214 pesos vs loss 0.0453 Nine months to September results: Net sales - 3.83 bln pesos vs 3.99 bln Cost of sales - 3.18 bln pesos vs 3.20 bln Opg expenses - 354.55 mln pesos vs 271.85 mln Opg profit - 294.93 mln pesos vs 525.67 mln Net loss - 189.18 mln pesos vs loss 82.13 mln Loss per share - 0.0608 pesos vs loss 0.0264 (1 usd = 55.34 pesos) edelacruz@afxasia.com |
| Philippine SEast Asia Cement Q3 net loss 274.1 mln pesos vs loss 166.2 mln |
MANILA (AFX-ASIA) - South East Asia Cement third quarter to September results: Revenues - 526.7 mln pesos vs 440.5 mln Cost and expenses - 800.7 mln pesos vs 611.85 mln Net loss - 274.1 mln pesos vs loss 166.2 mln Loss per share - 0.042 pesos vs loss 0.029 Nine months to September results: Revenues - 1.57 bln pesos vs 2.10 bln pesos Cost and expenses - 2.61 bln pesos vs 2.08 bln Net loss - 1.05 bln pesos vs profit 10.6 mln Loss per share - 0.162 pesos vs earnings 0.002 (1 usd = 55.35 pesos) cecille.yap@afxasia.com |
| Matsushita Electric Philippines to pay cash div 0.20 pesos/share |
MANILA (AFX-ASIA) - Matsushita Electric Philippines Corp said it will pay a 0.20 pesos per share cash dividend to stockholders on record as of Dec 2. Payment is set for Dec 18. The dividend is to be charged against the company's 1997 retained earnings. Matsushita Philippines was untraded today after closing at 8.00 pesos previously. (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Manila shares close lower on weak offshore markets, political concerns |
MANILA (AFX-ASIA) - Share prices closed lower with investors taking their cue from weak Wall Street on Friday and regional markets this morning, and staying on the sidelines in the absence of fresh positive leads, dealers said. Political concerns in the run-up to the May elections also continued to weigh on sentiment, as investors await the complete line-up of presidential candidates. The composite index closed down 16.87 points, or 1.25 pct, at 1,328.66 on volume of 217.83 mln shares valued at 451.85 mln pesos. It moved between 1, 324.45 and 1,348.15. In the broader market, losers led gainers 28 to 15, while 44 stocks were unchanged. Dealers said local investors are also waiting for foreign players to re-enter the market, after leading recent profit-taking that brought the key index below the 1,400-point level. "There's basically nothing exciting on the local front, while weak sentiment abroad also spilled over to the local market," Summit Securities president Harry Liu said. "Political uncertainties are also dragging us lower, and I guess the market will continue its sideways movement for the moment because of those concerns. But we're supported at 1,300-point level." Dealers said investors are waiting for the complete line-up of presidential candidates for the May polls to assess their qualifications. There have been worries over the possible candidacy of another popular movie actor, Fernando Poe Jr, because of his lack of experience in public service. He is, however, seen as a strong candidate because of his mass appeal. But Ron Rodrigo, an analyst with Accord Capital Equities, said efforts by President Gloria Arroyo to seek reconciliation through an out-of-court settlement of cases filed by the government against her political rivals should be taken positively by the market. Cabinet Secretary Ricardo Saludo said a potential truce between Arroyo, who is intending to seek a full-term in the May polls, and her foes could help prevent another possible military mutiny "and other such things that diminish confidence" in the Philippine economy. Arroyo's reconciliation bid comes after a violent demonstration by about 10,000 supporters of deposed president Joseph Estrada in the heart of Manila's financial district last week. Philippine Long Distance Telephone was top-trade and down 25 pesos at 735 on 236,510 shares, even outpacing its New York-listed American Depositary Receipts, which fell 0.19 usd to 13.64 on Friday. Globe Telecom fell 25 to 775 on 53,290 shares. SM Prime was down 0.10 at 6.40 on 3.6 mln shares. First Philippine Holdings was up 0.50 at 17.50 on 1.18 mln shares after the Lopez family's holding firm said its net profit rose to 1.34 bln pesos in the third quarter from 296.17 mln a year ago. First Holdings' net profit surged 136 pct year-on-year to 3.27 bln pesos in the nine-month period on the back of higher power sales and a one-time gain from the sale of its Panay island power plant early this year. First Holdings parent Benpres Holdings was, however, down 0.02 at 0.47 on 7.86 mln shares, after it reported its net loss widened to 1.14 bln pesos for the nine months to September from a net loss of 459.00 mln in the year-earlier period, dealers said. The company's third quarter net loss widened to 1.19 bln pesos from 370. 00 mln a year earlier, due to higher financing costs and expenses. Also undermining sentiment on the stock was the ruling by the International Arbitration Court ordering Benpres unit Maynilad Water Services Inc to pay the government 6.77 bln pesos in concession fees, and to maintain a 25-year water concession agreement, from which it had wanted to withdraw. Ayala Land was down 0.10 at 5.90 on 2.1 mln shares. The all-shares index was down 2.94 points at 832.46. The commercial-industrial index fell 22.84 to 1,982.19. Property was down 10.01 at 560.52, and mining down 73.42 at 1,587.81. Oil was unchanged at 1.38. Banking and financial services shed 3.20 to 419.70. (1 usd = 55.35 pesos) edelacruz@afxasia.com |
| Philippine Fortune Cement Q3 net profit 122.05 mln pesos vs loss 75.27 mln |
MANILA (AFX-ASIA) - Fortune Cement Corp third quarter to September results: Net sales - 532.65 mln pesos vs 418.40 mln Cost of sales - 357.64 mln pesos vs 365.57 mln Gross profit - 175.01 mln pesos vs 52.83 mln Operating expenses - 39.87 mln pesos vs 36.51 mln Operating income - 135.15 mln pesos vs 16.33 mln Net profit - 122.05 mln pesos vs loss 75.27 mln Earnings per share - 0.0705 pesos vs loss 0.0435 Nine months to September results: Net sales - 1.56 bln pesos vs 1.41 bln Cost of sales - 1.26 bln pesos vs 1.10 bln Gross profit - 307.61 mln pesos vs 311.27 mln Operating expense - 112.24 mln pesos vs 99.62 mln Operating income - 195.36 mln pesos vs 211.65 mln Net profit - 171.83 mln pesos vs 29.89 mln Earnings per share - 0.0993 pesos vs 0.0173 (1 usd = 55.35 pesos) cecille.yap@afxasia.com |
| Philippine Liberty Telecoms Q3 net loss 99.71 mln pesos vs loss 77.99 mln |
MANILA (AFX-ASIA) - Liberty Telecoms Holdings Inc third quarter to September results: Income - 64.33 mln pesos vs 69.66 mln Operating expenses - 164.04 mln pesos vs 147.66 mln Net loss - 99.71 mln pesos vs 77.99 mln Loss per share - 0.0770733 pesos vs LPS 0.0602920 Liberty Telecoms is a holding company with exposure in voice and data communications. (1 usd = 55.33 pesos) cecille.yap@afxasia.com |
| Philippine Filinvest Development Q3 net loss 7.48 mln pesos vs profit 5.95 mln |
MANILA (AFX-ASIA) - Filinvest Development third quarter to September results: Revenues - 1.17 bln pesos vs 1.11 bln Costs and expenses - 1.13 bln pesos vs 1.05 bln Income before tax - 43.99 mln pesos vs 58.41 mln Net loss - 7.48 mln pesos vs profit 5.95 mln Nine months to September results: Revenues - 3.46 bln pesos vs 3.38 bln Costs and expenses - 3.23 bln pesos vs 3.07 bln Income before tax - 232.58 mln pesos vs 308.95 mln Net profit - 54.16 mln pesos vs 110.31 mln Earnings per share - 0.01 pesos vs 0.02 Filinvest Development is a holding company with exposure in real estate, banking and power generation. (1 usd = 55.33 pesos) cecille.yap@afxasia.com |
| Philippine Bank of Communications Q3 net loss 146.4 mln pesos vs profit 180.8 |
MANILA (AFX-ASIA) - Medium-sized commercial bank Philippine Bank of Communications third quarter to September results: Net interest income - 6.43 mln pesos vs 84.04 mln Net loss - 146.4 mln pesos vs profit 180.8 mln Loss per share - 2.78 pesos vs earnings 3.44 Nine months to September results: Net interest income - 115.24 mln pesos vs 231.05 mln Net loss - 85.35 mln pesos vs profit 281.8 mln Loss per share - 1.62 pesos vs earnings 5.36 (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Philippines' Arroyo seeks to appease old foes ahead of 2004 vote - aide |
MANILA (AFX-ASIA) - President Gloria Arroyo may seek an out-of-court settlement of cases the government has filed against her political rivals in a reconciliation bid ahead of May 2004 polls, a senior aide said today. Cabinet Secretary Ricardo Saludo said a potential truce with the Arroyo foes could prove useful in avoiding another possible military mutiny "and other such things that diminish confidence" in the Philippine economy. Arroyo's reconciliation bid comes after about 10,000 supporters of deposed president Joseph Estrada held a violent demonstration in the heart of Manila's financial district last week. Her aides described the protest as part of a plot to destabilize the government. A military revolt against Arroyo's rule in July had dampened investor confidence in the country. Arroyo has asked influential Roman Catholic Bishop Fernando Capalla to discuss the reconciliation efforts with aides of Estrada, as well as former dictator Ferdinand Marcos's family and powerful businessman Eduardo Cojuangco, Saludo said. He told local ABS-CBN television that reconciliation efforts are also being worked out with opposition Senators Panfilo Lacson and Gregorio Honasan, who, like San Miguel Corp chairman Cojuangco, are all potential Arroyo rivals in the May 2004 presidential vote. Saludo said Estrada's camp, the heirs of the late Marcos, as well as Cojuangco will be encouraged to table proposals on how to resolve outstanding corruption and civil cases the government has filed against them. He did not elaborate on the modalities of the possible out-of-court settlements, including how criminal cases could be resolved in such a fashion. Estrada, whom Arroyo deposed in a military-led popular uprising, is under detention in a hospital pending his massive corruption case involving about 80 mln usd. The Marcos estate and Cojuangco face civil and criminal suits over wealth allegedly embezzled from state coffers during the rule of the former dictator. Marcos died in US exile in 1989 three years after a popular revolt ended his 20-year rule. Honasan faces the prospect of criminal charges for allegedly masterminding a July 27 military revolt. Last week, a court let former national police chief Lacson off the hook for the alleged murder of a gang of bank robbers in the early 1990s, but government lawyers have said they will appeal the ruling. Saludo said that, technically, the government could settle the civil cases against the Marcos family and Cojuangco out of court under agreements that would "satisfy the demands of justice and the demands of just testitution." For Estrada, one of the issues involved is "how the former president may be detained," Saludo said. Estrada has sought permission to travel to the US for knee surgery and Arroyo said last week that state prosecutors will not oppose the motion. However, in the Estrada case, as well as with the others, "the issue of law and the demand for justice will not be compromised," Saludo added. |
| STOCK ALERT - First Philippine Holdings firmer on improved Q3, 9 mth results |
MANILA (AFX-ASIA) - First Philippine Holdings was higher in early trade after it reported significantly higher net profit in the third quarter and nine months to September versus year-ago levels, dealers said. First Holdings rose 0.75 pesos, or 4.41 pct, to 17.75 on volume of 103, 000 shares. The company, which is the Lopez family's holding firm for interests in power generation and distribution, property development, and infrastructure, said its third quarter net profit rose to 1.34 bln pesos from 296.17 mln a year ago. In the nine-month period, its net profit surged 136 pct year-on-year to 3. 27 bln pesos on the back of higher power sales and a one-time gain from the sale of its Panay island power plant early this year. (1 usd = 55.33 pesos) edelacruz@afxasia.com |
| Philippine central bank approves Security Bank's 3.0 bln peso notes issue |
MANILA (AFX-ASIA) - Security Bank Corp said the central bank's Monetary Board has approved its plan to issue Tier 2 fixed-rate subordinated notes of up to 3 bln pesos. The bank said it plans to offer the Tier 2 notes before the end of the year. It has tapped ING Bank NV as lead arranger and market maker for the issue. In a disclosure to the stock exchange, Security Bank said it has received a verbal confirmation of the central bank's approval. (1 usd = 55.37 pesos) cecille.yap@afxasia.com |
| Philippines' GMA Network 9 mths net profit 975 mln pesos vs 246 mln |
MANILA (AFX-ASIA) - GMA Network Inc said it booked a net profit of 975 mln pesos in the nine months to September, up 296 pct from the year-earlier 246 mln, as increased revenues offset higher production costs and talent fees. The radio and television network, the major rival of listed ABS-CBN Broadcasting Corp, said its gross revenues rose 65 pct to 4.79 bln pesos from 2.9 bln a year ago. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Philippines' BIR may reconsider tax ruling on San Miguel - report |
MANILA (AFX-ASIA) - The Bureau of Internal Revenue (BIR) may reconsider its earlier decision to seek payment of about 1.2 bln pesos in back taxes from San Miguel Corp, BusinessWorld newspaper reported. The report quoted BIR commissioner Guillermo Parayno as saying: "We are going to discuss with (San Miguel) management (this week) the concrete resolution of the case. Right now we are reviewing our earlier position, taking into account the insights (San Miguel) has provided us." San Miguel earlier protested against the BIR's ruling declaring it should pay additional taxes for registering its San Mig Light beer as a new brand and not just a variant of its pale pilsen brand. San Miguel has maintained that San Mig Light was a new brand and that it should continue paying the tax for this brand at 10.25 pesos per liter and not the 19.91-peso rate BIR imposed on variants. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Philippines' Aboitiz group eyes Olongapo power contract - report |
MANILA (AFX-ASIA) - Aboitiz Equity Ventures (AEV) is looking to take over the power distribution system in Olongapo City after winning a project to supply power in Subic Bay Freeport Zone, the Philippine Daily Inquirer reported. Citing AEV chief operating officer Erramon Aboitiz, the report said the group is interested in bidding for a power supply contract in Olongapo, north of Manila, which is to be conducted before the May 2004 elections. AEV leads a group, Subic Enerzone Corp, which won the Subic Bay contract. It also includes Mirant Industrial Power II Corp, AEV unit Davao Light & Power Corp, San Fernando Electric Light & Power Co, Pampanga Sugar Development Co, and Okeelanta Corp. In a separate report in the same paper, Aboitiz said AEV is also working with state-owned PNOC Energy Development Corp to set up a joint venture for a 2 bln peso wind power project in Ilocos Norte province in the northern Philippines. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Philippines
seeks |
MANILA (AFX-ASIA) - The Department of Trade and Industry is encouraging He met recently with edelacruz@afxasia.com |
| Philippines' PLDT reopens circuits to MCI - report |
MANILA (AFX-ASIA) - Philippine Long Distance Telephone (PLDT) has reopened its circuits to US carrier MCI International after they forged an interim agreement to resolve their long-standing dispute on termination rates, the Philippine Daily Inquirer reported, citing PLDT senior vice president Alfredo Panlilio. He said PLDT would accept call traffic from MCI, provided that the US carrier pays all its outstanding obligations to PLDT. The US Federal Communications Commission earlier ordered US carriers to suspend payments to local carriers for processed inbound calls from the US. The decision was based on claims that PLDT and other local telcos were blocking calls from two US carriers to force them to pay higher termination fees. edelacruz@afxasia.com |
| Philippine banks end-Sept total loans 1.47 trln pesos, up 3.9 pct yr-on-yr |
MANILA (AFX-ASIA) - Outstanding loans of commercial banks rose 3.9 pct in September to 1.47 trln pesos from 1.41 trln a year ago, perked up by increased lending to different economic sectors led by manufacturing, the central bank said. In a statement, the central bank said that bank lending had seen steady growth for 13 consecutive months to September. September's growth was higher than the 3.8 pct year-on-year in August. The central bank said it saw increased bank lending to such sectors as farm, services, real estate, among others. (1 usd = 55.37 pesos) edelacruz@afxasia.com |
| Singapore-listed Ionics EMS Q3 net loss 384.90 mln pesos vs profit 120.59 mln |
SINGAPORE (AFX-ASIA) - Philippine-based computer firm Ionics EMS Inc three months to September results: Turnover - 4.48 bln pesos vs 7.38 bln Net loss - 384.90 mln pesos vs profit 120.59 mln Loss per share - 0.62 pesos vs earnings 0.19 (1 usd = 55.30 pesos) rosana.gulzar@afxasia.com |
| Philippines to reform military after mutiny |
MANILA (AFX-ASIA) - A 25-man body has been created to carry out reforms in the Philippine military, nearly four months after junior officers launched a failed rebellion against President Gloria Arroyo, Defense Secretary Eduardo Ermita said in a statement. The defense department committee "will formulate the action plan and monitor the implementation of a landmark reform program" and will be headed by retired Lieutenant General Ernesto Carolina, the military's ex-vice chief of staff, the statement said. The "joint defense assessment" (JDA) group was created following a study recently completed by military experts from within the country and the US and endorsed by both President George W. Bush and Arroyo. Bush, in his visit here last month, had promised to provide technical assistance, field expertise and millions in funds to a five-year plan to modernize and reform the Philippine military. |
| Philippine electronics firms seek higher-value to stay competitive |
MANILA (AFX-ASIA) - The Philippine electronics industry is pinning its hopes on high-value innovations to stay ahead of emerging low-wage competitors like China and rise above its niche as a mere assembler for foreign firms. "Definitely we can't compete (with China) as far as labor costs, so as far as the company goes, we'd like to compete in terms of quality," said Edilberto Ocampo, general manager of the local unit of Japanese electronics giant Matsushita. Matsushita, through its Panasonic arm, has been assembling CD-Roms, copiers, disc drives, cellphones, microphones and video equipment in its factories in the Philippines for years. Where once it relied mostly on imported parts, Ocampo says his factory, located in a "technopark" just outside Manila, has been sourcing more components from local firms. More and more high-end processes, like testing and customizing, are being done in the Philippines and just last year, the company began local development of a closed-circuit video system. Electronic products, such as semiconductors and consumer goods, have been a ray of light for the stormy Philippine economy, accounting for about 60 pct of the country's exports. But the industry wants to move up the technology ladder, not just put together imported raw materials for export, and is eager to compete with neighbours Singapore, Malaysia and Thailand in the electronics race. The Philippines relies on a well-trained, highly-educated, English-speaking workforce to make the transition to producing more sophisticated products and, perhaps, even developing them as well. Respected electronics industry analysts like the Gartner Research and the Meta Group, have ranked the Philippines highly as a source of skilled workers, often overtaking many industrialized countries. One Meta Group study in 2000 even ranked the Philippines number one as a source of "knowledge workers" for the industry. A showcase of local capabilities is the Philippine arm of US electronics giant, Cypress Semiconductor. Cypress Manufacturing Ltd Philippines has been operating "the most complete autoline" or automated assembly line for semiconductors in the world, says Jack Cena, the director of the operation. Cypress officials in California decided to locate this "autoline" here because they were impressed by the quality of their local engineers, Cena recalls. The favourable experience in the Philippines has led Cypress to locate the manufacturing facilities of a new subsidiary, Sunpower Manufacturing, here. Sunpower will undertake the manufacture of solar cells in the Philippines next year, becoming Southeast Asia's first large-scale solar cell producer, says Theresa Go, director of the project. Another firm, Eazix Inc, is moving into designing high-tech products under the so-called "fabless business model" that is spreading in developed countries. Luke Mendoza, Eazix's head of software development, says it is concentrating on Wi-Fi, Bluetooth and Zigbee wireless applications, which promise to become industry standards. "Admittedly, we've been lagging behind. Eazix is playing catch-up with the rest of the (developed) world," he says. The company, a joint venture between Philippine assembler Integrated Microelectronics Inc and Japan's SiiX Corp, has already developed a "basic Bluetooth module" -- the size of a fingernail, and sent a thousand units to the US for a test run. It has also developed "Chameleon," an electronic device already in use for tracking fleets of vehicles and securing buildings. Manu Mercandelli, marketing head of Eazix, says the Philippines is a natural base for operations since most components and manpower required are already there. |
| Philippine army new head sworn in |
MANILA (AFX-ASIA) - The former head of a task force in charge of blocking coup attempts against President Gloria Arroyo was sworn in as head of the Philippine Army. Major General Efren Abu, who commanded military forces in confronting renegade soldiers in a mutiny against Arroyo on July 27, took his oath as head of the main branch of the military. In a speech, Abu promised to initiate reforms that would make the army more professional and to also improve the financial management and logistics support particularly for the troops in combat. "I, myself do not expect pivotal changes during my incumbency but I promise to undertake all measures to ensure the army's improvement and eventual transformation," Abu said. As head of the anti-coup "Task Force Libra", Abu led military forces against renegade soldiers who had occupied part of Manila's Makati financial district in July, demanding the resignation of Arroyo. Abu had participated in the negotiations that resulted in the surrender of the mutineers some 20 hours after their rebellion began. |
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