philstar.com – Business – Page 148

philstar.com - Business

Security Bank posts 17% profit hike

Economy

Apr 292014

MANILA, Philippines – Security Bank Corp. posted a net income of P1.43 billion in the first three months of the year, up 17 percent from a year ago. Security Bank president & CEO Alberto Villarosa said the better earnings performance was primarily driven by the 43 percent growth in the bank’s net interest income. The income for the first three months of the year resulted in a return on shareholders’ equity of 13.8 percent. As of end-March 2014, total resources grew to P377 billion, up 46 percent from the same period in 2013. The bank’s loan portfolio increased 39 percent to P166 billion while deposits stood at P211 billion or 49 percent higher than the comparative period in 2013. Capital grew 11 percent to P42 billion as of March 31, 2014. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Villarosa said they recently received Bangko Sentral Ng Pilipinas (BSP) approval of the regular semestral cash dividend of 50-centavo per share and a special cash dividend of 50-centavo per share earlier declared by the bank’s board on March 25, 2014. The record date for the P1 per share cash dividend is May 7, 2014 and the payment date is June 2, 2014. The bank opened 36 new branches in 2013, bringing its network to 244.

PBB clears P1B in ’13

Economy

Apr 292014

MANILA, Philippines – Philippine Business Bank (PBB), the financial arm of the Yao Group of companies, posted a net income of P1 billion in 2013, up 53 percent from P654 million in 2012. PBB president & CEO Rolando Avante attributed the company’s strong performance to aggressive expansion program implemented last year. “With our well-diversified network and expanding regional presence, we are well-placed to connect our clients with opportunities be it in Luzon, Visayas or Mindanao,” he said. “Our 2013 performance underscores the sound fundamentals of our core banking. We achieved a resilient set of results, strengthened our balance sheet, and maintained a comfortable capital position. We built on the trust and confidence our clients and partners have in us through quality service and an expanding suite of financial products,” he added. Avante said the initial public offering (IPO) undertaken in February 2013 fuelled the bank’s growth with total resources growing significantly by 42 percent to P47.16 billion in 2013 from P33.1 billion in 2012. The fresh capital from the IPO, he said, enabled the bank to further strengthen its foothold in the SME sector and grew its asset base aggressively – focusing on loan growth and use of the funds through the trading business. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Despite another challenging year marked by a low interest rate environment, he said the bank’s total loan portfolio expanded by 51 percent to P31.6 billion from P20.869 billion in 2012. As of year-end 2013, 60 percent of Read More …

Minus one-time gain Belle net income down

Economy

Apr 292014

Minus one-time gain Belle net income down

MANILA, Philippines – The absence of a non-recurring gain pulled down the profits of the SM Group’s gaming arm and upscale leisure developer Belle Corp. In a disclosure to the Philippine Stock Exchange (PSE), Belle said its consolidated net income declined 60 percent to P309.9 million in the first quarter from P777.8 million a year ago. The listed firm said last year’s first quarter performance included a non-recurring income of P949.6 million from the Philippine subsidiaries of Macau-based casino giant Melco Crown Entertainment Ltd. Belle is constructing the $1.3-billion City of Dreams Manila complex in the Manila Bay reclamation area. Melco Crown, for its part, leases the property and would operate the integrated casino. Melco Crown started leasing the property in March last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Core net income of Belle Corp., which excludes non-recurring items, nearly doubled to P196.9 million in the first quarter from P113 million in the previous year. City of Dreams Manila would reportedly offer 365 gaming tables, 1,680 slot machines and 1,680 electronic table games. The integrated casino project is Melco Crown’s first gaming foray outside Macau where it operates the City of Dreams and Altira Macau casinos. City of Dreams Macau is famous for its world-class gaming and entertainment offerings, including The House of Dancing Water Show and party place Club Cubic. City of Dreams Manila is scheduled to open in October, making it the second integrated casino complex to operate in the Philippine Amusement and Gaming Read More …

Resorts World to expand gaming activity

Economy

Apr 292014

MANILA, Philippines – Travellers International Hotel Group Inc. has secured the Philippine gaming regulator’s approval to substantially expand the gaming segment in its integrated casino project. In a regulatory filing, Travellers Group said the Philippine Amusement and Gaming Corp. (PAGCOR) allowed the new gaming capacity for Resorts World Manila. Given the approval, Resorts World Manila can now offer as much as 420 gaming tables and 4,148 gaming machines. Shares of Travellers Group rallied 3.9 percent or 37 centavos to close at P9.85 each yesterday. As of end-2013, the Travellers Group had 287 gaming tables, unchanged from a year ago. Slot machines rose to 1,822 last year from 1,684, while electronic table game machines more than doubled to 210 from 100. “PAGCOR likewise confirmed that the company has achieved 100-percent compliance with the 2011 PAGCOR Development Guidelines,” Travellers Group said. Foreign exchange losses and higher operating expenses of integrated casino Resorts World Manila dragged down the 2013 net income of Travellers Group. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Its profits sank nearly 60 percent to P2.73 billion from P6.73 billion in the previous year as it booked P2.03 billion in finance costs related to its $300-million bond. In November, Travellers Group debuted in the local bourse after raising P17.7 billion. Travellers Group, a joint venture of the world’s third-largest cruise line operator Genting Hong Kong and local conglomerate Alliance Global Group Inc. of property tycoon Andrew L. Tan, is spending around $600 million as it pursues Phase 2 Read More …

SMIC finalizes pricing of P15-B debt papers

Economy

Apr 282014

SMIC finalizes pricing of P15-B debt papers

MANILA, Philippines – Mall and banking conglomerate SM Investments Corp. (SMIC) has finalized the pricing of its P15 billion debt papers, marking the company’s return to the bond market after almost two years. Proceeds from the fundraising program will be used to pay existing debts finance expansion projects like the construction of a new warehouse, the conglomerate said in a disclosure. SMIC said it set the interest rates for its peso-denominated Series E, seven-year retail bonds at 5.2958 percent per annum. The Series F, 10-year retail bonds were priced at 5.6125 percent per annum. The investment firm of Henry Sy Sr. will issue an aggregate principal amount of P10 billion of the Series E and Series F bonds, with an option to issue an additional amount of up to P5 billion to cater to strong demand. Offer period will run from April 30 to May 12 prior to listing in the fixed income trading platform Philippine Dealing and Exchange Corp. “Proceeds of the bonds shall be utilized by SMIC to refinance existing debt, including its Series A retail bonds due June 2014,” the company said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It will also fund the “retention payments for the completed construction of a commercial building at the SM Arena-Mall of Asia Complex, and finance the construction of a warehouse building on its Asinan property in Parañaque City,” SMIC added. SMIC hired BDO Capital & Investment Corp. as the issue manager. It is also acting as joint Read More …

Name your place

General

Apr 282014

The principal place of business has been defined as the place where the central management is located and where the books and records of transactions are kept. It is considered the corporation’s place of residence. It has been held in several cases that the residence of a corporation may be important for tax purposes, in determining the venue in court cases or even in ascertaining if service of summons and notices was properly made. Its importance is emphasized in the provision of the Corporation Code stating that the principal place of business of a corporation is one of the mandatory matters that must be contained in the articles of incorporation. Before 2006, the Securities and Exchange Commission (“SEC”/”the Commission”) allowed registrant corporations and partnerships to indicate a general address only as their principal office address, such that it refers only to a city, town or municipality where they conduct business. “Metro Manila” was accepted as a valid principal office address. On Feb. 16, 2006, the Commission issued SEC Memorandum Circular No. 3 (“SEC MC No.3-2006”), directing registrant corporations and partnerships to state in their articles of incorporation or articles of partnership, the specific address of their principal office, which shall include, if feasible, the street number, street name, barangay, city or municipality. In addition, the specific address of each incorporator, stockholder, director, trustee, or partner must also be disclosed. It categorically stated that “Metro Manila” shall no longer be allowed as address of the principal office. Apparently, the directive of Read More …

Index tumbles for 4th straight session

Economy

Apr 282014

MANILA, Philippines – Profit takers again dictated the trading session, dragging the main index for the fourth straight day yesterday. The Philippine Stock Exchange index retreated 1.21 percent or 80.75 points to 6,604.35, while the broader all shares index dropped 1.09 percent or 43.96 points to 3,990.20. “It was still due to profit taking. And trades also glided from the Dow Jones’ decline last Friday,” said Freya Natividad, investment analyst at Papa Securities. The decline in consumer discretionary stocks pulled down Wall Street on Friday. The Dow Jones industrial average shed 0.85 percent or 140.19 points to 16,361.46 while the broader Standard & Poor’s 500 index lost 0.81 percent or 15.21 points to end at 1,863.40. Asian markets were also in the red yesterday given escalating geopolitical tension in Ukraine. At home, all counters, save for the service sector that rose 0.29 percent or 5.81 points to 1,997.96, were in the negative territory. The decliners were led by the property sector that sank 2.58 percent or 67.71 points to close at 2,560.91. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The value of shares traded improved to P7.47 billion from P6.6 billion on Friday. However, losers again dominated advancers, 127 to 54, while 37 stocks did not change. Most active issues posted losses, led by top-traded Metrobank (-0.60 percent) and BDO Unibank Inc. (-0.17 percent). Megaworld Corp., Manila Electric Co., SM Prime Holdings Inc., Petron Corp., Ayala Land Inc. and Metro Pacific Investments Corp. posted at least a two-percent Read More …

Phl moves up in social progress index

General

Apr 282014

MANILA, Philippines – The Philippines has been ranked 56th out of 132 countries in the Social Progress Index 2014 released yesterday. The Philippines ranking improved from an SPI score of 49.41 in 2013 to 65.86 in 2014. The Social Progress Index ranks counties by their social and environmental performance. The Philippines’ good performance placed it ahead of Thailand (59) and Indonesia (88) despite having a much smaller gross domestic product (GDP) per capita, the survey said. It is also ahead economic powerhouses like Russia (80), China (90) and India (102) in the overall rankings. For the first time, each country’s performance was also compared to 15 other countries with a similar level of economic development (based on GDP per capita). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines’ economic peers (similar GDP per capita) in the SPI are the Republic of Congo, Iraq, Honduras, Nicaragua, India, Indonesia, Guatemala, Uzbekistan, Swaziland, Bolivia, Morocco, Moldova, Guyana, Mongolia and Laos. The Philippines managed to outperform all 15 of them to have the best SPI performance in this sub-group, the report said. Compared to this peer group of 15 countries, the Philippines has performed strongly on the underlying measures of opportunity, doing well in areas of access to advanced education and personal freedom and choice.

Peso improves on Monday

Economy

Apr 282014

MANILA, Philippines – The peso strengthened by 15.5 centavos on Monday, closing at 44.49 from Friday’s 44.645. Total volume transacted at the Philippine Dealing System amounted to $629.3 million, higher than the $604.5 million posted the previous trading day. The peso opened the week at 44.61.

Peso up midday Monday

Economy

Apr 272014

MANILA, Philippines – The peso rose against the dollar midday Monday, settling at 44.562 from Friday’s 44.645. Total volume transacted at the Philippine Dealing System amounted to $315.8 million in the morning, lower than the $410.5 million posted the same period on Friday. The peso opened the week at 44.61.

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