Maniolas

MANILA, Philippines – Profits of Henry Sy-led Belle Corp. slipped by nearly a third last year due to lower non-recurring gains. In a regulatory filing, the listed company said consolidated net income decreased 30 percent to P2.56 billion last year from P3.64 billion in 2013. Belle said the decline was brought about by the P1.5 billion in higher net non-recurring gains booked in 2013. “Excluding non-recurring items, Belle’s consolidated net income would have increased by approximately P 464 million from P572 million in 2013 to P1.04 billion in 2014,” the firm said. Belle said it was able to achieve record operating revenues of P3.16 billion in 2014, 21 percent higher than the operating revenues in 2013 of P2.62 billion. With the increase in revenues, Belle said recurring operating earnings last year rose 62 percent to P1.4 billion from P857 million the previous year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The company’s operating growth in 2014 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income from its listed subsidiaries — Premium Leisure Corp. (PLC) and Pacific Online Systems Corp.,” Belle said. Belle’s principal assets include land and buildings located at Pagcor Entertainment City in Parañaque City which are being leased on a long-term basis to MCE. The firm’s property, which has a size of 6.2 hectares and more than 30 hectares in Read More …

MANILA, Philippines – STI Education Holdings Inc. of businessman Eusebio Tanco has refuted the Benitez family’s claim that it has succeeded in preventing the listed education firm from seizing another Philippine Women’s University (PWU) asset. “Please be advised that Judge Fernando T. Sagun Jr., executive judge of the Regional Trial Court of Quezon City, merely ordered the temporary suspension of the auction sales of the Quezon City properties owned by Unlad Resources Development Corp. until such time that the matter of exclusion of the QC properties subject of the auction sales have been properly determined by the rehabilitation court in connection with the petition for rehabilitation of PWU filed by petitioner Dr. Helena Z. Benitez,” STI Holdings said in a disclosure to the local bourse yesterday. STI Holdings said Unlad is neither a party nor the subject of any petition for rehabilitation. The company added that no orders likewise  exist or have been issued by any court of competent jurisdiction restraining or enjoining the sale of the Quezon City properties owned and registered under the name of Unlad. “As such, STI and Attenborough, as direct creditors of Unlad, should not be prejudiced by the commencement order issued in favor of PWU by the rehabilitation court,” STI Holdings said. “In addition, the liability of Unlad, as surety, is primary and solidary. A surety can be pursued independently of the debtor and therefore, STI Holdings should therefore be able to foreclose on the QC properties of Unlad in spite of any stay Read More …

MANILA, Philippines – Listed technology firm Xurpas Inc. has made its entry into the Indonesian market with the acquisition of a 49 percent stake in IT firm PT Sembilan Digital Investama (SDI) for $250,000. Xurpas told the local bourse that it had signed a binding term sheet which gives it nearly half of the ownership as well as full management control of SDI. The firm said the acquisition would also give Xurpas access to and control of PT Ninelives Interactive, a mobile content and distribution company, which SDI owns. Ninelives is expected to give Xurpas access to a huge market for the company’s games and other services. “Indonesia is one of the most exciting mobile markets in the world with close to 300 million subscribers, making it the fourth largest mobile market in the world. Just like the Philippines, majority of users are still on prepaid but they are rapidly moving away from fixed connections in favor of smartphones and mobile data. The striking similarity between the Indonesian market and ours makes it an ideal location to establish another stronghold,” said Nix Nolledo, president and chief executive officer of Xurpas Inc. Ninelives is the third company Xurpas has acquired or invested in since its initial public offering in December last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The first was through a $740,800-acquisition of 21.78-percent stake in Singapore IT company Altitude Games Pte Ltd. Following Altitude was Storm Flex Systems Inc., of which Xurpas now owns a Read More …