Investing Stocks in Philippines: Singapore

Showing posts with label Singapore. Show all posts

Tuesday, April 30, 2013

Stock News 2013: Del Monte eyes dual listing in Philippines, Singapore markets

Del Monte Fresh Produce Pineapple (Photo credit: Del Monte Fresh Produce)

Del Monte Pacific Ltd., controlled by condiments king Joselito D. Campos Jr., is planning a dual listing in the Singapore and Philippine stock markets.

This will make Del Monte the first local firm to be listed in both the Singapore Stock Exchange (SGX-ST) and Philippine Stock Exchange (PSE).

In a disclosure to SGX-ST, Del Monte said it submitted to the PSE and Securities and Exchange Commission an application for a listing by way of introduction.

“The proposed dual listing will provide the company with a platform to widen its investor base,” Del Monte said.

“In particular, it will enhance the company’s attractiveness to investors in the Philippines and to foreign investors interested in the Philippine stock market,” it added.

Listing by introduction allows a firm to join the PSE without having to sell shares to the public immediately.

Del Monte said being listed on both the SGX-ST and PSE will “enhance the profile and market visibility” that will result in greater liquidity.

Being a public company attracts coverage from brokerage firms, which provide valuations and recommendations to the investing public.

“The proposed dual listing will also allow the company to establish financing platforms in two different equity markets simultaneously,” Del Monte said, adding that extra channels and ready access to a wide pool of capital will fund future business growth.

Given its plan to list by way of introduction, Del Monte said it will not immediately issue new shares but there might be an offer of vendor shares depending on the market’s condition.

Vendor shares are stocks issued by a company in payment or in part payment for assets acquired from the vendor.

Aside from Del Monte, PSE-listed tuna and salmon processor Alliance Select Foods International Inc. is planning to conduct a dual listing in the Singapore and Philippine bourses.

Del Monte produces, markets and distributes food, beverages, and related products in the Asia-Pacific region and the Indian subcontinent, and has supply deals with Del Monte trademark owners and licensees around the world.

The NutriAsia Group of Campos owns a majority stake in Del Monte. NutriAsia leads the Philippine market for condiments, specialty sauces and cooking oil.

In 2012, sales of Del Monte climbed eight percent to a record $459.7 million while net profit jumped to $32.1 million.

http://www.philstar.com/business/2013/04/26/934907/del-monte-eyes-dual-listing-phl-spore-markets

Friday, April 26, 2013

Stock News 2013: Meralco income surges to P4B in Q1, up 19.3%

Photo of Manny (Photo credit: Wikipedia)

Manila Electric Co.’s consolidated net income in the first quarter grew 19.3 percent to P4.02 billion, from P3.37 billion in the same period last year, mainly on higher energy sales.

Meralco chairman Manuel V. Pangilinan said in a briefing Monday that the first quarter results were “slightly ahead” of expectations.

The country’s largest power distribution utility, which is controlled by Hong Kong-based First Pacific Group, also reported a 17.7 percent increase in core net income, which rose to P4.02 billion in the first three months of the year from P3.42 billion in the same period last year.

Meralco attributed the profit growth to the sustained increase in new customers, energization of new real estate developments such as the Pagcor Entertainment City and increased consumption driven by remittances of overseas Filipino workers and the business process outsourcing sector.

In terms of electricity sales volume, Meralco reported 1.2 percent increase to 7,777 gigawatt-hours from 7,687 gigawatt-hours during the period.

However, revenues slowed down by 1.5 percent to P64.16 billion from P65.12 billion due to lower power supply cost from the company’s new suppliers, which was slightly offset by the “moderate” increase in energy sales volume.

Meralco’s power supply costs are passed on to consumers.

Meralco’s average rates dropped by P0.03 to P9.32 per kilowatt-hour.

Customer numbers, meanwhile, reached 5.23 million as of end-March 2013, having grown 3.3 percent or by more than 165,000 new accounts since March 2012.

For the rest of the year, Pangilinan declined to give specific targets on sales and income targets until the second-quarter results have been reported, citing erratic demand for power.

April was a growth period, he said, with a 7.8 percent growth in sales but it remains to be seen whether sales volume will increase enough for the rest of the year to make up for cheaper rates.

SVP Alfredo Panlilio said April sales growth was attributed to residential customers’ increased use of appliances to cope with high temperatures, the resumption of operations of cement and steel plants that were down on maintenance in March, and the start of operations of Solaire hotel and casino in Pagcor City.

Meralco, which posted a 9-percent increase in core net income to P16.3 billion in 2012 from P14.9 billion in 2011 on the back of higher electricity sales, also seeks to acquire a Singaporean power firm in partnership with Hong Kong-based investment holding First Pacific Co. Ltd.

http://business.inquirer.net/118049/meralco-income-surges-to-p4b-in-q1-up-19-3

Monday, February 11, 2013

Stock News 2013: Most stock markets closed in Asia for holidays

The New York Mercantile Exhange at 628 Broadway between Bleecker and Houston Streets in the NoHo section of Manhattan, New York City was built in 1882 and designed by Herman J. Schwarzmann with Buchman & Deisler. (Source: AIA4 Guide to NYC (4th ed.)) (Photo credit: Wikipedia)

Stock markets in Hong Kong, mainland China and Seoul were among those closed Monday for the Lunar New Year holiday. Japanese markets were also shut for a public holiday.

Australia’s S&P/ASX 200 was marginally higher at 4,973.20, with a positive earnings report from retailer HB Hi-Fi Ltd. helping to boost retail stocks. JB Hi-Fi surged 15.4 percent after reporting its first half net profit had risen 3 percent to 82 million Australian dollars ($84.6 million). David Jones rose 3.6 percent and Myer Holdings added 3.1 percent.

Key stock indexes in the Philippines and Indonesia also rose while markets in Singapore, Taiwan and Vietnam were closed for holidays.

Benchmark oil for March delivery rose 5 cents to $95.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 11 cents on the Nymex on Friday to close at $95.72 a barrel.

http://business.inquirer.net/107021/most-stock-markets-closed-in-asia-for-holidays

Sunday, February 10, 2013

Stock News 2013: $4B Manila mega-casino complex to open in March

English: Hotel / Casino New York-New York in Las Vegas. Français : L'hôtel-Casino New York-New York à Las Vegas, dans le Nevada. (Photo credit: Wikipedia)

A $4-billion mega-casino complex is set to open in Manila in mid-March when the first of four franchise-holders starts commercial operations, the parent firm said in a disclosure released Wednesday.

The $1.2-billion Solaire Manila Resorts is one of four gaming operations licensed to operate at Manila’s bayside Entertainment City, a government project designed to compete with Macau, Las Vegas and Singapore as a gaming hub.

Boasting 500 hotel rooms set in modern resorts, Solaire will open its doors on March 16, parent company Bloomberry Resorts Corp. said in a disclosure to the Philippine Stock Exchange.

“[We] confirm that [Bloomberry’s] Solaire Manila Resorts and Casino has collected the top former operating officers of world-renowned casinos in Las Vegas and other parts of the world,” it said in a letter to the exchange.

The Feb. 5 letter, released by the bourse Wednesday, said these personnel include around 400 Filipinos who have worked in gaming and hotels across the world.

Solaire plans to add 300 more hotel rooms after two years, said Bloomberry, a listed firm controlled by port tycoon Enrique Razon.

Two other franchise-holders—one involving Australian billionaire James Packer and Macau gaming tycoon Lawrence Ho as shareholders and another with Japanese gambling tycoon Kazuo Okada—are also building at the complex.

The 100-hectare (247-acre) Entertainment City, a project of the state-owned gaming regulator Philippine Amusement and Gaming Corp., required each of the franchise-holders to invest at least $1 billion.

A unit of global leisure and entertainment group Genting Hong Kong Ltd. is a key investor in the fourth franchise.

Bloomberry said it could not confirm a local news report that the entire Entertainment City project would generate annual revenues of at least $10 billion by 2017, putting it among the world’s gaming big leagues.

http://business.inquirer.net/106351/4b-manila-mega-casino-complex-to-open-in-march

Thursday, January 3, 2013

Stock News 2013: BDO opens office in Singapore

SM Investments Corporation (Photo credit: Wikipedia)

Sy-led BDO Unibank, Inc. (BDO) on Wednesday said it has set up a representative office in Singapore.

The banking giant hopes to boost its relations with companies doing business in the city-state.

BDO's representative office in Singapore is located at the new One Raffles Place. The office is expected to act as the point of contact for Singaporean companies keen on entering the Philippine market, as well as Philippine companies interested in expanding in Singapore.

"The opening of the Singapore representative office is expected to enhance relationships further and find ways to better serve and work alongside Singaporean firms, thereby living up to BDO's service-oriented culture," BDO said in a statement.

BDO is a member of the SM Group, one of the country’s largest conglomerates which has retail, mall, property development and financial services units.

http://www.abs-cbnnews.com/business/01/02/13/bdo-opens-office-singapore

Saturday, November 3, 2012

Stock News 2012: ALI, SM Prime win real estate awards

SM Prime Holdings (Photo credit: Wikipedia)

Ayala Land Inc. and SM Prime Holdings, Inc have been recognised for their high standards by the Asia Pacific Real Estate Association (APREA) in the APREA Best Practices Awards 2012.

The APREA Best Practices Awards are open to all real estate companies and trusts listed on a regional stock exchange. As with previous years, there has been overwhelming response from high-quality organizations from countries around the region, including Australia, India, China, Japan, Malaysia, New Zealand, Singapore and the Philippines. In all, organizations from nine different jurisdictions lodged submissions.

Winners were chosen based on how an organization has contributed to providing greater transparency and comparability in their local market and the region. Submissions were also judged on the extent of which they have adopted recommendations in the APREA Best Practices Handbook in the categories of market disclosures, accounting and financial reporting, property valuation, portfolio performance reporting and corporate governance.

Ayala Land won awards for the best Philippines submission and merit awards in the areas of market disclosure and portfolio performance reporting. It also won an award as the best property development organisation in the Emerging Markets category. SM Prime won a merit award in the area of corporate governance.

Lim Swe Guan, CFA, chairman of the board of APREA says, “We are delighted with the level of best practices demonstrated by the companies who submitted for the awards this year. We continually encourage members to adopt the most up-to-date valuation techniques, adhere to international financial reporting standards and follow good corporate governance. Combined with a greater transparency of portfolio performance and provision of reliable timely information to investors, we believe this will lead to higher investor confidence and wider support for the industry. We are confident that with the support of our members, who are leaders in their field, we can make real estate a crucial part of every investor’s portfolio.”

Peter Mitchell, chief executive officer of APREA said “We would like to extend our congratulations to Ayala Land and SM Prime Holdings as industry leaders in best practices. These awards are held annually to highlight the importance of the recommendations in APREA’s Best Practices Handbook, which has emerged as a clear benchmark for the region for managing and reporting performances since it was first published in 2009.”

APREA has developed best practices to streamline performance measurement and reporting for the real estate investment industry in the region. The APREA Best Practices Handbook, currently in its second edition, is intended to be a living document and will be regularly modified, updated and added to. It contains a series of recommendations for adoption by the industry in the following areas:

• Accounting and financial reporting guidelines

• Property valuation Corporate governance

• Portfolio performance reporting

• Market disclosures

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=866158

Monday, October 29, 2012

Stock News 2012: JG Summit eyes more overseas acquisitions

The Paragon, a high-end shopping mall, along Orchard Road, Singapore. (3mp version) (Photo credit: Wikipedia)

Taipan John Gokongwei’s investment vehicle JG Summit Holdings Inc. is seeking to expand its presence overseas with plans to acquire food and beverage firms within ASEAN as well as real estate properties across the globe.

BJ Sebastian, senior vice-president at JG Summit, said the conglomerate is on the lookout for real estate assets elsewhere in the world which it can develop as part of efforts to shore up its land bank to ensure a steady stream of projects.

The Gokongwei Group, through its 36.1 percent controlling interest in United Industrial Corp. Ltd., has a presence in the improving real estate sector in Singapore and China, particularly in Chengdu, Tianjin, Shanghai and Beijing.

UIC has a portfolio of 2.2 million square feet of office space and one million square feet of retail space in Singapore.

Among UIC’s best known commercial landmarks include the UIC Building, Singapore Land Tower, SGX Centre, The Gateway, Stamford Court, Marina Square (a massive shopping and hotel complex in the Marina Bay) and West Mall (a suburban shopping complex).

UIC also has major residential projects such as The Belleforte, The Paterson, and Stevens Loft in Orchard Road, as well as One Amber and Grand Duchess at St. Patrick’s in the popular East Coast area.

Sebastian said demand in the Singapore retail and hospitality sectors is seen to be resilient due to the influx of international retailers and buoyant visitor arrivals. He also sees the office rental market to continue to be competitive amid a tough global business environment.

On the homefront, the group’s property arm Robinsons Land Corp. will continue its expansion program, targeting to open four new malls, two office buildings and at least three new Gohotels for its fiscal year ending September 2013.

Sebastian said RLC has increased its landbank by 111 hectares year-on-year to 534 hectares as of end-June this year, good for four to five years of development. “The higher landbank will give each business unit a medium-term project pipeline visibility,” he said.

The group’s food and beverage unit Univesal Robina Corp. is scouring Asia for possible acquisition targets. “We’re looking at firms with strong brands and a wide distribution network, Sebastian said.

He noted that URC’s international revenues increased five-fold in nine years from $84 million in 2003 to $443 million in 2011. In the nine months of its fiscal year ending September this year, revenues rose six percent as most countries posted growth except for Thailand.

From 29 percent contribution to total branded consumer foods group sales in 2003, URC overseas operations’ share increased to 39 percent last year.

URC’s products are available in China, Vietnam, Indonesia, Malaysia and Thailand. Plans are now underway to set up shop in Burma as it expects international operations to grow as big as its domestic business in five years.

URC is also the dominant market leader in candies, chocolates, biscuits, cup noodles and tea beverage. It grew the local non-carbonated beverage market with the successful launch of C2 Cool & Clean Green Tea, building on the global trend towards health and wellness.

URC later forayed into other areas of the non-carbonated beverage market, such as juices, energy drinks and ready-to-drink coffee, among others.

Meanwhile, the group is on track to complete the construction of its $800 million naptha cracker plant - the first in the country – by late 2013. Located in Batangas, the plant will produce 320,000 metric tons of ethylene annually when it starts commercial operations by early 2014.

The naptha facility is estimated to generate annual sales of around $1 billion on full production and at current prices.

http://www.philstar.com/Article.aspx?articleId=864442&publicationSubCategoryId=66

Wednesday, July 4, 2012

Stock News 2012: Alliance Select acquires 80% of NZ-based salmon producer

akaroa (Photo credit: sandwichgirl)
Alliance Select Foods International Inc. is taking over Akaroa Salmon NZ. Ltd., a New Zealand-based producer of fresh and smoked salmon, in line with its goal to be a leading exporter in key high-end markets globally.

In a disclosure to the Philippine Stock Exchange yesterday, Alliance Select said it approved the purchase of 80 percent of Akaroa for NZ$3.5 million (roughly $2.184 million).

Alliance Select said it would invest another $100,000 for Akaroa’s working capital needs as it aims to more than double the New Zealand firm’s existing production capacity.

Jonathan Y. Dee, president of Alliance Select, said the company intends to undertake a private placement of shares to fund the acquisition of Akaroa. It will issue 60.667 million shares, constituting 5.67 percent of its expanded capital, at P1.60 each, which is a 14.57-percent premium on the 30-day volume weighted average price covering May 17 to July 2.

Dee said Akaroa’s founder, the Bates family, will keep the remaining 20 percent, with Duncan Bates retaining his post as general manager.

Akaroa was set up in 1985 and over the years has established the Akaroa Salmon brand as the premium quality brand in the country. Akaroa has been the recipient of various awards and accolades from New Zealand’s food industry, the latest being the Cuisine Artisan Awards 2011.

Akaroa also holds a 20 percent stake in Salmon Smolt NZ Ltd., a modern hatchery guaranteeing high quality and consistent supply of smolts (juvenile salmon) for Akaroa’s farms.

The company is only one of the three companies in New Zealand that can supply fresh salmon to its customers throughout the year. The firm’s supply chain process enables it to deliver fish to its clients within six to 24 hours of receipt of their order.

Dee said the group’s investment in Akaroa will further strengthen Alliance Select’s salmon portfolio. Akaroa is a fully integrated company which will give Alliance Select direct access to raw materials.

In addition, it will allow Alliance Select to target an additional market segment by offering Akaroa’s fresh portion cuts to institutional and retail buyers like hotels and restaurants in markets like Singapore, Hong Kong, USA, Korea and Japan.

Dee said Alliance Select remains committed to growing its salmon business. Since its first foray in the product, the company has grown its salmon business about five fold from $4.2 million in 2009 to an expected turnover of $23 million this year.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=823735

Monday, May 7, 2012

Stock News 2012: Ayala's IMI more than doubles net profit in Q1

Ayala-led chipmaker Integrated Micro-Electronics Inc. (IMI) reported a 128 percent jump in its first quarter net income this year to $853,900 on the back of higher revenues and reduced operating expenses.

In a disclosure to the Philippine Stock Exchange yesterday, IMI said consolidated sales revenues climbed 24 percent to $152 million, largely due to its expansion in Europe and Mexico.

Revenues from its operations in Europe and Mexico amounted to $40.9 million.

"With our company’s implementation of a global geographic expansion, we have realized a diversity in markets and operations. A healthy mix of customers and programs has cushioned the effects on our financial performance of the global electronics industry slowdown,” said Arthur Tan, president and chief executive officer of IMI.

IMI’s operations in China and Singapore registered combined revenues of $61.7 million, five percent lower than the year before, largely due to a reduction in turnkey sales to a customer in the telecommunication infrastructure market.

Philippine operations, on the other hand, generated $38.2 million in revenues, up four percent on strong programs in the consumer and automotive segments.

PSi Technologies, Inc., a subsidiary of IMI, raked in $10.9 million in revenues.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=804638

Friday, April 27, 2012

Stock News 2012: SMIC net income up 13% to P6B in Q1

SM Investments Corporation (Photo credit: Wikipedia)
SM Investments Corp. (SMIC), the listed flagship of the country’s wealthiest man Henry Sy, said its first quarter net earnings rose 13 percent to P6 billion, mainly driven by a 16-percent rise in revenues to P49.7 billion, owing to the robust performance across all core businesses.

“With the prevailing positive outlook on the domestic economy, together with the expected resilience of our subsidiaries, we remain optimistic that SM will attain its growth and expansion targets for the rest of the year,” said SMIC president Harley T. Sy.

“Our vision for the company remains focused on the long-term prospects in our five core businesses as they could further benefit from expectations of a stronger Philippine economy. Better governance in the public sector and the continued productivity of the Filipino people both in and outside of the country offers much room for steady growth in the consumer sector,” Sy added.

The banking business accounted for the bulk of this quarter’s income, contributing 32.3 percent to the total. This was followed by the retail group with a 26.7-percent share, shopping malls (25.3 percent) and real estate (15.7 percent).

BDO Unibank earned P2.8 billion, 15 percent higher than the P2.4 billion recorded in 2011 as gross customer loans continued to expand by 23 percent year-on-year.

SM Retail reported a 20-percent growth in net income to P1.1 billion as sales climbed by 10 percent to P34.4 billion on sustained expansion, particularly through SaveMore, which opened five new branches during the period under review.

The retail group opened to the public eight new stores, raising its total network to 176 as of end-March this year. This is broken down as follows 42 department stores, 33 supermarkets, 69 SaveMore branches, and 32 hypermarkets.

SMIC chief financial officer Jose T. Sio said the conglomerate hopes to sustain its upward momentum with net earnings seen to grow by 12 to 14 percent.

The company declared a cash dividend amounting to P10.40 each share to shareholders of record as of May 26. The dividends are payable on or before June 21.

The SM Group is aiming to list its China mall operations/assets either in Hong Kong or Singapore by 2015 to raise around $500 million.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=801012

Sunday, March 25, 2012

Stock News 2012: EEI profits reach P740 million in 2011

South Luzon Expressway Southbound lane from Susana Heights to San Pedro. (Photo credit: Wikipedia)
Yuchengco-led construction firm EEI Corp. said it posted net earnings of P740 million last year, up 12.6 percent from P657 million in 2010.

In a disclosure to the stock exchange, EEI also said its board approved the declaration of a cash dividend amounting to 10 centavos per share.

EEI expects to sustain its upward trajectory this year, driven by increased construction activity by the private sector coupled with improving operations overseas.

Total construction backlog from domestic projects amounted to P11.62 billion as of end-September 2011.

EEI’s 49-percent owned subsidiary in Saudi Arabia had a backlog worth P13.61 billion while its units in Singapore and New Caledonia reported backlogs worth a combined P566.7 million.

EEI is keen on bidding for road and expressway projects under the government’s Public-Private Partnership (PPP) program as it seeks to further boost its profitability.

The Aquino administration is targeting to bid out up to 16 PPP projects worth as much as P142 billion. Among these include the P20.18-billion North Luzon Expressway-South Luzon Expressway Connector Road; P19.69-billion CALA (Cavite and Laguna Side) Expressway; P11.3- billion Light Rail Transit 2 East Extension; P10.15-billion Mactan Terminal 2 Airport Development; and P8-billion New Bohol Airport.

http://www.philstar.com/Article.aspx?articleId=790654&publicationSubCategoryId=66

Thursday, March 22, 2012

Stock News 2012: GT Capital sets price range for IPO

Three keys logo by Warja Honegger-Lavater. (Photo credit: Wikipedia)
GT Capital, the flagship investment firm of taipan George S.K. Ty, has set the price range for its initial public offering at P415-P470 each share to raise as much as P23 billion.

The maximum offer price is 10.6 to 25 percent lower than the original price indicated in the company’s prospectus.

GT Capital is selling up to 41.217 million shares to raise between P17.1 billion and P19.37 billion.

In case of strong demand, GT Capital has allotted 6.182 million common shares worth P2.9 billion for the greenshoe option.

Including the overallotment option, GT Capital is expected to raise up to P22.28 billion.

As much as 33 million will be sold via an initial public offering while up to 8.217 million shares will be sold by the company’s shareholders Ausan Resources Corp., Grand Titan Capital Holdings and Titan Resources.

The selling shareholders are expected to generate a maximum P3.86 billion from the share sale.

GT Capital is the main vehicle for the management of the various interests of the Ty family in banking, real estate, power generation, automotive and life insurance.

The pricing and allocation of shares for the international offer will be on April 3.

The domestic roadshow kicked off yesterday while the the international roadshow commences today with Singapore as the first leg.

The domestic offer period will run from April 10 to 16.

Listing has been tentatively scheduled on April 20.

Post-IPO, the holding firm will have a market capitalization of P74.26 billion.

Around 60 to 70 percent of the offer shares will be sold overseas while the balance will be offered to local investors.

UBS is the sole global coordinator and international bookrunner for the share sale while First Metro Investment Corp. is the sole domestic underwriter.

Proceeds from the IPO will be used to accelerate key growth projects of the group’s property unit and acquisition of additional stakes in property and power businesses.

http://www.philstar.com/Article.aspx?articleId=789516&publicationSubCategoryId=66

Friday, July 8, 2011

Stock News 2011: Swiss Reinsurance to insure $250-million trade financing of ADB

Image via Wikipedia
s part of an innovative agreement to boost exports and imports in developing Asia, re-insurance giant Swiss Re will insure $250 million of trade finance conducted via the Asian Development Bank’s (ADB) trade finance program.

The move marks the first time that the Swiss Re Group, through its commercial insurance unit Swiss Re Corporate Solutions, has provided insurance via a trade program run by a multilateral development bank and also the first time ADB’s Trade Finance Program has offset risk with a private insurance company.

Asia’s economy is growing rapidly, but that is largely due to the exporting prowess of a handful of countries led by the People’s Republic of China, along with a few others such as the Republic of Korea and Singapore.

Many other Asian nations, by contrast, find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.

To fill that gap, the ADB’s Trade Finance Program provides guarantees and loans to banks to enable them to provide trade finance, particularly in so-called frontier economies.

http://mb.com.ph/articles/325896/swiss-reinsurance-insure-250million-trade-financing-adb

Friday, February 25, 2011

Stock News 2011: Ayala's IMI posts 56% fall in profit to $4.5 million

Image via Wikipedia
Integrated Micro-Electronics Inc. (IMI), a subsidiary of Ayala Corporation, reported a 53 percent drop in profits attributable to equity holders of the parent company to $4.47 million last year from $10.07 million in 2009.

In a disclosure to the Philippine Stock Exchange, IMI said it recorded $412.3 million in consolidated revenues, a growth of 4 percent, due to the sustained strong performance of IMI’s China operations and incremental revenues from its acquisition of PSi Technologies, Inc.

“Despite unusual levels of uncertainty in the supply and demand situations for raw materials and electronic end-products, IMI sustained its profitability through intensified cost-cutting and operational streamlining initiatives,” said IMI president Arthur Tan.

He added that “we were considerably impacted by the declining consignment or captive business with some of our Japanese original equipment manufacturer (OEM) customers, the rising costs of materials and labor in China, and the appreciation of the Philippine peso.”

Tan said IMI remains financially robust, ending the year with a cash balance of US$38 million. Its debt-to-equity ratio stays healthy at 0.33:1.0. “Moreover, we have sufficient credit facilities to support funding requirements of our expansion program,” he said.

The combined China and Singapore operations generated $248.8 million in revenues, accounting for 60.4 percent of total IMI revenues.

http://www.mb.com.ph/node/306187/ayala

Wednesday, February 23, 2011

Stock News 2011: Philippines has most expensive electricity in Asia

Image via Wikipedia
The Philippines has gained a new record, that of having the most expensive electricity in the whole of Asia.

The new record was reported by the Manila Electric Company (Meralco) to the power and energy committee of the Philippine Chamber of Commerce and Industry (PCCI) chaired by Jose Alejandro during a recent meeting.

The committee quoted a study made last October by the International Energy Consultants, an independent think-tank which allowed the power distributor to borrow the result of said study.

The study had shown that with average retail rate of electricity of 18.1 US cents per kilowatt-hour in the Philippines, it has eased out Japan at the top of having the most expensive electricity in Asia. As of the same month last year, electric rates in Japan were at 17.9 US centers per kilowatt-hour.

Besides Japan, subjected to the study were the utility companies in Thailand, Malaysia, South Korea, Taiwan, Singapore and Indonesia.

A similar study made by Meralco using the figures in the last quarter of 2008 indicated that until that year, the Philippines was still slightly behind Japan in electric rates.

The disparity in rates between the Philippines and most countries in the rest of Asia was so big that with the exception of Japan and Singapore, what consumers pay elsewhere is just the equivalent of the generation charges that consumers in the Philippines pay. This averages P5 a kilowatt-hour.

The high cost of electricity in the Philippines was traced by the group to the fact that all costs - from producing power to distribution and taxes – are passed on to consumers.

http://www.mb.com.ph/node/305841/philippine

Saturday, December 11, 2010

Stock News 2010: Eastern Petroleum logs 500% rise in sales with closed pipeline

Image by alles-schlumpf via Flickr
MANILA, Philippines – Trailing the feat of most oil companies unaffected by the Batangas-Manila pipeline closure, Eastern Petroleum Corporation reported that its sales have grown 500-percent month-on-month because of volume shift to other industry players.

In an interview with reporters, Eastern Petroleum chairman Fernando L. Martinez likewise noted the company’s sales revenues reached a record P3.2 billion to-date, which he described to have risen exponentially from last year.

The build-up in the oil firm’s inventory, he stressed, has been part of their “response to government call” following the supply delivery constraints experienced by Pilipinas Shell Petroleum Corporation and Chevron Philippines Inc.

“Eastern will continue to import huge quantities enough to fill up the gap to avoid any supply disruption for Luzon,” he said.

For the month of December alone, Martinez said they already cornered 37 million liters of diesel from a Japan shipment; and two gasoline product shipments from Singapore.

“The combined cargoes of more than 50 million liters are for distribution to Eastern Petroleum network of gasoline stations and to supply other oil retailers and distributors experiencing tight supply,” he added.

http://www.mb.com.ph/node/292165/ea

Sunday, October 31, 2010

International News 2010: Legendary Asian brand continues to make ripples around the world

The white and red versions of Haw Par Tiger Balm.

Image via Wikipedia

Credit goes to a Chinese herbalist named Aw Chu Kin from Xiamen, China for creating the legendary Asian brand, Tiger Balm--a combination of various special blends like camphor and menthol and other aromatic oils in order to provide remedy to daily pain.

It was no surprise that Tiger Balm grew to become one of the world’s leading topical analgesics ever since it was introduced almost 100 years ago.

The product of Aw’s ingenuity did not escape the eyes of his two sons, Aw Boon Haw and Aw Boon Par, whose entrepreneurial acumen quickly saw the potential in their father’s creation. The brothers gave it the name “Tiger Balm,” the word “Tiger” being the English version of “Haw”, and symbolizing strength and vitality. They established their main headquarters in Singapore in 1926.

Tiger Balm captured the attention of global markets like the United States and Europe with its unique formulation and became a leading topical analgesic brand in the United States; a high no. 5 in its category.

Its position in the United Kingdom is also something to be proud of as it reached no. 10, ranking among other muscle and body pain ointments in an otherwise discriminating market.

Now present in nearly 100 countries worldwide, Tiger Balm has set phenomenal standards of success to which only few Asian brands can lay claim. Its current slogan is “works wherever it hurts.”

http://www.mb.com.ph/articles/285201/legendary-asian-brand-continues-make-ripples-around-world

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