Philippines' Benpres Holdings Q1 net loss 142 mln pesos vs profit
133 mln |
MANILA (AFX-ASIA) - Benpres Holdings Corp said it incurred a
net loss of 142 mln pesos in the first quarter to March, after
posting a net profit of 133 mln in the same period last year.
The company has interests in power generation and distribution,
telecommunications, broadcasting and cable, infrastructure, and
property development.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Jollibee Foods Q1 profit up 41.6 pct yr-on-yr on strong
sales |
MANILA (AFX-ASIA) - Jollibee Foods Corp said its first quarter
to March net profit rose 41.6 pct year-on-year to 382.1 mln pesos on
the back of strong sales and improved margins.
The fast-food chain operator generated system-wide sales of 7.8
bln pesos, up 16.6 pct year-on-year, driven by increases in flaship
brand Jollibee (10.5 pct), Greenwich (14.4 pct), Chowking (43.7
pct), and the balance of business, mainly international (7.9 pct).
Jollibee Chairman and Chief Executive Officer Tony Tan Caktiong
said the sales and profit figures are "very satisfactory."
But he said there are some "far more significant trends and
developments" in the first quarter which have long-term implications
for the company's business.
He said this is the third consecutive quarter of improving
sales figures.
"This indicates that the fundamentals in our core businesses
are working, particularly our product development and new product
introductions, which we focused on in the past several months," he
said.
Second is the completion by end of March of Jollibee's
acquisition of 85 pct of Yonghe King in China which has a huge
business potential, he said.
Third, he said, is the operation beginning this year of
Jollibee's largest commissary, located in Laguna south of Manila,
after more than two years of construction.
"These developments signal that we are able to continue to
build our existing businesses while we open a new one with very
significant long-term potential," Tan Caktiong said.
He said spending related to the May 10 presidential elections
also boosted Jollibee's earnings in the first quarter.
Chief Finance Officer Ysmael Baysa said the first quarter
financial results exclude the operations of Yonghe King business in
China, the acquisition of which took effect only at the end of the
first quarter.
He disclosed, however, that Yonghe King's sales in the first
quarter rose 26.8 pct to 7.3 mln usd from 5.7 mln a year earlier, in
line with Jollibee's expectations.
Yonghe King had 86 stores as of end-March, compared with 77 at
end-2003.
Jollibee opened 21 stores in the first quarter, excluding those
opened by Yonghe King, but closed 13, including seven overseas.
At end-March, Jollibee stores worldwide totaled 1,082,
including Yonghe King stores.
All three Chowking stores in Dubai, one Jollibee store in the
US, and all three Tomi's Teriyaki stores in the US were closed down,
effectively shelving the Tomi's Teriyaki business.
"Tomi's Teriyaki business did not grow according to
expectations. Its basic concept is sound but there is still much
work to be done to turn it into a strong brand," Baysa said.
"We are keeping the brand trademark and the recipes for
possible future use. In the meantime, management is placing its
priority on brand development on Yonghe King in China."
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Equitable PCI Bank Q1 net profit rises on interest
income gains |
MANILA (AFX-ASIA) - Equitable PCI Bank said it posted net
profit of 270.3 mln pesos for the first quarter to March, up from
264.3 mln a year earlier, as interest income rose 27 pct
year-on-year to 3.62 bln pesos.
Operating income before provisions increased by 80 pct
year-on-year to 681 mln pesos.
The country's third largest lender said it booked a 13 pct
year-on-year rise in fee-based trading and foreign exchange income
to 1.89 bln pesos.
"We have again increased our profits and improved our
efficiency. Overall, our first quarter results clearly demonstrate
the strength and focus of our business," said bank chairman Antonio
Go.
Interest expense reached 1.97 bln pesos compared with 1.72 bln
a year earlier, while other expenses amounted to 2.85 bln, up from
2.41 bln. Net interest income rose 22 pct to 1.24 bln pesos.
"We have achieved a stronger balance sheet and have attained
significant revenue increases and a much higher pre-provisioning
profit," said the bank's President and Chief Executive Officer Rene
Buenaventura.
"We expect the rest of the year to be even stronger as we are
on track to meet our targeted 20 pct growth in profitability."
Total bank resources grew 11 pct year-on-year to 292 bln pesos
as of end-March. Total deposits stood at 182 bln pesos, compared
with 160 bln a year earlier.
The bank said growth was especially strong in consumer credit,
including hom e equity loans, home mortgages, credit cards,
revolving credit and installment loans, all markets in which it had
built up market share in recent years.
Buenaventura reiterated his outlook for retail banking markets,
particularly consumer credit, which will remain strong for the rest
of the year.
"We will continue to concentrate services on the consumer
sector. We expect business to increase," he said
Consumer deposits and demand for credit are strong, and that's
where you want to be, while waiting for corporate and industrial
loan demand to pick up, " he added.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Metro Pacific turns to profit in Q1 on property gains
|
MANILA (AFX-ASIA) - Metro Pacific Corp said it posted an
unaudited net profit of 3.97 mln pesos for the first quarter to
March, an improvement from the 59.03 mln net loss it incurred a year
earlier, on the back of the improving performance of two of its
units.
The units are Landco Pacific Corp, which doubled its net profit
to 8.6 mln pesos during the period from a year earlier, and Pacific
Plaza Towers, which narrowed its net loss to 4.4 mln pesos from 29.9
mln a year earlier.
Metro Pacific, the local affiliate of Hong Kong-listed First
Pacific Co Ltd, said reduced financing charges, resulting from debt
reduction exercises, also helped it move into the black in the first
quarter.
However, a 15.6-mln pesos net loss incurred by shipping unit
Negros Navigation Co Inc (Nenaco) in the first quarter, compared
with a net profit of 10.5 mln pesos in the same period last year,
weighed on Metro Pacific.
Metro Pacific attributed Nenaco's loss to lower passenger and
cargo volumes due to a smaller number of vessels in service.
"Metro Pacific is presently reviewing options for a
repositioning of Nenaco, in line with its proposed rehabilitation
program that is currently before the Manila courts for
consideration," the parent said.
Metro Pacific said it has restated its 2003 results, with
audited figures showing a net loss of 837.9 mln pesos last year,
against the earlier reported net profit of 56.5 mln.
"This follows Nenaco's March 29 filing for a petition with the
Manila Regional Trial Court for corporate rehabilitation program
with prayer for immediate suspension of debt payments," it said.
"In view of the 10-year rehabilitation time frame, during which
Metro Pacific expects little value enhancement of its investment in
Nenaco, it has conservatively decided to make a provision of 828.9
mln pesos against the carrying value of its investment in Nenaco."
Metro Pacific President and Chief Executive Officer Jose Maria
Lim admitted the Nenaco case is a "disappointment to those who had
believed in recent months that Metro Pacific's fortunes had finally
turned for the better. "
But he said that "while there is a degree of short-term pain to
be endured as a result of Nenaco, the broader outlook for Metro
Pacific is encouraging."
He noted the resilience of Metro Pacific's core real estate
business and the steps being taken towards "an eventual
strengthening of our financial foundation and preparing for new
growth."
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippine independent candidate concedes election defeat to Arroyo
|
MANILA (AFX-ASIA) - Independent candidate Raul Roco conceded
defeat in the May 10 presidential election to incumbent Gloria
Arroyo ahead of the official results, saying that moving the country
forward should now top the government's agenda.
"At 3:52 this afternoon, I congratulated President Gloria
Macapagal-Arroyo for the mandate she has received from the people as
indicated by published results," Roco said in a statement.
Roco, a former education secretary and senator who was trailing
the four other presidential candidates in the latest unofficial and
partial results, is the first candidate to accept defeat in the
election.
"In so doing I commit to continue working for a new moral
regime in our country. That is the responsibility of government and
the private sector," Roco said.
"It is time to get into the mainstream of development in this
shrinking global village where knowledge, talent and creativity can
still make a difference for the Filipino People."
However, he added that his Aksyon Demokratiko party will
continue to gather evidence of electoral fraud.
He said his party "will stand by its commitment to all other
parties to document these acts of fraud."
"The rule of law must be made to prevail," he said.
The latest unofficial tally by the independent National
Citizenz Movement for Free Elections (NAMFREL) shows Arroyo enjoying
a lead of over 1 mln votes against her closest rival Fernando Poe.
afxmanila@afxasia.com
|
First Philippine Holdings sees 10 pct growth in net profit in 2004
|
MANILA (AFX-ASIA) - First Philippine Holdings Corp (FPHC)
expects its 2004 recurring net profit to come in 10 pct higher than
that of last year, company president and chief operating officer
Elpidio Ibanez said after today's annual stockholders' meeting.
FPHC booked a 2003 net profit of 3.8 bln pesos, including
non-recurring gains.
The company reported a first quarter to March net profit of
874.4 mln pesos, up 47 pct year-on-year, on gains from the sale of
stocks in a US-based semiconductor and software solutions provider.
"The 10 pct improvement will not take into account the one-time
gains we made last year, worth around 800 mln pesos, and the
one-time gains to be made this year," he told reporters.
He said, depending on the market price, FPHC may sell a further
1 mln shares in California-based SIRF Technology Holdings Inc.
FPHC chairman and chief executive officer Oscar Lopez iterated
the company is ready to resume cash dividend payouts this year, with
the amount and payment date to be announced in the next two months.
The company last paid a cash dividend in 1999.
Lopez said the dividend will be "considerably higher" than the
average 0. 10 peso per share paid previously.
The company also plans to raise its stake in its toll-way unit
to 51 pct from 38 pct currently with the infusion of additional
capital of 13 mln usd, which will partly dilute the stake of
affiliate Benpres Holdings Corp.
FPHC officials, meanwhile, said the planned initial public
offering of unit First Generation Holdings Corp, originally set for
this year, has been put off until the second half of next year.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippine banks end-March outstanding loans up 0.8 pct yr-on-yr
|
MANILA (AFX-ASIA) - Outstanding loans of Philippine commercial
banks, as of end-March, totaled almost 1.5 trln pesos, up 0.8 pct
year-on-year, after contracting 1.5 pct year-on-year in February,
the central bank said.
The annual increase in loans in March was slower than the 3.2
pct growth posted a year earlier.
On a monthly basis, loans increased by 1.8 pct, the central
bank said in a statement.
The expansion in bank lending was felt in such sectors as
mining and quarrying, construction, social services, transportation,
storage and communications, as well as agriculture, fishery and
forestry.
These sectors accounted for 30.1 pct of total outstanding loans
as of end-March, the central bank said.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Metro Pacific Q1 net profit 3.97 mln pesos vs loss
59.03 mln |
MANILA (AFX-ASIA) - Metro Pacific Corp's unaudited consolidated
first quarter to March results:
Revenue - 760.07 mln pesos vs 735.87 mln
Cost of sales - 611.85 mln pesos vs 580.85 mln
Opg expenses - 130.37 mln pesos vs 143.5 mln
Opg profit - 17.84 mln pesos vs 11.48 mln
Financing charges - 126.5 mln pesos vs 150.89 mln
Net profit - 3.97 mln pesos vs loss 59.03 mln
Earnings per share - 0.02 pesos vs loss 0.32
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Empire East Q1 net profit 27.56 mln pesos vs 25.55 mln
|
MANILA (AFX-ASIA) - Property developer Empire East Land
Holdings Inc consolidated first quarter to March results:
Revenues - 155.8 mln pesos vs 145.6 mln
Opg expenses - 115.3 mln pesos vs 108.07 mln
Net profit - 27.56 mln pesos vs 25.55 mln
Basic EPS - 0.0008 pesos vs 0.0009
Diluted EPS - 0.0007 pesos vs 0.0007
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Fil-Estate Corp Q1 net loss 13.35 mln pesos vs profit
8.04 mln |
MANILA (AFX-ASIA) - Property developer Fil-Estate Corp's first
quarter to March results:
General and administrative expenses - 710,367 pesos vs 442,807
Interest income - 4.24 mln pesos vs 8.36 mln
Foreign exchange gain - 186,181 vs 124,433
Net loss - 13.35 mln pesos vs profit 8.04 mln
(1 usd = 55.9 pesos)
afxmanila@afxasia]
|
Philippines' Negros Navigation Q1 net loss 15.65 mln pesos vs profit
10.5 mln |
MANILA (AFX-ASIA) - Negros Navigation Co Inc's first quarter to
March results:
Revenue - 521.6 mln pesos vs 604.5 mln
Opg costs and expenses - 431.2 mln pesos vs 511.7 mln
Opg income - 90.4 mln pesos vs 92.7 mln
General and administrative expenses - 60.3 mln pesos vs 62.1
mln
Interest expense - 26.6 mln pesos vs 27.2 mln
Other charges - 19.1 mln pesos vs other income 7.1 mln
Net loss - 15.65 mln pesos vs profit 10.5 mln
Loss per share - 0.0052 peso vs earnings per share 0.0035
Negros Navigation is the shipping unit of Metro Pacific Corp,
the local affiliate of Hong Kong-listed First Pacific Co Ltd.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Megaworld Q1 net profit 242.5 mln pesos vs 217.4 mln
|
MANILA (AFX-ASIA) - Property developer Megaworld Corp
consolidated first quarter to March results:
Revenues - 450.3 mln pesos vs 441.1 mln
Opg expenses - 167.7 mln pesos vs 132.3 mln
Net profit - 242.5 mln pesos vs 217.4 mln
EPS - 0.03 pesos vs 0.02
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Jollibee Foods Q1 net profit 382.1 mln pesos vs 269.8
mln |
MANILA (AFX-ASIA) - Jollibee Foods Corp's first quarter to
March results:
Revenues - 5.78 bln pesos vs 5.04 bln
System-wide retail sales - 7.84 bln pesos vs 6.72 bln
Net profit - 382.1 mln pesos vs 269.8 mln
Earnings per share - 0.39 peso vs 0.27
(1 usd = 55.9 pesos)
afxmanila@afxasia.com |
Philippines' JG Summit Q1 net profit down 48 pct on telecom/food
expenses |
MANILA (AFX-ASIA) - Conglomerate JG Summit Holdings Inc said
its first quarter to March net profit fell 48 pct year-on-year to
474 mln pesos, as expenses related to its telecommunications and
food businesses weighed heavily on earnings.
The company's operating expenses grew 12.5 pct year-on-year to
3.63 bln pesos, as it spent more on the wireless segment operations
under the Sun Cellular brand name, and on the regional expansion of
its food business.
It booked a 47.3 pct year-on-year increase in interest expense
to 1.49 bln pesos due to additional borrowings made during the
period and the effects of the peso's weakness against the US dollar.
As a result, net operating income fell 22.1 pct year-on-year to
643 mln pesos.
Food unit Universal Robina Corp posted a net profit of 489.2
mln pesos in the second quarter to March, compared with 432.6 mln a
year earlier. The subsidiary's fiscal year ends September 30.
Property unit Robinsons Land Corp posted a first quarter to
December a 50 pct year-on-year rise in net profit to 272 mln pesos.
Digital Telecommunications Philippines Inc, JG Summit's
property arm, booked in the first quarter to March a bigger net loss
of 299.5 mln pesos, compared with 173.6 mln a year earlier.
Its textiles business under Litton Mills Inc posted a net
profit of 3.3 mln pesos in the first quarter to December, down from
8.1 mln a year earlier.
JG Summit Petrochemicals Corp incurred a net loss of 32.9 mln
pesos for the period, narrower compared to 58.6 mln a year earlier.
JG Summit's airline operations under Cebu Pacific posted a net
profit of 91.8 mln pesos, swinging from a net loss of 80.9 mln a
year earlier.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Digitel Q1 net loss 299.5 mln pesos vs loss 173.6 mln
|
MANILA (AFX-ASIA) - Digital Telecommunications Philippines
Inc's (Digitel) consolidated first quarter to March results:
Net revenues - 1.75 bln pesos vs 1.29 bln
Costs and expenses - 1.75 bln pesos vs 1.27 bln
Other charges - 321.8 mln pesos vs 279.3 mln
Opg income - 5.3 mln pesos vs 23.4 mln
EBITDA - 595.5 mln pesos vs 613.5 mln
Net loss - 299.5 mln pesos vs loss 173.6 mln
Digitel is the telecommunications arm of JG Summit Holdings Inc
of the Gokongwei family. It offers mobile phone service under the
Sun Cellular brand.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Filinvest Land Q1 profit almost flat as sales down,
costs rise |
MANILA (AFX-ASIA) - Property developer Filinvest Land Inc said
it posted a net profit of 105 mln pesos in the first quarter to
March, compared with 104 mln a year earlier, after booking lower
sales and increased expenses.
Realized gross profit rose 12 pct year-on-year to 225 mln
pesos, which came mostly from the previous year's real estate sales
on installment.
While sales reservations during the period rose 88 pct
year-on-year to 988 mln pesos, the company does not book them as
sales unless it has received substantial down-payments or if they
don't meet documentary requirements.
Booked sales were thus 16 pct lower year-on-year at only 367
mln pesos.
Filinvest Land added that its selling and marketing expenses
increased 59 pct year-on-year to 51 mln pesos during the period due
to "aggressive" marketing activities and higher broker commissions
and incentives paid."
Administrative and general expenses rose 14 pct year-on-year to
69 mln pesos, because the company hired more people to handle the
increasing number of transactions, and because of the implementation
of a fully-integrated IT system.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' Ayala Corp former head Enrique Zobel dead at 77
|
MANILA (AFX-ASIA) - Philippine tycoon Enrique Zobel, who built
Makati financial district here as head of Ayala Corp, died today
aged 77, his company said.
The industrialist, who was paralyzed from the neck down after a
riding accident 13 years ago, died at a hospital in southern Manila,
staff at his company, E Zobel Inc, told Agence France-Presse. The
cause of death was not disclosed.
The eldest of the seventh generation of the Zobel de Ayala
family, which settled in the Philippines from the Basque region of
Spain, Zobel earned an agronomy degree from the US and, in 1948,
joined the precursor to Ayala Corp, which his uncle, Joseph
McMicking, ran.
Control over the Ayala conglomerate later passed to Zobel's
first cousin, Jaime Zobel de Ayala, whose son, Jaime Augusto Zobel
de Ayala, is the current Ayala chief executive.
|
Philippines' Filinvest Land Q1 net profit 105 mln pesos vs 104 mln
|
MANILA (AFX-ASIA) - Property developer Filinvest Land Inc's
first quarter to March results:
Gross profit - 225 mln pesos vs 249 mln
Opg expenses - 120 mln pesos vs 91 mln
Opg income - 109 mln pesos vs 112 mln
Net profit - 105 mln pesos vs 104 mln
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
Philippines' JG Summit Q1 net profit 474 mln pesos vs 920 mln
|
MANILA (AFX-ASIA) - Conglomerate JG Summit Holdings Corp's
first quarter to March results:
Revenue - 14.2 bln pesos 12.7 bln
Cost and expenses - 13.5 bln pesos vs 11.9 bln
Opg income - 642 mln pesos vs 825 mln
Net profit - 474 mln pesos vs 920 mln
Earnings per share - 0.07 peso vs 0.14
JG Summit is a holding company of the Gokongwei family, whose
interests cover property development, telecommunications, foods,
aviation, shopping mall, textile and petrochemical products.
(1 usd = 56.9 pesos)
afxmanila@afxasia.com
|
Manila shares close at 4-wk lows on global worries, election
concerns |
MANILA (AFX-ASIA) - Share prices closed lower led by telecom
stocks, with the benchmark index at its lowest level in four weeks,
as global economic uncertainties and election-related concerns
continued to undermine sentiment, dealers said.
The 30-company composite index closed down 34.62 points or 2.28
pct at 1, 486.99, on volume of 105.87 mln shares worth 496.66 mln
pesos. It was the index's lowest close since April 15 this year,
when it ended at 1,483.20.
Decliners outnumbered gainers 38 to one, with 32 stocks ending
unchanged.
Globe Telecom was top-traded, as it ended down 25 pesos at 810
on 162,360 shares.
Philippine Long Distance Telephone Co was down 50 at 1,000 on
112,460 shares.
Dealers said volatility in the market will continue in the
coming sessions as investors await the result of last Monday's
general election.
Partial and unofficial count of poll watchdog National
Citizens' Movement for Free Elections showed President Gloria Arroyo
enjoying a firm lead over main rival Fernando Poe Jr, with 4.3 mln
votes against Poe's 3.06 mln as of 10 in the morning.
The Commission on Elections begun canvassing votes yesterday
and official results will be out only in a month.
Meanwhile, dealers said rising oil prices and prospects of
higher interest rates in the US push many investors to the sidelines
on fears that rising inflationary pressure will affect consumer
spending and derail global economic growth.
"The political situation at this point remains uncertain. It is
still anybody's ballgame and until a more comfortable margin is
seen, then we may see the market remaining jittery," Unicapital
Securities research head Elena Ponceca said.
She added that equity markets in countries where elections have
been hotly contested traditionally undergo a steep correction before
staging a major recovery immediately after winners of the elections
are proclaimed.
Dealers said the market's recent sharp declines have provided
avenue for bargain-hunting in select stocks.
"Technically, the market is on the buying side. However global
uncertainties have continued to be a major disincentive to trade,"
Accord Capital Equities analyst Ron Rodrigo said.
Ayala Land shed 0.10 to 5.60 on 8.6 mln shares, while Ayala
Corp ended unchanged at 5.30 on 1.7 mln shares.
Manila Electric B, available to foreigners, was down 1.50 at 29
and Meralco A down 0.50 at 18.75.
Parent First Holdings was down 1.50 at 26.50. On Friday, the
company reported a first quarter to March net profit of 874.4 mln
pesos, up 47 pct year-on-year, on gains from the sale of stocks in a
US-based semiconductor and software solutions provider.
Bank of the Philippine Islands was off 0.50 at 40.50.
The all-shares index dropped 16.62 points to 915.92.
The commercial industrial index shed 63.25 to 2,305.47, while
property slid 6.38 to 535.56.
Mining was unchanged at 1,381.21 and oil down 0.01 at 1.19.
Banking and finance retreated 4.49 to 443.20. 2.60 to 445.09.
(1 usd = 55.86 pesos)
cecille.yap@afxasia.com
|
Philippines' Metro Alliance Q1 net loss 40 mln pesos vs profit 7 mln
|
MANILA (AFX-ASIA) - Metro Alliance Holdings & Equities Corp
said it posted an unaudited consolidated net loss of 40 mln pesos in
the first quarter to March, after registering a net profit of 7 mln
in the year-earlier period, due to higher interest expenses.
"This is mainly due to accrual of interest on bank loans
secured during the latter part of 2003 and in January 2004
aggregating to 830 mln pesos," the company told the stock exchange.
It used the loan proceeds to finance the advances in Polymax
Worldwide Ltd in line with the acquisition of secured debt paper of
Bataan Polyethylene Corp.
Unit Mabuhay Vinyl Corp also secured certain loans from local
banks for its working capital requirements, it said.
It said first quarter net sales and services were 270 mln
pesos, down from 376 mln in the year-earlier period, mainly due to
lower sales of unit Consumer Products Distribution Services Inc,
slowdown in imports of raw materials and in conversion, marketing
and distribution of polypropylene due to an increase in prices of
imported raw materials and low selling prices of polypropylene.
(1 usd = 55.9 pesos)
afxmanila@afxasia.com
|
STOCK ALERT - Philippines' PLDT weaker early in line with ADR fall
|
MANILA (AFX-ASIA) - Philippine Long Distance Telephone Co (PLDT)
was weaker in early trade in line with the performance of its
American Depositary Receipts (ADR) in New York last Friday, dealers
said.
PLDT was down 25 pesos at 1,025 on 4,730 shares.
Its New York-listed ADRs dropped 0.36 usd to 18.34 in on a
weaker Wall Street on Friday.
News that the wireless subscriber base of its unit and
affiliate Smart Communications and Pilipino Telephone Co has grown
to over 15 mln as of end-April failed to lift sentiment on the
stock.
(1 usd = 55.86 pesos)
cecille.yap@afxasia.com
|
Philippine exchange lifts suspension order on DMCI/Solid
Group/Zipporah |
MANILA (AFX-ASIA) - The Philippine Stock Exchange (PSE) said it
has lifted the suspension order that was supposed to be implemented
today against DMCI Holdings Inc, Solid Group Inc, and Zipporah
Realty Holdings Inc.
These companies have complied with reporting requirements and
paid basic and daily fines for delays in submission of their 2003
annual reports, the PSE said.
afxmanila@afxasia.com
|
|