Stock News 2012: Philodrill sees P2B profit

The Terra Nova Oil Project (Photo credit: Wikipedia)

Exploration firm The Philodrill Corp. is targeting to breach the P2-billion net income mark in two to three years’ time as it anticipates higher revenues from the doubling of oil production at the Galoc oil field in offshore Palawan.

Philodrill executive vice president Francisco Navarro said the second phase of development for the Galoc field would not only extend the life of the field to 2020, but also more than double the daily oil production to anywhere between 10,000 and 12,000 barrels of oil a day (bopd) from the current 5,000 bopd.

For the second leg of development, the members of the consortium operating Service Contract 14C-1, which operates the Galoc field, are investing a total of $188 million (about P7.5 billion). Of the amount, Philodrill is spending a little over 7 percent, or $13.16 million (or about P526 million).

“We have funding already available. We’re not borrowing. The drawing down of funds has already begun because the long lead items needed for the drilling are being acquired earlier. We expect drilling to start by the third quarter of next year,” Navarro said.

The Phase II development for the Galoc oil field involves the drilling of two subsea wells, which will be tied back to the existing floating production, storage and offloading (FPSO) facility. There is also an option to drill a third well on the Galoc North prospect following the completion of the two development wells.

For 2012, Navarro disclosed that Philodrill expected its net income to hit only P300 million to P400 million, about 60 percent lower than the P1.04 billion in net profit it posted in 2011. The decline was attributed largely to the shut-down of the Galoc oil field. Field operator Galoc Production Co. had shut down its operations at the Palawan oil field late last year for an upgrading work and was able to resume production only in the first week of April.

Philodrill, however, was expected to further increase its income next year to about P1 billion, which it might double by either 2014 or 2015 with the new wells at the Galoc already producing at optimum levels, Navarro added.

http://business.inquirer.net/98499/philodrill-sees-p2b-profit

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Stock News 2012: ORE profit jumps 73% in H1

WEIFANG, CHINA - JULY 11: Rescuers work at the accident site at an iron ore mine of Zhengdong Mining Co. Ltd on July 11, 2011 in Weifang, Shandong Province of China. The iron ore mine flooding accident happened at around 11 p.m. on Sunday and trapped 24 miners underground. (Image credit: Getty Images via @daylife)
Mining holding firm Oriental Peninsula Resources Group (ORE) reported a 73-percent jump in first half net earnings to P494.14 million, mainly due to a sharp increase in sales of nickel laterite ore.

In a financial report submitted to the Philippine Stock Exchange, ORE said sales more than doubled to P1.41 billion from P515.33 million a year earlier.

Gross revenues from mining amounted to P617.2 million, up 91.7 percent from P321.91 million. As a result, operating profit grew 57.5 percent to P478.19 million.

Cost and expenses, however, shot up more than four-fold to P931.68 million.

For the second half, another 26 vessels will make shipments to Chinese, Japanese and Australian buyers.

“Despite unstable prices of ore in the international market, ORE continued to perform way beyond its expected targets. Volume of shipment increased three times this year versus volume in the same period of last year. We hope to achieve more robust gains as operations go full swing,” said Caroline L. Tanchay, chairman of ORE.

Ongoing construction and development, road and causeway maintenance and rehabilitation works are being undertaken in its mining sites. The company has so far explored only 13 percent of the total area

By yearend, ORE aims to ship out 55 vessels of nickel ore and increase production from one million tons to three million tons.

ORE is considering building a $10-million sintering plant that will allow it to produce semi-processed metals using the output from its Palawan mines.

http://www.philstar.com/Article.aspx?articleId=839100&publicationSubCategoryId=66

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Stock News 2012: 50 new McDonald's branche

English: The mdonalds logo from the late 90s (Photo credit: Wikipedia)The master franchise holder of McDonald’s in the Philippines expects as much as 50 new branches this year to take advantage of robust economic growth.

The rapid pace of growth will continue for the next three to five years, an executive said.

“We are very excited, we continue to grow. This year we can grow 40 to 50 stores all over the country,” Kenneth S. Yang, president and CEO of master franchise holder Golden Arches Development Corp., said in a chance interview.

This will allow the company to end the year with a record 370 stores nationwide.

Yang said the expansion is 50 percent more than the company did last year, on top of the store renovations.

“Definitely the economy is very strong and I think the growth of the business process outsourcing industry is helping a lot and the overseas remittances continue to be there,” Yang said. “Consumer spending is still very strong so I think,” he added.

The local economy surged 6.4 percent in the first quarter due to government and private sector spending while January to May remittances climbed 5.5 percent to $9.26 billion from a year ago.

Given the strong fundamentals, Yang said the company is maintaining its bullishness and the rapid expansion pace in the next three to five years.

New branches will be driven by a mix of company-owned stores and by franchising. “Our thrust for franchising is outside Manila, on provincial areas,” Yang said.

McDonald’s is also tapping tourist destinations like Palawan, Bohol and Boracay, Yang said.

Benchmark investment for a new branch is around P40 million, with McDonald’s targeting businessmen, professionals and retirees as its franchising partners.

The first branch of the quick service restaurant chain opened in Morayta, Manila back in 1981.

Meanwhile, profitability of McDonald’s is cut by higher operating costs.

“The challenge is really the cost of operating the business. Costs are increasing like commodity and electricity. It is very hard to keep our profitability at the same level so we try to be more efficient,” Yang said.

http://www.philstar.com/Article.aspx?articleId=835037&publicationSubCategoryId=66

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Stock News 2012: Philex profit falls 37% on lower gold output

Philex Open Pit Mine (Photo credit: Storm Crypt)
Based on a financial report submitted to the Philippine Stock Exchange, Philex said consolidated core net income dipped 26 percent to P2.11 billion as operating revenues slid to P7.1 billion from P7.74 billion.

Philex produced 58,681 ounces of gold, down 19 percent from the previous level’s 72,784 ounces. Copper production, on the other hand, remained steady at 18.34 million pounds or slightly down from 18.66 million pounds a year earlier.

The company’s hedging strategy mitigated the downward effect of softening metal prices with realized gold prices for the period of $1,618 per ounce and copper prices at $4.05 per pound.

Cost and expenses likewise went up 17 percent to P4.05 billion owing to increased power rates.

Philex chairman Manuel V. Pangilinan, however, said he expects conditions to improve in the second half, noting that the company has seen some recovery in grade and total output beginning June.

“We expect gold production volume to be better this second half, but will nonetheless be slightly lower in volume terms compared with last year. Copper volume should be maintained at levels with that of last year,” he said.

Revenues from its petroleum business sharply fell to P57.8 million from P328.9 million a year earlier, owing to lower income by Forum Energy Plc from the Galoc oil field, which temporarily suspended production from its operations off Palawan from November 2011 to March 2012 to allow upgrading of its floating production, storage and offloading vessel.

Forum Energy is 60.5-percent controlled by Philex Petroleum Corp.

http://www.philstar.com/Article.aspx?articleId=831539&publicationSubCategoryId=66

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Stock News 2012: DMCI unit to build Palawan power plant

Photo of a coal-fired power plant in Shuozhou, Shanxi, China Français: Centrale au charbon, Shuozhou, Shanxi (Chine) (Photo credit: Wikipedia)
Three new coal-fired power plants will be built in Palawan to cater to growing demand in the province, a company official said.

“DMCI Power was announced yesterday as the winning bidder for the 25-megawatt (MW) power plant of Palawan Electric Cooperative (PALECO),” the company said in a disclosure.

The power firm submitted the lowest bid, with true cost generation rate at P9.38 per kilowatt-hour, it added.

“Required capacity is 25 MW by September next year. We will put up the diesel-fueled power plant in Palawan,” DMCI Power president Nestor Davidas said in a phone interview.

Davidas said the company prefers coal-fired power plants but Palawan is already in need of additional power supply.

Early this month, the Puerto Princesa city council declared a state of emergency given power outages in the province.

DMCI Power, for its part, will build coal-fired power plants in Palawan due to high operating costs of the diesel plant.

Davidas said DMCI Power will start commercial operations of a 15-MW coal plant in October 2014. Another 15-MW power plant will start producing electricity in 2017.

Davidas said the company is also looking for a third 15-MW facility that will use the “circulating fluidized bed” technology that is more environment friendly.

The Consunjis earlier announced their plan to put up 7.5-MW coal-fired power plant in the Small Power Utilities Group (SPUG) areas.

State-run National Power Corp.’s unit SPUG is mandated by the Electric Power Industry Reform Act of 2001 to undertake the electrification of remote villages or areas not connected to the main transmission grid in Luzon, Visayas and Mindanao.

There are 14 areas under SPUG including Catanduanes, Romblon, Siquijor, Sulu, Tawi-Tawi and Basilan that are under review prior to privatization.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=828874

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Stock News 2012: Philex eyes Chinese partner in Recto Bank

Photo of Manny (Photo credit: Wikipedia)
The group of businessman Manuel Pangilinan is negotiating with one of China’s biggest firms for possible oil and gas exploration in Recto Bank, which is near the disputed Spratly Islands.

Highly placed sources said Pangilinan flew to Beijing a few days ago to meet with officials of the state-owned China National Offshore Oil Corp. for a possible joint venture in Recto Bank in Western Palawan. CNOOC is China’s biggest offshore oil and gas producer.

The Pangilinan-led Philex Petroleum is also in talks with other foreign oil industry giants for the development of the resource-rich Recto Bank. Sources also said prospects for a China project are high for Philex-controlled Forum Energy Plc.

They also said possible joint ventures in mining were also discussed in the Beijing meeting.

The negotiations for a possible joint gas exploration in Recto Bank came amid a standoff at the Panatag (Scarborough) Shoal off Zambales, involving Philippines and Chinese vessels.

“We are talking about billions of dollars (of investments). You will need an international major. They have the expertise and the marketing power to place the gas,” Pangilinan, Philex chairman, earlier said. “We have talked to a number.”

Forum Energy, a United Kingdom-based oil and gas firm, is doing exploration on Recto Bank under Service Contract 72. When asked earlier if his group was willing to deal with China despite the latter’s incursion into Philippine territory, Pangilinan said: “That is a solution. I think we should be talking to Chinese companies.”

Forum Energy said it needs around $75 million to continue with its drilling in Recto Bank, which showed a potential of producing 16.6 trillion cubic feet of gas.

“You will have to go to a consortium...It could be one or more oil companies that could get involved,” Pangilinan said.

The estimated gas yield in Recto Bank is way above the 3.4 trillion cubic feet of gas in the Malampaya natural gas project in Palawan.

http://www.philstar.com/Article.aspx?articleId=804803&publicationSubCategoryId=63

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Stock News 2012: Atok-Big Wedge swings to profit in 2011

Ongpin-led Atok-Big Wedge Co. Inc. swung to a net income of P6.68 million last year from a net loss of P41.9 million in 2010, boosted by one-time gains from the sale of a subsidiary and the acquisition of a substantial stake in Forum Energy Plc.

During the company’s annual stockholders meeting Friday, Atok president Walter Brown said revenues went up 53 percent to P42.2 million.

The turnaround in its financial performance was also attributed to the reduction in the firm’s general and administrative expenses from P68.87 million to P35.52 million.

Brown said the company’s growth momentum will continue this year as it expects to benefit from its indirect investment in Forum, a United Kingdom-based gas and oil exploration and production company which has a 70 percent equity in Service Contract 72 covering the Sampaguita offshore gas project located off the north west coast of Palawan.

In October 2011, Atok acquired 100 percent of Tidemark Holdings Ltd, a Hong Kong company that owns 25.92 percent of Forum’s outstanding capital.

Brown reported that the interpretation of SC 72’s seismic program was already completed and that the results were encouraging. A drilling program is slated to begin early December this year.

SC 72 is a joint venture between Forum Energy and Monte Oro Resources and Energy Inc. Philex Petroleum has a 64.45 percent direct and indirect interest in Forum Energy which was acquired before Ongpin sold his stake in PPC parent company Philex Mining Corp.

Outside the Philippines, the company was granted authority to establish a representative office in Laos in April 2011.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=799687

Stock News 2012: Robinsons Land to expand retail portfolio

Robinsons Place Dumaguete in Dumaguete City, Negros Oriental, Philippines (Photo credit: Wikipedia)
Gokongwei-led Robinsons Land Corp.(RLC) is scaling up its retail portfolio in the next two years to boost its total mall leasable area to a little over one million square meters.

RLC president Frederick D. Go told reporters after the company’s annual stockholders meeting late Wednesday that they are building seven new shopping malls and expanding three of 29 existing malls in 2012-2013 to take advantage of the expected strong consumer spending and a booming business process outsourcing (BPO) industry.

Go said three new malls will be built this year while another four in 2013.

In March, RLC opened its first full-service mall in Calasiao, Pangasinan. The company is slated to open Robinsons Place Palawan in May and Robinsons Magnolia in July.

 RLC recently completed two mall expansion projects in Tacloban and Bacolod.

Together with the two expansion projects, RLC’s total gross leasable area will reach 911,000 square meters at end-September this year. In 2013, RLC will add another 100,000 sqm to bring the total GLA to 1.01 million sqm.

In the office sector, RLC expects to complete Cyberscape Alpha and Cyberspace Beta in mid-2013 which will increase total net leasable area to 274,000 sqm from 194,000 sqm this year.

Go said the company is scouting for more land to purchase to expand their office building portfolio.

RLC has set aside P13 billion for capital expenditures this year, majority of which will go to new mall openings, office buildings and hotels.

Aside from this, it is planning to open two more Go Hotels this year, in Tacloban and Bacolod. It already opened in Palawan and Dumaguete in the first quarter of the year.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=798682

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Stock News 2012: Swift sells P500-million Mandaluyong property to DMCI

Swift Foods Inc. is selling P500 million worth of property located at its headquarters in Mandaluyong City to DMCI Project Developers Inc.

In a disclosure to the Philippine Stock Exchange on Friday Swift said its board approved the sale of three parcels of land on Sheridan St. with a total area of 11,116 square meters at P45,000 per sqm.

The sale is in line with Swift’s efforts to pay down its debt.

Based on earlier filings with the local bourse, Swift said it would pursue the sale of non-performing assets to settle outstanding obligations.

Despite its liquidity problems, Swift management said it would continue to find ways to address pressing matters.

Only its farm in Palawan will remain operational and continue to produce quality Swift Sariwanok chicken, Swift said.

Swift incurred a net loss of nearly P70 million in the nine months ending September 2011, slightly higher than the P68.9 million loss recorded a year before on lower sales.

Net sales slid 33 percent to P304.34 million.

In the third quarter of 2011 alone, Swift’s net loss amounted to P12.35 million or a decrease of 75.5 percent from the P50.38 million posted the previous year.

http://www.philstar.com/Article.aspx?articleId=790644&publicationSubCategoryId=66

Stock News 2012: DMCI Power eyes off-grid Napocor areas

Can you identify these buildings? (Photo credit: nina_theevilone)
DMCI Power Corp., the power generation unit of the Consunji Group, is eyeing to participate in the privatization of the National Power Corp.’s Small Power Utilities Group (SPUG) this year, a company official said.

DMCI Power chairman Isidro Consunji said the company intends to help in energizing the SPUG areas.

“Our focus this year is on [Napocor] SPUG areas. We will bid as much as possible,” he said.

Napocor is targeting to intensify its privatization efforts starting the first quarter of this year, with the two areas being eyed for privatization to include parts of Mindoro and Palawan.

Napocor-SPUG is mandated by the Electric Power Industry Reform Act to provide electricity to remote islands and far-flung, inland barangays that are not connected to any of the main grids, after around 90 percent of its generating assets have been privatized.

The competitive selection process for Napocor-SPUG’s off-grid areas is part of the major reforms in the power sector.

It provides an opportunity for private investors to build, own and operate generation facilities to supply missionary or far-flung areas.

Earlier, Napocor president Froilan Tampinco said they would offer to power generation investors the remaining 12 SPUG areas.

There were 14 SPUG areas previously offered for private sector participation: Occidental Mindoro, Oriental Mindoro, Marinduque, mainland Palawan, Catanduanes, Bantayan, Masbate, Tablas, Romblon, Camotes, Siquijor, Tawi-Tawi, Basilan and Sulu.

Tampinco said they would also privatize the SPUG areas in Catanduanes, Romblon, Tablas and Siquijor after the Palawan and Mindoro bidding.

But the Napocor executive admitted that they would have to put the least priority to “more difficult areas” such as Sulu, Tawi-Tawi and Basilan.

http://www.philstar.com/Article.aspx?articleId=764301&publicationSubCategoryId=66

Stock News 2011: San Miguel to bid for 3 airport projects

Image via Wikipedia
Diversifying conglomerate San Miguel Corp. is investing about $300 million to modernize and set up new tourism amenities at the Godofredo P. Ramos airport here, the main gateway to the world-famous Boracay Island.

The conglomerate also plans to participate in the public bidding for the public-private partnership airport contracts for Palawan, Bohol and Caraga (Agusan).

The three airport projects were cited by President Aquino on Saturday during the inauguration of the SMC-backed Caticlan airport rehabilitation.

“When we join the bidding, the price becomes reasonable, so we’ll participate in all of them,” SMC president Ramon S. Ang told reporters at the sidelines of the inauguration of the airport project. It was earlier reported that SMC was likewise interested in the Naia 3 airport terminal privatization.

By the time the Caticlan modernization project is completed by December 2013, it will accommodate three million tourists a year from only 500,000 at present. “We invested here because we saw the potential that we can contribute to [boost] tourist arrivals,” Ang said.

Over the last seven months, SMC has spruced up the Caticlan airport but it would take at least two more years to complete the major upgrading, Ang said.

The $300-million investment will include not only the upgrading of the airport itself but the construction of new amenities like a 5,000-room budget hotel, a world-class convention center and a retail complex that will showcase local souvenirs and a row of seafood restaurants. The tourism amenities, Ang said, would be managed by local operators.

http://business.inquirer.net/5291/san-miguel-to-bid-for-3-airport-projects

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Stock News 2010: RLC builds 3 more budget hotels

Image via WikipediaMANILA, Philippines - Robinsons Land Corp. is building three more budget hotels, located outside Metro Manila, in addition to its pilot site at the Robinsons Pioneer Cybergate complex in Mandaluyong City.
Slated for opening on May 19, Go Hotel-Pioneer will offer 225 rooms with sizes ranging from 16 square meters to 22 square meters each. Rates vary from P388 to P3,000.
In the pipeline are branches in Tacloban, Palawan and Dumaguete which are expected to be developed in the next three to five years.
The Palawan site is expected to have 80 to 100 rooms Go Hotels is the fifth hotel property of RLC next to the 285-room Crowne Plaza Galleria Manila, 263-room Holiday Inn Galleria Manila, 210-room Cebu Midtown Hotel and the 108-room Summit Ridge Hotel Tagaytay.
RLC president and chief operating officer Frederick Go earlier said the budget hotel was a good fit for lowcost carrier Cebu Air and a perfect choice of budget-conscious travellers.
In the fiscal year ending September 2009, RLC’s hotel division registered revenues of P1.04 billion or about 10 percent of total revenues.
Zinnia Dela Peña
May 12, 2010
http://www.philstar.com/Article.aspx?articleId=574376&publicationSubCategoryId=66

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