Atlas nets P1.63B in Jan-Sept

 Economy
Nov 152013
 
Atlas nets P1.63B in Jan-Sept

MANILA, Philippines – Listed Atlas Consolidated Mining and Development Corp. yesterday reported a 20-percent year-on-year decrease in its net income in the first nine months of the year on unrealized foreign exchange losses on its dollar-denominated debts. In a regulatory filing, the company reported a net income of P1.63 billion in the first three quarters of the year against P2.04 billion in the comparative period last year. Atlas said it had unrealized foreign exchange losses of P698.57 million on dollar-denominated debts in the period ending September that resulted from the depreciation of the peso against the dollar during the period. In the same period last year, it has an unrealized foreign exchange gain of P434.47 million as the peso appreciated against the dollar. Atlas said that without the unrealized foreign exchange loss, the net income for the period would have reached P2.32 billion ending September. The company’s core income, however, rose 21 percent year-on-year in September to P2.10 billion from the previous P1.74 billion. Revenues for the period fell three percent year-on-year to P10. 98 billion from the previous P11.36 billion on lower realized copper prices. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Copper prices averaged at $3.32 per pound during the first three quarters while gold pirces averaged at $1, 431 per ounce, down by eight percent and 13 percent respectively. Cash costs, however, fell 10 percent to P6. 45 billion from P7.19 billion in the same period last year. Earnings before interest, taxes, depreciation, and amortization Read More …

PSBank income jumps 82%

 Economy
Nov 152013
 
PSBank income jumps 82%

MANILA, Philippines – Philippine Savings Bank, the thrif unit of the Metrobank Group, posted a record P3.2-billion net income in the first nine months of the year, up 82 percent from P1.8-billion net income in the same period last year, due to the continued expansion of its loan portfolio and gains from its investment portfolio. In a statement, PSBank said net interest income grew 16 percent to P4.9 billion. Interest income from loans rose 15 percent amidst lower margins as the bank continued to expand its asset base. The bank’s gross loan portfolio went up 17 percent to P83.7 billion on strong consumer demand. Even with the increase in loans, the bank said its net non-performing loan (NPL) ratio fell to 0.1 percent and its NPL coverage ratio was in excess of 100 percent. The bank’s total deposits reached P100 billion, up 14 percent from last year, with the growth driven by excess system liquidity and an increase in new retail clients. “We are pleased with the strong growth posted not only by our auto and mortgage loans, but also of our retail deposits.” PSBank president Vicente Cuna said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank’s equity was 21 percent higher at P17.6 billion. This translates to a capital adequacy ratio of 18.4 percent and Tier 1 capital ratio of 15.2 percent, well above the 10-percent regulatory minimum and the Basel 3 requirements set for implementation in 2014. PSBank’s distribution network includes 222 branches and 537 Read More …

PAL parent firm’s losses balloon to P2.2B as of Sept

 Economy
Nov 152013
 
PAL parent firm’s losses balloon to P2.2B as of Sept

MANILA, Philippines – Losses of listed PAL Holdings Inc. – parent firm of national flag carrier Philippine Airlines Inc. (PAL) – ballooned in the first half of its fiscal year 2013 ending September due to lower passenger revenues. In a submission to the Philippine Stock Exchange (PSE), PAL Holdings reported that losses reached P2.19 billion in the first half of the year ending September compared to P121.79 million in the same period last year. The holding firm reported that revenues fell 5.9 percent to P36.57 billion compared to P38.86 billion as passenger revenues dropped 7.7 percent to P29.8 billion while cargo revenues remained steady at P2.7 billion. “The decrease was attributable mainly to the unfavorable passenger revenue performance during the period as a result of lower passenger yields as well as the drop in volume of traffic flown,” PAL Holdings said. PAL said it mounted less flights from April to September as it restructured its operations by transferring the bulk of its domestic flights to sister firm PAL Express to focus on international operations. PAL recognized P1.48 billion in other income due to a foreign exchange gain as a result of the revaluation of the retirement liability account balances denominated in peso that strengthened against other currencies particularly the US dollar as well as the result of PAL’s adoption of the amendments to Philippine Accounting Standards (PAS). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Expenses of PAL Holdings were almost unchanged at P38.77 billion in end-September amid higher Read More …

Puregold profit up 46.5% to P2.64B

 Economy
Nov 152013
 
Puregold profit up 46.5% to P2.64B

MANILA, Philippines – Grocery chain Puregold Price Club Inc. said its earnings surged by nearly half in the nine months to September this year as its network expected through new stores and acquisitions. In a disclosure, to the stock exchange, the Lucio Co-owned retailer reported that its net income spiked 46.5 percent to P2.64 billion in the nine-month period, from P1.8 billion last year. “This was a result of the continuous strategic expansion of the group including major acquisitions in the previous year and in the first half of 2013,” Puregold said. Net sales hit P51.49 billion, up nearly a third from P39.13 billion in the same period last year, while cost of sales picked up at a slower pace of 29.5 percent to P42.57 billion from P32.87 billion. “New stores put up in 2012 were fully operating in 2013, increasing consolidated net sales for the nine-month period,” Puregold said. Operating expenses climbed 40.7 percent to P6.85 billion from P4.87 billion a year ago due to manpower costs in new stores “as well as rent expenses relative to new lease contracts, utilities expense, depreciation expense and taxes, all related to the establishment and opening of new stores,” Puregold said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The grocery chain is putting up at least 25 new stores every year in the next five years, focusing on unserved cities and municipalities nationwide. Puregold has counted close to 500 cities and first-class municipalities nationwide that it can tap for new Read More …

Samsung says it owes Apple $52 million

 Economy
Nov 142013
 
Samsung says it owes Apple $52 million

Harold Mcllhenny, center, an attorney representing Apple Computer in the Apple-Samsung trial, exits a federal court house in San Jose, California. (AP Photo/Ben Margot) SAN JOSE, Calif. — How much does Samsung Electronics owe Apple for copying vital features of the iPhone and iPad? Apple says $380 million. Samsung counters with $52 million. It’s possible a jury presiding over a patent trial in a San Jose courtroom will find somewhere in between. The first day of testimony in the trial got underway Wednesday. At issue are 13 Samsung devices another jury decided infringed Apple patents for technology that allows scrolling and the “bounce-back” function at the end of documents, among other inventions. That previous jury awarded Apple $1.05 billion after determining 26 Samsung products had infringed six Apple patents. But a judge found the jury miscalculated $400 million in damages for 13 products and ordered a new trial to determine the proper amount. “Apple lost sales because Samsung was selling infringing products,” Apple attorney Harold McIlhenny told the jury during opening statements. He argued that Apple’s lost profits, Samsung’s profits on the offending devices and royalties owed Apple, add up to $380 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In a fair fight, in a fair competition, the money they got would have and should have gone to Apple,” McIlhenny said. Samsung’s attorney Bill Price countered during his own opening statements that consumers preferred Samsung’s devices, which operate with Google’s Android system, because of the many differences Read More …

Banks in the Philippines prepared to meet Basel III standards

 Economy
Nov 142013
 

LENDERS in the Philippines are readying themselves for a further tightening of regulatory oversight, with the requirements of Basel III, as adapted by the Bangko Sentral ng Pilipinas (BSP), due to come into effect at the beginning of next year. While the transition is not expected to be overly burdensome, the cost of greater security could be a short-term dip in profits.

FPIC buys add’l 31% stake in Roxas sugar unit

 Economy
Nov 142013
 
FPIC buys add’l 31% stake in Roxas sugar unit

MANILA, Philippines – The holding company of the Roxas group has sold a portion of its holdings in its sugar milling arm to Hong Kong-based First Pacific Company Ltd. (FPIL) , a move seen to prepare its sugar business for the ASEAN economic integration in 2015.  In a statement, Roxas and Company Inc. (RCI) announced that it has sold a 31-percent stake of its 66 percent share in sugar miller Roxas Holdings Inc. for (RHI)  P2.23 billion at P8 per share. Pedro E. Roxas, the executive chairman of RCI and RHI, said the equity sale “ends the sugar group’s long search for a strategic partner and will accelerate RHI’s plan to be the dominant sugar company in the Philippines.” “This partnership of RHI with First Pacific, a leading global player, will strengthen RHI and prepare it for the industry consolidation that will take place with the advent of the ASEAN integration in 2015,” added RHI president & CEO Renato C. Valencia. After the share sale, RCI would remain a major shareholder in RHI with a 35 percent ownership and will share management of the company with First Pacific which would hold 34 percent ownership as it acquires additional ownership from minor shareholders. Minority shareholder would hold a combine 31 percent of RCI. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 RCI said it would use the proceeds to realign its core shareholders, strengthen its balance sheet, and finance projects in realty, hotel and tourism which is considers as its Read More …

Local Pepsi unit reports 12% income growth

 Economy
Nov 142013
 
Local Pepsi unit reports 12% income growth

MANILA, Philippines – Higher sales volume in the third quarter allowed beverage maker Pepsi-Cola Products Philippines Inc. (PCPPI) to sustain growth in its earnings this year. In a disclosure, PCPPI said third quarter net income rose nearly three percent to P122.8 million from P119.33 million a year ago as volume climbed 20 percent. For the January to September period, its profit gained 12 percent to P780.7 million from P696 million given the 21-percent increase in sales volume. “This achievement is considered remarkable in the face of intense competition. The rainy months of the third quarter is normally off-peak for the beverage players but we managed to overcome this and outperformed the industry for yet another quarter,” said PCPPI president Partho Chakrabarti. Gross sales revenues, buoyed by high volume across major brands and categories like colas, jumped 16 percent to P6.1 billion in the third quarter and rose 17 percent to P19.4 billion in the nine-month period. “The outstanding volume performance was built on solid ground as the company increased distribution by continuously investing in marketing and distribution assets such as trucks, power coolers, vending machines and glass containers,” PCPPI said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Operating expenses, which increased 12 percent in the third quarter and 16 percent in the nine-month period, remained manageable despite high capital expenditures, the company said. “The company managed to improve income from operations by 12 percent for the quarter and 16 percent for the nine-month period despite increased spending for Read More …

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