Stock News 2012: SMDC profit rises 5.7%

English: One e-CommCenter, SM Mall of Asia Complex Picture taken by Exec8 December 4, 2007 (Photo credit: Wikipedia)

SM Development Corp. (SMDC) said its earnings in the nine months to September rose 5.7 percent to P3.3 billion from a year ago.

The property arm of mall and banking tycoon Henry Sy recorded a 42.7-percent uptick in revenues from real estate sales at P16.1 billion, from P11.3 billion in the same period last year.

“SMDC’s projects have been very well received by the market because of their quality, affordability, location,” the company said in a statement.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the nine-month period was at P3.7 billion, resulting in an EBITDA margin of 23 percent.

Return on equity was maintained at 12 percent, SMDC said.

Majority of the units sold were from Shell Residences in the Mall of Asia Complex, Green Residences along Taft Ave. Jazz Residences in Makati, Light Residences along EDSA, Sun Residences near the Welcome Rotonda in Quezon City, and Wind Residences in Tagaytay, SMDC said.

The company scheduled the launch of five projects in the second half, equivalent to around 73,000 new residential units.

It represents a sharp increase from the 9,000 units developed in 2011. The company stands to generate about P37 billion from the sale of these units.

SMDC has set a capital spending of P20.7 billion this year, significantly higher than the P13 billion spent in 2011. Bulk of the programmed capital budget will go to the construction of ongoing and new projects while about P4 billion has been earmarked for land banking.

http://www.philstar.com/Article.aspx?articleId=867827&publicationSubCategoryId=66

Related articles

• Swisscom Misses Third-Quarter Profit Estimates, Lowers Forecast - Bloomberg (bloomberg.com)
• Miss Earth candidates arrive in Manila (rappler.com)
• Stock News 2012: Megawide profit up 2-fold in H1 (investingstocksinphilippines.blogspot.com)
• Henry Sy holding firm's 9-mo income grows 14% to P16-B (rappler.com)
• SM Development 9-mo income rises 43% to P16-B (rappler.com)
• Endocyte to Present at Upcoming Healthcare Conferences (virtual-strategy.com)
• Here's the hectic Miss Earth 2012 Schedule of Activities (normannorman.com)
• Space and Missile Defense deputy commander earns Presidential Rank, Distinguished, honor (al.com)
• Sea Residences 95% sold, SMDC says (business.inquirer.net)
• SMDC profit as of Sept. up 5.7%, hits P3.3B (business.inquirer.net)

Stock News 2012: Pancake House H1 earnings hit P49.9M

Yellow Cab Pizza Co. (Photo credit: Wikipedia)
Lorenzo-led Pancake House Inc. more than doubled its first semester earnings to P49.9 million on stronger margins due to the hefty contribution of its New York-style pizza chain Yellow Cab as well as from the continued expansion of its flagship brand Pancake House.

Consolidated revenues in the first six months of the year surged 86 percent to P1.67 billion, mainly driven by new store development and same store sales growth. Total system-wide sales (total sales to customers both from company-owned and franchised stores) increased 77.19 percent to P2.02 billion.

Store sales grew 110.8 percent to P1.4 billion while commissary sales rose 10.9 percent to P210.58 million. Franchise income likewise went up to P60.06 million from P46.08 million due to increased number of franchisees and sustainable growth in same store sakes of franchisees.

Consolidated earnings before interest taxes, depreciation and amortization (EBITDA) amounted to P198 million, up 80 percent year on year. EBITDA measures the company’s ability to earn from operations.

Total costs and expenses, however, jumped 99.8 percent to P1.6 billion because of higher occupancy costs such as utilities, rent, and electricity, among others. The increase was also due to expanded central office operations.

The group had a total of 268 stores across the country as of June 30 this year, broken down as follows: Pancake House 96, Yellow Cab 89, Dencios 15, Teriyaki boy 33, Sizzlin Pepper Steak 18, Le Coeur de France 13, and The Chicken Rice Shop 4.

In the same period in 2011, the group had only 178 stores.

The group expects to end the year with around 300 stores as it expands its presence in the so-called New Wave Cities such as Cebu, Davao, Laoag and Subic.

Pancake House expects its net earnings to grow 70 percent this year from P90.16 million in 2011 largely due to the full-year contribution of Yellow Cab. Its EBITDA is likewise seen to rise to a range of P330 million to P570 million.

To ensure continued growth, the group is embarking on an aggressive expansion campaign overseas with plans to build 300 stores in five to seven years. It wants to further widen its presence in the Middle East as well as enter new markets like Indonesia and China.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=839457

Related articles

• Comparable store sales raise Q2 Stage Stores earnings (bizjournals.com)
• Costco same-store sales rise 5 percent in July (bizjournals.com)
• Yellow cab scheme boosts auto sales (nation.com.pk)
• Target Quarterly Profit Tops Estimates as Store Sales Gain (bloomberg.com)
• SM nets P11 B in 1st half of 2012 (business.inquirer.net)
• Starbucks (SBUX) Shares Plunge Over 10% on a 2 Cent Miss (investorguide.com)
• Judge Nixes NYC's 5-Borough Taxi Overhaul (transportationnation.org)
• Retailer TJX boosts profit outlook as sales surge (bostonherald.com)
• Discount Retailer TJX Sees Positive Same Store Sales In U.S., Canada, And Europe (seekingalpha.com)
• Livery Drivers In Washington Heights Frustrated By Ruling (manhattan.ny1.com)

Stock News 2012: ABS-CBN income falls 69% to P306 million in Q1

Logo for ABS–CBN Corporation (Photo credit: Wikipedia)
Multi-media conglomerate ABS-CBN Corp. said its net profit declined 69 percent in the first quarter this year to P306 million, from P976 million a year ago when it booked gains from the sale unit of Sky Cable’s Philippine Depositary Receipts (PDRs).

Stripping the one-time gain of P674 million in 2011, however, ABS-CBN’s net income would have been up one percent on a recurring basis, the company said.

Consolidated revenues rose eight percent to P7.1 billion, 59 percent of which or P4.2 billion came from advertising.

Advertising revenues across all platforms and subsidiaries went up four percent to P4.2 billion.

But earnings before interest, taxes, depreciation and amortization (EBITDA) fell 35 percent to P1.4 billion.

Consumer sales climbed 15 percent to almost P3 billion, largely driven by the 12 percent growth in Sky Cable’s revenues owing to the nine percent rise in postpaid service and 31 percent hike in broadband service revenues.

Revenues from its international unit, ABS-CBN Global, improved three percent on the back of a three percent rise in overall viewer count to around 2.5 million as of end-March this year. Double-digit growth in subscribers continued to be experienced in Canada, and singledigit growth in all other territories except Japan and Europe where subscribers declined.

ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share averaging 42 percent during the period under review, with a 12 percentage point lead over main rival GMA’s, according to Kantar national TV ratings data.

Total operating and other expenses jumped by 27 percent to P6.1 billion. Production costs increased 10 percent to P2.5 billion

The company has earmarked around P5 billion for its capital expenditure program this year, majority of which or P2 billion will go to the continued expansion of the broadband business. Around P1.2 billion will be channeled to flagship station Channel 2.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=807032

Related articles

• Networks shakedown rocks industry (entertainment.inquirer.net)
• 20 Dividend Contenders With Very Lowest Debt (community.tradeking.com)
• CA: Q4 strong, company surge continues (zdnet.com)
• Amazon's 1st quarter beats estimates, stock jumps (komonews.com)
• Dividend Yield Update For Dow Jones As Of March 2012 (community.tradeking.com)
• Spirit's profits for 1st quarter soar (kansas.com)

Stock News 2012: SMDC rolling out over 70,000 new units this year

One e-CommCenter, SM Mall of Asia Complex Picture taken by Exec8 December 4, 2007 (Photo credit: Wikipedia)
Amid threats of an oversupply in the residential sector, SM Development Corp. (SMDC) is rolling out more than 70,000 new units this year, valued at P37 billion to sustain the robust take up in sales in the first quarter.

In a briefing following the company’s annual stockholders’ meeting yesterday, SMDC vice-chairman and chief executive officer Henry Sy Jr. said the company is “fully committed to address the needs of the market that is seen to grow even further with the expected improvement in the economy.”

Rosaline Qua, president of SMDC, said the company is launching five new projects this year that will translate to 73,000 fresh residential units, a sharp increase from the 9,000 units developed in 2011.

In the first quarter this year, SMDC grew its net earnings by 33 percent to P1.21 billion as the number of units sold grew 51 percent to 3,684 valued at P8.97 billion or more than double the company’s sales target for the period under review.

Consolidated revenues surged 72 percent to P5.83 billion, of which revenues from real estate operations amounted to P5.61 billion, rising by 72 percent.

EBITDA went up by 38 percent to P1.49 billion for an EBITDA margin of 27 percent.

The sustained strong interest of numerous homebuyers in SMDC’s various residential condominium projects was matched by a new supply of attractive projects launched last year namely Green Residences along Taft Avenue, Shell Residences in Mall of Asia Complex, M Place @ Ortigas in Pasig, and Mezza II Residences in Sta. Mesa.

“ It reinforces our belief that the Philippines continues to have a huge underserved residential market that longs for affordable homes, a better lifestyle, and the conveniences of strategically located residences,” Sy said.

The company has set a capital spending this year of P20.7 billion this year, significantly higher than the P13 billion spent in 2011. Bulk of the programmed capital budget will go to the construction of ongoing and new projects while about P4 billion has been earmarked for landbanking.

SMDC recently raised around P6.3 billion from the issuance of five-year, fixed rate corporate notes, jointly arranged by BDO Capital and Investment Corporation and Standard Chartered Bank. The issue was oversubscribed, clearly indicating the trust and confidence in SMDC of institutional investors, which were composed of banks, trust companies, and insurance firms.

The company currently has 15 residential projects under its SM Residences brand and two projects under its M Place brand. For the rest of 2012, five more new residential condominium projects will be launched in Metro Manila.

SMDC currently has a landbank of 85 hectares in Metro Manila and 113 hectares in the provinces.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=800775

Related articles

• SM group nearer Ortigas property bid (business.inquirer.net)
• Highlands Prime unveils upscale residential projects (business.inquirer.net)
• Meralco expanding prepaid electricity scheme pilot testing (business.inquirer.net)

Stock News 2010: Digitel turns around with P334-million profit

Image via WikipediaMANILA, Philippines - Gokongwei-owned Digital Telecommunications Phils. Inc.(Digitel) posted a complete turnaround in its operations as it registered a net income of P334 million in the first quarter this year, recovering from a P286.6-million loss in the same period last year.
Revenues (service and non-service) totaled P3.9 billion, a 21.5-percent increase from the P3.2 billion generated in the first quarter last year, driven mainly by the growth in the wireless segment under the Sun Cellular brand.
Consolidated earnings before interests, taxes, depreciation and amortization (EBITDA) reached P1.2 billion, a 16.7-percent growth from the P1.06 billion registered during the first quarter last year, due primarily to the higher service and non-service revenues generated by the wireless business.
While the wireless communication services business posted a net income of P531 million as against P118.5 million in the same period last year, the wireline voice business reduced its losses to P235.7 million from a loss of P429.8 million last year. The wireline data services posted a higher net income of P38.7 million from P24.7 million last year.
The wireless communication services business posted a 35.7-percent growth in operating revenues, from P2.2 billion to P3.05 billion. Net service revenues, 67 percent of which came from unlimited services, improved 35 percent, attributable mainly to the continued success of the unlimited service portfolio and increase in subscriber count.
Company officials said upgrading their services by continuously expanding network coverage through aggressive network rollouts directly contributed to the increase in subscriber base, adding that the introduction of new products was also a major factor in increasing net service revenue.
Meanwhile, the wireline voice communication services group posted a 14.6-percent decline in revenues to P742 million from P868.5 million, mainly due to lower revenues from international and domestic tolls and local exchange.
The company also reported that revenues for wireline data services for the first three months of 2010 grew 15.1 percent to P114.9 million from P99.8 million mainly due to higher revenues from new connections on domestic data and Internet, and increased IP-VPN services subscription.
Digitel is 47.45 percent-owned by conglomerate JG Summit Holdings. Its wireline services are provided through over 400,000 lines throughout Luzon while its wirelss services are provided by wholly-owned subsidiary Digitel Mobile Phils. Inc. under the Sun Cellular brand.
Mary Ann Ll. Reyes
May 18, 2010
http://www.philstar.com/Article.aspx?articleid=576066

Related articles by Zemanta

• Philippines' Fastest Growing Mobile Network Provider Once Again Taps Ceragon for 2G/3G Backhaul Expansion (prnewswire.com)
• Globe cuts capital expenditure, expects less profits in 2010 (business.inquirer.net)
• TEXT-Ceragon gets $9 mln Philippine follow-on order (reuters.com)