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Deutsche Lufthansa AG warned that persisting economic uncertainty is clouding the growth prospects of the aviation industry, but added it doesn't expect the global economy to drift into a renewed recession.
"None of our data suggests there will be a double-dip recession scenario, but the going definitely gets tougher," Chief Financial Officer Stephan Gemkow told a news conference.
The increasingly uncertain economic outlook was already reflected in the company's falling third-quarter profits – although the decline was lower than analysts had expected – and is continuing to depress future bookings, the German flagship airline said.
Previously, Lufthansa had been relatively unaffected by the economic crisis that is gripping the euro zone, but business confidence in Germany and elsewhere in Europe has shown signs of wavering amid concerns that a slowdown may be around the corner.
Still, Lufthansa also reiterated its recently lowered full-year profit guidance, and said it would "initially prepare for slower growth rates in passenger and freight traffic."
In response to the deteriorating economy, Lufthansa pledged to divest loss-making units – such as British Midland Airways, known as bmi – step up cost cutting efforts, adjust passenger capacity expansion plans and boost its low-cost airline offerings.
"The macroeconomic environment--and therefore the strength of demand for the airborne companies in particular – has weakened significantly," Lufthansa said in its third quarter report. "At the same time, the booking prospects for the months ahead have deteriorated substantially," the carrier said.
http://mb.com.ph/node/339556/lufthan
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Monday, October 31, 2011
Sunday, October 30, 2011
Stock News 2011: BPI earns P9.6 billion
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The Bank of the Philippine Islands reported that its net income grew by 6 percent to P9.6 billion as it opted to expand its loan to deposit ratio to maintain its net interest margin amid market volatility.
In a disclosure to the Philippine Stock Exchange, BPI said total revenues were up by 7 percent as net interest income improved by 9 percent fuelled by a P67 billion growth in average asset base.
Non-interest income was just slightly ahead of the previous year as securities trading gain fell short by P809 million from last year as expected.
This was however more than compensated for by higher fees and commissions, income from insurance operations, and other operating income.
Operating costs were however higher by 13 percent with half of the increase arising from salary adjustments and CBA related expenses. Increases were also seen in premises cost, regulatory costs, and other variable expenses.
http://mb.com.ph/articles/339379/bpi-earns-p96-billion-6-first-nine-months
The Bank of the Philippine Islands reported that its net income grew by 6 percent to P9.6 billion as it opted to expand its loan to deposit ratio to maintain its net interest margin amid market volatility.
In a disclosure to the Philippine Stock Exchange, BPI said total revenues were up by 7 percent as net interest income improved by 9 percent fuelled by a P67 billion growth in average asset base.
Non-interest income was just slightly ahead of the previous year as securities trading gain fell short by P809 million from last year as expected.
This was however more than compensated for by higher fees and commissions, income from insurance operations, and other operating income.
Operating costs were however higher by 13 percent with half of the increase arising from salary adjustments and CBA related expenses. Increases were also seen in premises cost, regulatory costs, and other variable expenses.
http://mb.com.ph/articles/339379/bpi-earns-p96-billion-6-first-nine-months
Saturday, October 29, 2011
Stock News 2011: CEB passenger traffic up 30%
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Cebu Pacific (CEB) has posted a 30 percent growth in passenger traffic between the Philippines and ASEAN destinations in the third quarter of 2011 compared to the same period last year.
From July to September 2011, CEB flew close to 286,000 passengers to and from ASEAN destinations with an average load factor of 81 percent.
“There are 10 member states in the Association of Southeast Asian Nations (ASEAN), and we look forward to expanding Cebu Pacific’s network further in this region. We believe our neighboring Southeast Asian countries can benefit greatly from direct access and additional connectivity to the Philippines, especially with our trademark low fares,” said CEB VP for Marketing and Distribution Candice Iyog.
The airline took delivery of one brand-new Airbus A320 last October 26, 2011, and will take another A320 in December 2011. This provides additional capacity for network, flight and route expansion.
“CEB’s combination of low fares, fun service, new planes and extensive network stimulates demand for tourism and trade, and grows the market. We want to continue doing this for the ASEAN region where we fly the most passengers to and from the Philippines,” she added.
http://mb.com.ph/articles/339354/ceb-passenger-traffic-30
Cebu Pacific (CEB) has posted a 30 percent growth in passenger traffic between the Philippines and ASEAN destinations in the third quarter of 2011 compared to the same period last year.
From July to September 2011, CEB flew close to 286,000 passengers to and from ASEAN destinations with an average load factor of 81 percent.
“There are 10 member states in the Association of Southeast Asian Nations (ASEAN), and we look forward to expanding Cebu Pacific’s network further in this region. We believe our neighboring Southeast Asian countries can benefit greatly from direct access and additional connectivity to the Philippines, especially with our trademark low fares,” said CEB VP for Marketing and Distribution Candice Iyog.
The airline took delivery of one brand-new Airbus A320 last October 26, 2011, and will take another A320 in December 2011. This provides additional capacity for network, flight and route expansion.
“CEB’s combination of low fares, fun service, new planes and extensive network stimulates demand for tourism and trade, and grows the market. We want to continue doing this for the ASEAN region where we fly the most passengers to and from the Philippines,” she added.
http://mb.com.ph/articles/339354/ceb-passenger-traffic-30
Friday, October 28, 2011
Stock News 2011: Vista Land Unveils P10-B Development
Image via WikipediaTop home developer Vista Land and Lifescapes, Inc. is ramping up to P10 billion its investment in the Presidio, a residential and commercial enclave within the 60-hectare Vistaland Lakefront master-planned city in Sucat.
Vista Residences chief operating officer Maribeth C. Tolentino said their vertical housing unit is planning to put up five more mid-rise residential condominium clusters in the 7-hectare Presidio.
She said the additional cluster buildings will range from 5- to 15-storeys each with about 400 units and a total cost of P2 billion for all five buildings. Lakefront features an array of San Francisco-inspired residential enclaves that offer leisure and lifestyle choices.
Lakefront is strategically located in Sucat, which is seen as a natural extension to Makati and Bonifacio Global City.
Sucat is envisioned to be the next central business district due to its easy access to the airport, South Luzon Expressway and the Philippine National Railway as well as schools, malls, and offices in nearby Makati, Bonifacio, Ortigas and Alabang.
Tolentino said Presidio will consist of 12 mid-rise cluster buildings offering a total of 1,200 residential units. Seven cluster buildings with a total of 795 units have already been completed.
http://mb.com.ph/articles/339223/vista-land-unveils-p10b-development
Vista Residences chief operating officer Maribeth C. Tolentino said their vertical housing unit is planning to put up five more mid-rise residential condominium clusters in the 7-hectare Presidio.
She said the additional cluster buildings will range from 5- to 15-storeys each with about 400 units and a total cost of P2 billion for all five buildings. Lakefront features an array of San Francisco-inspired residential enclaves that offer leisure and lifestyle choices.
Lakefront is strategically located in Sucat, which is seen as a natural extension to Makati and Bonifacio Global City.
Sucat is envisioned to be the next central business district due to its easy access to the airport, South Luzon Expressway and the Philippine National Railway as well as schools, malls, and offices in nearby Makati, Bonifacio, Ortigas and Alabang.
Tolentino said Presidio will consist of 12 mid-rise cluster buildings offering a total of 1,200 residential units. Seven cluster buildings with a total of 795 units have already been completed.
http://mb.com.ph/articles/339223/vista-land-unveils-p10b-development
Friday, October 21, 2011
Stock News 2011: SMC to complete purchase of 77% of ETPI from Ongpin
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Diversifying giant San Miguel Corporation is completing its acquisition of Roberto V. Ongpin-controlled ISM Communications Corporation’s 77 percent stake in Eastern Telecommunications Philippines Inc.
In a disclosure to the Philippine Stock Exchange, SMC said its wholly-owned subsidiary San Miguel Equity Securities Inc. has executed a share purchase agreement with ISM for the purchase of 37.7 percent of ETPI.
The purchase was authorized by the SMC board of directors during its meetings held on December 16, 2010 and September 22, 2011.
SMC had earlier acquired a 40 percent stake in ETPI from ISM through wholly-owned unit Vega Telecom Inc.
Vega has executed a Share Purchase Agreement with ISM last December 30 for the purchase by Vega of 100 percent of the outstanding and issued shares of stock of A. G. N. Philippines, Inc. (AGNP).
AGNP is the registered and beneficial owner of approximately 40 percent of Eastern Telecom. SMC said the acquisition of AGNP was authorized by its Board of Directors during its meeting held on December 16, 2010.
ISM president Eric Recto said earlier that SMC is in talks with his company for the sale of the ISM’s entire 77-percent stake in Eastern Telecoms.
For his part, Eastern Telecoms head for marketing and business development Edwin Domingo said the company plans to create a synergy with SMC-led Liberty Telecom Holdings Inc.
Later on, ETPI, Express Telecommunications Inc. and Liberty may be folded into one company. “It could be like a San Miguel telecom company,” Domingo said.
In the meantime, Domingo said ETPI is helping Liberty set up parts of the Liberty’s infrastructure.
http://mb.com.ph/articles/338493/smc-complete-purchase-77-etpi-ongpin
Diversifying giant San Miguel Corporation is completing its acquisition of Roberto V. Ongpin-controlled ISM Communications Corporation’s 77 percent stake in Eastern Telecommunications Philippines Inc.
In a disclosure to the Philippine Stock Exchange, SMC said its wholly-owned subsidiary San Miguel Equity Securities Inc. has executed a share purchase agreement with ISM for the purchase of 37.7 percent of ETPI.
The purchase was authorized by the SMC board of directors during its meetings held on December 16, 2010 and September 22, 2011.
SMC had earlier acquired a 40 percent stake in ETPI from ISM through wholly-owned unit Vega Telecom Inc.
Vega has executed a Share Purchase Agreement with ISM last December 30 for the purchase by Vega of 100 percent of the outstanding and issued shares of stock of A. G. N. Philippines, Inc. (AGNP).
AGNP is the registered and beneficial owner of approximately 40 percent of Eastern Telecom. SMC said the acquisition of AGNP was authorized by its Board of Directors during its meeting held on December 16, 2010.
ISM president Eric Recto said earlier that SMC is in talks with his company for the sale of the ISM’s entire 77-percent stake in Eastern Telecoms.
For his part, Eastern Telecoms head for marketing and business development Edwin Domingo said the company plans to create a synergy with SMC-led Liberty Telecom Holdings Inc.
Later on, ETPI, Express Telecommunications Inc. and Liberty may be folded into one company. “It could be like a San Miguel telecom company,” Domingo said.
In the meantime, Domingo said ETPI is helping Liberty set up parts of the Liberty’s infrastructure.
http://mb.com.ph/articles/338493/smc-complete-purchase-77-etpi-ongpin
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- San Miguel's SMC Global Power Said to Postpone $854 Million IPO (businessweek.com)
Tuesday, October 11, 2011
Stock News 2011: BCDA to sell small lots
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The Bases Conversion Development Authority is set to issue the terms of reference for the sale of the remaining small parcels of lots in Fort Bonifacio before end this year.
BCDA vice-president for Business Development and Operations Dean J. Santiago said there are two parcels in Fort Bonifacio one is located in the Eastgate parking and another in the Sampaguita ramp. A third property is a one-hectare parcel located in the Villamor Driving Range. These lots could fetch about P500 million for BCDA.
“We are going to issue the terms of reference for the bidding of these small parcels,” he said.
Notice of publication has been set for October 10 this year to pave the way for bidding before end this year.
Awarding of contract of sale is estimated to be early January 2012.
Santiago said the disposition mode for these assets would be outright sale because these are smaller lots. The Villamor lot is ideal for the establishment of institutional projects like schools while the Sampaguita ramp could be ideal for a small commercial development. The EastGate lot would be suited for parking.
http://mb.com.ph/articles/337347/bcda-sell-small-lots
The Bases Conversion Development Authority is set to issue the terms of reference for the sale of the remaining small parcels of lots in Fort Bonifacio before end this year.
BCDA vice-president for Business Development and Operations Dean J. Santiago said there are two parcels in Fort Bonifacio one is located in the Eastgate parking and another in the Sampaguita ramp. A third property is a one-hectare parcel located in the Villamor Driving Range. These lots could fetch about P500 million for BCDA.
“We are going to issue the terms of reference for the bidding of these small parcels,” he said.
Notice of publication has been set for October 10 this year to pave the way for bidding before end this year.
Awarding of contract of sale is estimated to be early January 2012.
Santiago said the disposition mode for these assets would be outright sale because these are smaller lots. The Villamor lot is ideal for the establishment of institutional projects like schools while the Sampaguita ramp could be ideal for a small commercial development. The EastGate lot would be suited for parking.
http://mb.com.ph/articles/337347/bcda-sell-small-lots
Sunday, October 9, 2011
Stock News 2011: Grepalife-managed mutual funds surpass P3-B sales in Q3
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Grepalife Asset Management Corporation (GAMC), the mutual fund management arm of Yuchengco Group of Companies, has marked its presence in the mutual fund market by surpassing P3.2 billion gross sales mark as of the end of the third quarter of 2011. Based on data from the Philippine Investment Fund Association (PIFA) as of the period ended August 2011, GAMC-managed mutual funds likewise dominated total net sales (difference between gross sales and redemptions) among bond mutual funds invested in foreign currency securities by increasing net assets by P1.3 billion representing 106% share in total net sales growth for all funds in the same category. Industry data likewise revealed some competitor funds have experienced negative net sales in the same period.
Butch L. Lustado, Assistant General Manager of GAMC claims that the stable returns have allowed their company to grow their assets under management to over P4.6 billion by the end of the third quarter of 2011. “Our investors are by and large very satisfied with the way we handle their hard-earned funds and keep them informed about it,” says Lustado. GAMC has an on-demand account inquiry service for investors via SMS and the Internet.
http://mb.com.ph/articles/337019/grepalifemanaged-mutual-funds-surpass-p3b-sales-q3
Grepalife Asset Management Corporation (GAMC), the mutual fund management arm of Yuchengco Group of Companies, has marked its presence in the mutual fund market by surpassing P3.2 billion gross sales mark as of the end of the third quarter of 2011. Based on data from the Philippine Investment Fund Association (PIFA) as of the period ended August 2011, GAMC-managed mutual funds likewise dominated total net sales (difference between gross sales and redemptions) among bond mutual funds invested in foreign currency securities by increasing net assets by P1.3 billion representing 106% share in total net sales growth for all funds in the same category. Industry data likewise revealed some competitor funds have experienced negative net sales in the same period.
Butch L. Lustado, Assistant General Manager of GAMC claims that the stable returns have allowed their company to grow their assets under management to over P4.6 billion by the end of the third quarter of 2011. “Our investors are by and large very satisfied with the way we handle their hard-earned funds and keep them informed about it,” says Lustado. GAMC has an on-demand account inquiry service for investors via SMS and the Internet.
http://mb.com.ph/articles/337019/grepalifemanaged-mutual-funds-surpass-p3b-sales-q3
Saturday, October 1, 2011
Stock News 2011: SMDC tops NCR's condominium sales
Image via WikipediaSM Development Corporation (SMDC) has again garnered the top spot in National Capital Region or Metro Manila’s competitive residential condominium market.
According to a recent Colliers International Philippines report, SMDC sold the most number of Metro Manila residential condominium units and attained the highest amount in terms of sales value during the first half of 2011.
This continues the trend of SMDC topping the list for the past two years as cited by similar Colliers studies.
Based on the Colliers report, SMDC sold 4,117 residential condominium units from January to June 2011 worth P9.0 billion. This translates to a 22 percent market share in terms of number of units sold in an industry with more than 90 players.
SMDC currently has in its portfolio 15 residential projects, 14 of which are in Metro Manila and one in Tagaytay City. Six projects namely Berkeley Residences, Chateau Elysee, Mezza Residences, Field Residences, Grass Residences, and Sea Residences are ready for occupancy.
This year, the company launched two of its latest projects, Mezza II Residences, which is located at the corner of Aurora Boulevard and Guirayan Street in Quezon City and is very near SM City Sta. Mesa, and M Place @ Ortigas, located along Meralco Avenue in the heart of the Ortigas Commerical Business District in Pasig City.
http://mb.com.ph/articles/336234/smdc-tops-ncrs-condominium-sales
According to a recent Colliers International Philippines report, SMDC sold the most number of Metro Manila residential condominium units and attained the highest amount in terms of sales value during the first half of 2011.
This continues the trend of SMDC topping the list for the past two years as cited by similar Colliers studies.
Based on the Colliers report, SMDC sold 4,117 residential condominium units from January to June 2011 worth P9.0 billion. This translates to a 22 percent market share in terms of number of units sold in an industry with more than 90 players.
SMDC currently has in its portfolio 15 residential projects, 14 of which are in Metro Manila and one in Tagaytay City. Six projects namely Berkeley Residences, Chateau Elysee, Mezza Residences, Field Residences, Grass Residences, and Sea Residences are ready for occupancy.
This year, the company launched two of its latest projects, Mezza II Residences, which is located at the corner of Aurora Boulevard and Guirayan Street in Quezon City and is very near SM City Sta. Mesa, and M Place @ Ortigas, located along Meralco Avenue in the heart of the Ortigas Commerical Business District in Pasig City.
http://mb.com.ph/articles/336234/smdc-tops-ncrs-condominium-sales
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