Stock News 2012: First Gen declares cash dividend

First Gen Corp., the renewable energy firm of the Lopez Group, will issue as much as eight percent in cash dividends to holders of various preferred shares.

“The board of directors of First Gen approved the declaration of cash dividends on its perpetual preferred shares,” the company told the local bourse.

Specifically, it will distribute annual cash dividends of eight percent for outstanding Series F preferred shares, 7.7808 percent on 120 million Series G preferred shares and 3.27 percent on 13.75 million Series G preferred shares issued to First Philippine Holdings Corp.

“The cash dividends have a record date of June 29 and a payment date of July 25,” First Gen said.

In a separate disclosure, First Gen said it has used up the entire P10 billion it raised from a share sale early this month.

First Gen said it allotted the bulk of the fresh capital of P9.5 billion for acquisition.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=818609

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Stock News 2011: SMIC expects better Q3, on track for double-digit growth

Conglomerate SM Investments Corporation (SMIC) expects its third quarter performance this year to be better than the same period in 2010 as Filipinos remain optimistic about their prospects.

In an interview at the sidelines of a forum organized by the Economic Journalists Association of the Philippines, SMIC chief finance officer Jose Sio said sales this year is being boosted by higher consumer spending.

He noted that this is due to strong remittances from overseas Filipinos as well as the large number of business process outsourcing firms all over the country which is providing employment and resulting in more disposable income.

However, Sio noted that, traditionally, earnings in the second quarter is seasonally better than in the third quarter.

He also disclosed that SMIC is on track to hit its targets this year as indicated by its first half results. “The indication is the same as of now. We can fulfill, if not better, our original budget,” Sio said.

SMIC registered a 13 percent growth in net income to P9.64 billion in the first half of 2011 from P8.53 billion during the same period in last year.

Consolidated revenues increased 9 percent to P92.94 billion as compared to P84.99 billion in the first semester of 2010.

The robust performance of SM’s property group, particularly its residential development business, and the sustained growth of its banking subsidiaries contributed to the company’s positive results for the period.

http://mb.com.ph/articles/334380/smic-expects-better-q3-track-doubledigit-growth