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Monday, May 17, 2004
Philippines' Benpres Holdings Q1 net loss 142 mln pesos vs profit 133 mln
Philippines' Jollibee Foods Q1 profit up 41.6 pct yr-on-yr on strong sales
Philippines' Equitable PCI Bank Q1 net profit rises on interest income gains
Philippines' Metro Pacific turns to profit in Q1 on property gains
Philippine independent candidate concedes election defeat to Arroyo
First Philippine Holdings sees 10 pct growth in net profit in 2004
Philippine banks end-March outstanding loans up 0.8 pct yr-on-yr
Philippines' Metro Pacific Q1 net profit 3.97 mln pesos vs loss 59.03 mln
Philippines' Empire East Q1 net profit 27.56 mln pesos vs 25.55 mln
Philippines' Fil-Estate Corp Q1 net loss 13.35 mln pesos vs profit 8.04 mln
Philippines' Negros Navigation Q1 net loss 15.65 mln pesos vs profit 10.5 mln
Philippines' Megaworld Q1 net profit 242.5 mln pesos vs 217.4 mln
Philippines' Jollibee Foods Q1 net profit 382.1 mln pesos vs 269.8 mln
Philippines' BoP April surplus 713 mln usd; Jan-April surplus 334 mln usd
Philippines' JG Summit Q1 net profit down 48 pct on telecom/food expenses
Philippines' Digitel Q1 net loss 299.5 mln pesos vs loss 173.6 mln
Philippines' Filinvest Land Q1 profit almost flat as sales down, costs rise
Philippines' Ayala Corp former head Enrique Zobel dead at 77
Philippines' Filinvest Land Q1 net profit 105 mln pesos vs 104 mln
Philippines' JG Summit Q1 net profit 474 mln pesos vs 920 mln
Philippines' PLDT to list additional 1,700 common shares tomorrow
Manila shares close at 4-wk lows on global worries, election concerns
Philippines' Metro Alliance Q1 net loss 40 mln pesos vs profit 7 mln
STOCK ALERT - Philippines' PLDT weaker early in line with ADR fall
Philippine exchange lifts suspension order on DMCI/Solid Group/Zipporah

May 13 - 14 
May 11 - 12 
May 6 - 10 
May 4 - 5 
May 2 - 3 
 

 


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' BoP April surplus 713 mln usd; Jan-April surplus 334 mln usd


     MANILA (AFX-ASIA) - The Philippines' balance of payments yielded a surplus of 713 mln usd in April and a surplus of 334 mln usd in the January-April period, the central bank said.
     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
 

 

Philippines' PLDT to list additional 1,700 common shares tomorrow


     MANILA (AFX-ASIA) - Philippine Long Distance Telephone Co (PLDT) will list tomorrow an additional 1,700 common shares, arising from its stock option plan for company executives, a Philippine Stock Exchange circular said.
     
     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