Investing Stocks in Philippines: Net profit

Showing posts with label Net profit. Show all posts

Friday, May 17, 2013

Stock News 2013: Property, gaming boost AGI profits in Q1

Casino logo (Photo credit: Wikipedia)

Alliance Global Group Inc. grew its first-quarter net profit by 18 percent year on year to P4.91 billion on higher earnings chalked up by its property development, gaming and beverage businesses.

Core net income attributable to AGI shareholders likewise increased by 21 percent to P3.58 billion from the level a year ago, the company disclosed to the Philippine Stock Exchange on Wednesday.

Property development arm Megaworld Corp. posted a 15-percent rise in first-quarter net profit to P1.8 billion. Megaworld contributed around 34 percent to AGI’s net income and about 26 percent to total revenue.

Leisure estate and gaming unit Travellers International Hotel Group—a partnership with the Genting group of Malaysia, which has made plans to go public—grew its first-quarter net profit by 16 percent year on year to P995 million. Travellers operates Resorts World Manila, the first integrated tourism estate in the country.

Emperador Distillers Inc. posted a 40-percent jump in first-quarter net profit to P1.4 billion.

Megaworld, Travellers and Emperador collectively contributed 84 percent of the conglomerate’s net profit.

“We believe the current macroeconomic conditions will contribute positively to our various businesses, from consumer and property to BPO and tourism—all growth drivers of the Philippine economy. These businesses will hit double-digit growth in revenues and net profits,” AGI chairman Tan said in a press statement.

Consolidated revenues went up by 25 percent to P30.39 billion in the first three months from the level a year ago.

Real estate arm Megaworld contributed around 34 percent to AGI’s net income and about 26 percent to its total revenue.

Megaworld’s three-month revenues stood at P8.1 billion, up 16 percent year on year. As an indicator of future growth, Megaworld and its subsidiaries also posted over P18 billion in reservation sales for the first quarter, higher than the P14 billion level in the same period last year, as the group reported brisk sales from the residential projects in its townships, particularly Newport City, McKinley West, McKinley Hill and Eastwood City.

Megaworld also cited strong leasing income from its BPO and retail portfolio.

http://business.inquirer.net/122247/metro-pacific-joins-msci-philippines-index-replaces-smc

http://pinoyfiq.com

Wednesday, May 1, 2013

Stock News 2013: Union Bank profit jumps by 41%

English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Aboitiz-led Union Bank of the Philippines grew its first-quarter net profit by 40.8 percent year on year to P4 billion, the best quarterly bottom line in its history, mainly due to the double-digit expansion in trading gains and interest earnings.

The first-quarter performance translated to a return on equity of 29 percent. The bank also managed to hit early in the year nearly half of its P8.5-billion net profit goal for the full year, which means the bank would have to readjust targets, Union Bank president Victor Valdepeñas said in an interview.

“We thought we’ll grow by 15 percent this year but it now seems to be a conservative target given our first-quarter performance. As the market continues to be quite positive in terms of flow of funds, I will not be surprised if we’ll see our income growing by 20 percent,” he said. However, the bank would have to wait for the second -quarter results before overhauling its targets for 2013, he added.

Valdepeñas said the bank’s three-month results, which topped what was already a strong performance in the same period last year, could be attributed to stable margins, lower cost of funds, improved productivity and strong contribution from subsidiaries. The first-quarter results already included the contribution of newly acquired thrift bank City Savings.

Based on the bank’s regulatory filing, net interest income went up by 15.8 percent to P2.05 billion from year-ago level.

Valdepeñas estimated that margins had stabilized at more than 3.4 percent.

“While the yields have been under pressure, our cost of funding has gone down much slower,” Valdepeñas said.

The bank’s loan book declined to P98.13 billion from P115.17 billion a year ago. He said this was because certain loan accounts, particularly auto loans, had matured faster than the bank’s new bookings of this type of loans. He said the bank was rationalizing its auto lending business while the credit card segment remained flat as Union Bank had become very “selective.”

“When demand from household continues to increase, we have to be wary,” he said. “Nonetheless, we’re still pushing that because I think consumer financing will grow faster than corporate loans. Corporations can now go directly to the public and raise equity given very good prices and the very good environment.”

For the full year, Union Bank aims to grow its loan book by 15 to 20 percent, Valdepeñas said.

http://business.inquirer.net/119189/union-bank-profit-jumps-by-41

Saturday, April 27, 2013

Stock News 2013: PSBank posts record net profit of P2B in Q1

Loans (Photo credit: zingbot)

Philippine Savings Bank, the thrift bank arm of the Metrobank group, generated a record-high net profit of P2 billion in the first quarter as hefty trading gains complemented core interest earnings.

The first quarter net profit was 273-percent higher than the level in the same period last year, the bank disclosed to the Philippine Stock Exchange on Monday.

PSBank grew its net interest income by 8.7 percent to P1.5 billion. Interest earnings from loans went up by 16 percent to P1.9 billion as the bank expanded its loan book by 23 percent to P77 billion. Strong consumer confidence and sustained economic growth continued to buoy demand for loans, the bank reported.

Auto lending rose by 28 percent compared to the previous year while mortgage lending expanded by 21 percent. The bank’s combined small and medium enterprise as well as large corporate loans likewise went up by 25 percent.

Meanwhile, the low-interest rate environment allowed PSbank to post large trading gains from its investments in government securities. Trading gains amounted to P3 billion from only P1.7 billion in the same period last year.

The bank also grew income from service charges and commissions by 13 percent year-on-year.

On the other hand, improvements in operating efficiency brought by automation kept operating expenses flat at P1.8 billion, the bank said.

“We are seeing traction in our strategy of improving sales coverage and operating efficiency as evidenced by the continued increase in market share for our key loan products, auto and mortgage. Given this loan increase, we are confident to exceed the original income target of the bank for the year,” said PSBank executive vice president Jose Vicente Alde.

While the bank boosted its earning assets, it kept good quality of earnings assets in its books. The ratio of net non-performing loans stood at only 0.4 percent. PSBank has also set aside P609 million as provisions for the first quarter, thus increasing loan coverage to 102 percent.

PSBank’s equity rose by 27 percent to P18.7 billion. This translated to a higher capital adequacy ratio to risk assets of 18.6 percent, well above the 10-percent minimum required level for local banks.

http://business.inquirer.net/117987/psbank-posts-record-net-profit-of-p2b-in-q1

Monday, April 15, 2013

Stock News 2013: Business Bank reports 1st Q profit of P593 M

Philippine Business Bank Logo (Photo credit: Wikipedia)

The newly listed Philippine Business Bank grew its first quarter net profit by 34.1 percent year-on-year to P593 million on strong contribution from its treasury business.

The thrift banking arm of businessman Alfredo Yao’s Zest-O group, which targets mostly small and medium enterprises, also expanded its loan book during the quarter by 42.93 percent year-on-year to P22.09 billion.

PBB’s total resources stood at P36.2 billion at end-March, up from P27.9 billion in the previous year, the bank disclosed to the Philippine Stock Exchange.

Liquid assets also rose to P11.1 billion from the previous year’s P9.68 billion. Overall earning assets expanded by 32 percent to P33.2 billion.

The bank also grew its deposit base by 19.4 percent to P26.32 billion year-on-year.

In terms of asset quality, the ratio of non-performing loans to total loans improved to 2.51 percent at end-March from 3.09 percent in the same period last year. Every peso of soured loan is aptly covered.

Capital adequacy ratio to risk assets remained high at 31.5 percent during the period.

http://business.inquirer.net/116567/business-bank-reports-1st-q-profit-of-p593-m

Wednesday, March 13, 2013

Stock News 2013: Metrobank nets P15.4 B in 2012

Metropolitan Bank and Trust Company (Photo credit: Wikipedia)

Local banking giant Metropolitan Bank and Trust Co. increased its net profit last year by 40 percent to a record-high P15.4 billion on higher interest and non-interest earnings.

Metrobank, the banking arm of tycoon George Ty, also announced that its balance sheet had exceeded the P1-trillion mark for the first time. Total assets increased by 9 percent to total P1.04 trillion by the end of the year. It is the second Philippine bank to breach this milestone after Banco de Oro Unibank.

The increase in balance sheet was fueled by a 15-percent rise in its loan book to P525.7 billion, with the consumer and commercial middle market leading the growth. The expansion in earning assets was supported by an 8-percent growth in deposits to P738.7 billion.

Total operating income improved by 16 percent to P58.7 billion on the back of a 5-percent growth in net interest income to P30.8 billion. Non-interest income also increased by 33 percent.

Despite intensified market competition, Metrobank noted that its net interest margin improved to 3.6 percent from last year’s 3.5 percent supported by a more favorable deposit mix.

http://business.inquirer.net/111051/metrobank-nets-p15-4-b-in-2012

Tuesday, March 12, 2013

Stock News 2013: Aboitiz group reports 2012 net income of almost P24 B

English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Aboitiz Equity Ventures Inc. increased its net profit last year by 13 percent to P23.9 billion on higher earnings from its power, banking and food-related businesses.

Excluding non-recurring items, AEV’s core earnings for 2012 totalled P23.4 billion, up by 12 percent. One-time items were booked from the following: A gain of P541 million from its power business, including a one-time gain from the revaluation of dollar-denominated liabilities and placements; non-recurring net loss brought about by the higher fuel cost booked by its geothermal plants due to reimbursements made to its steam supplier; the downward revenue adjustment of a wholly owned subsidiary as a result of an Energy Regulatory Commission ruling regarding its ancillary services contract; and -the debt prepayment cost incurred at parent level.

The full-year net profit last year translated to P4.33 in earnings per share for AEV. Power continued to account for the lion’s share of earnings at 78 percent while the banking and food units contributed 16 percent and 5 percent, respectively.

For the fourth quarter alone, AEV’s consolidated net income amounted to P5.9 billion, 15 percent higher year-on-year. Adjusting for non-recurring items, AEV closed the quarter with an 8 percent year-on-year growth in core net income to P5.7 billion.

Flagship unit Aboitiz Power Corp. ended the year with an income contribution of P18.8 biliion versus last year’s P16.5 billion. Excluding non-recurring items, the power unit recorded a 13 percent increase in its earnings share to P18.2 billion.

In 2012, the power generation business contributed P17.5 billion in earnings, recording a 12 percent growth due to the higher average selling price (+3 percent) and net generation recorded for the period. Meanwhile, improved sales volumes and margin expansions supported a 19 percent increase in the power distribution group’s income contribution to P2.2 billion.

Income contribution from banking grew by 12 percent to P3.9 billion. Union Bank of the Philippines (UnionBank) ended the period with an earnings contribution of P3.3 billion, up by 14 percent on the back of higher net interest income and hefty trading gains. Non-listed thrift bank unit City Savings Bank, Inc. (CitySavings), contributed earnings of P520 million in 2012, which was lower by 2 percent year-on-year mainly attributed to the bank’s ongoing expansion program which led to a 28 percent increase in operating expenses.

http://business.inquirer.net/110917/aboitiz-group-reports-2012-net-income-of-almost-p24-b

Thursday, March 7, 2013

Stock News 2013: China Bank’s 2012 profit flat at P5 B

y2cary3n6mng-qwfl07-net-profit-formula (Photo credit: NVarchitect)

The Sy family-led China Banking Corp. chalked up a consolidated net profit of P5 billion last year, flat compared to the previous year as its thrift bank subsidiary gnawed at overall profitability.

But China Bank sustained a return on equity of 12.39 percent and return on assets of 1.72 percent for the year.

Last year’s earnings were fueled by a 29 percent increase in loans to P198 billion, which grew 50 percent faster than the industry. Lending grew across all market segments—up 36 percent in commercial, 28 percent in consumer and 27 percent in corporate loans—cushioning the impact of lower yields and thinning margins.

Profits were also boosted by hefty trading and securities gains, expanding by 98.6 percent to P2.92 billion.

http://business.inquirer.net/111057/china-banks-2012-profit-flat-at-p5-b

Monday, February 25, 2013

Stock News 2013: UCPB ’12 profit up by 22%

English: The new logo of United Coconut Planters Bank (Photo credit: Wikipedia)

United Coconut Planters Bank posted a net profit of P3.73 billion last year, 22 percent higher than the previous year, on higher interest earnings and extraordinary treasury gains.

“In spite of 2012 being a demanding year both strategically and financially, we at UCPB are satisfied to have achieved these results. We are definitely looking forward to this year, being our 50th anniversary, and revisiting the basic fundamentals that have made us a reliable banking partner for our target market,” UCPB president and chief executive officer Jeronimo Kilayko said in a statement.

The bank grew its loan book by 24 percent to P87.72 billion last year, with the consumer portfolio rising by 33 percent. Corporate accounts made up 45 percent of the loan portfolio.

Net interest income rose about 4 percent to P3.56 billion year on year.

Like most of its peers, the decline in interest rates to record-low levels last year favored the treasury business. Securities trading gains jacked up UCPB’s non-interest income by 47 percent to about P5.2 billion last year.

On fee-based business, ATM transactions grew by 20 percent from the previous year. “The growth in fees will continue to be robust because of the introduction of products such as UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients. This fairly advanced banking system includes a mobile banking component which allows users to access their bank statement and pay bills through mobile devices,” the bank said.

UCPB ended 2012 with total assets hitting P218.72 billion, up by 9 percent from a year before. This was attributed to “sound financial fundamentals and knowledge of the current market conditions.”

http://business.inquirer.net/109307/ucpb-12-profit-up-by-22

Friday, February 22, 2013

Stock News 2013: RCBC posts 24% profit growth

Rcbc plaza (Photo credit: Wikipedia)

Yuchengco-led Rizal Commercial Banking Corp. grew its net profit last year by 24 percent to P6.21 billion on higher interest and fee-based income, and hefty treasury gains.

RCBC also firmed up a deal with International Finance Corp. for the purchase of $100 million worth of additional shares in the bank. A separate agreement was finalized to unload P5 billion worth of non-performing assets (NPAs) to a consortium that also includes IFC.

On its 2012 results, the bank’s profit translated to a return on equity of 15.52 percent and a return on assets of 1.77 percent.

Despite pressures on margins in a record-low interest rate environment, RCBC reported that its net interest income had grown by 6.5 percent to P11.45 billion. The bank ended last year with a loan book of P190 billion, 3 percent higher than the level of loans and receivables booked in 2011.

The growth in RCBC’s lending activities was supported by the expansion in lending to consumers (25 percent), small and medium enterprises (37 percent) and corporate loans (8 percent).

Net interest margin was 3.95 percent, one of the highest in the industry.

http://business.inquirer.net/108043/rcbc-posts-24-profit-growth

Sunday, November 18, 2012

Stock News 2012: Pepsi unit posts 208% growth in 9-month profit

Pepsi logo (2003-08). Initially, the "Pepsi" script was written across the top of the globe. In 2007 when the packaging was again redesigned, the script was moved below the globe. It was used in countries outside the US until 2010. (Photo credit: Wikipedia)

Beverage-maker Pepsi-Cola Products Philippines Inc. tripled its net profit in the first nine months as sales expanded even during the third quarter, when the country was hit by heavy monsoon rains.

PCPPI reported that its January-September net profit jumped by 208.3 percent year on year to P696 million. For the third quarter alone, net income grew by about 1 percent year on year to P119.33 million despite adverse seasonality factors.

“The third quarter of the year is typically a difficult period for the beverage industry due to seasonality. This year, it was further compounded by the heavy rains in July and August. Our notable achievements across brands and categories were driven by a better-than-expected performance in carbonated softdrinks, particularly in the cola segment,” PCPPI president Partho Chakrabarti said.

“With our top-line growth continuing to outperform industry growth for yet another quarter, we are poised to significantly exceed our full-year targets”, Chakrabarti said.

Gross sales, fueled by robust sales volume performance across brands and categories, grew by 6.5 percent year on year to P5.24 billion for the third quarter and by 13 percent to P16.56 billion year to date.

Due to higher sales volume, cost of sales rose by 6 percent in the third quarter and by 5 percent during the nine months to September compared to year-ago levels. However, as a percentage of net sales, cost of sales decreased by 6 percentage points during the nine-month period versus 2011 levels. This is attributed to the 27-percent drop in the average sugar price.

Cost of sales includes raw and packaging materials expenses, direct labor cost and manufacturing overhead.

The company’s gross profit reached P3.83 billion for the nine-month period, representing an increase of 42 percent compared to year-ago level.

PCPPI’s strong first half-year growth allowed the company to make strategic investments in the third quarter of the year, resulting in increases in operating expenses as a percentage of net sales by 2 percentage points for the three-month period and 1 percentage point for the nine-month period from year-ago levels.

Operating expenses—consisting of selling and distribution, general and administrative, and marketing expenses—remained at manageable levels.

http://business.inquirer.net/92406/pepsi-unit-posts-208-growth-in-9-month-profit

Friday, August 24, 2012

Stock News 2012: CitisecOnline books P209 M profit in H1

English: Phillippine stock market board (Photo credit: Wikipedia)Stock brokerage firm CitisecOnline (COL) grew its first semester consolidated net profit 14.7 percent to P209.1 million, benefiting from a resurgent stock market that hit new multiple highs on account of sound macroeconomic fundamentals and a predominantly low interest rate environment.

In a statement, COL said total revenues went up 11 percent to P355.9 million, mainly driven by the 58.1 percent rise in commission revenues from its Philippine operations to P227.9 million.

COL expanded its client base by 24 percent to over 37,000 from 28,000 as of end-2011. As a result, client equity increased to P22.1 billion as of June 30 this year from P16.5 billion in end-December last year.

The Philippines already accounted for 91 percent of aggregate earnings in the first half, up from 82 percent for the whole of 2011.

COL reported that its volume of transactions rose 23 percent, strengthening its position as the number one stock broker in the Philippine Stock Exchange (PSE). In value terms, the company’s ranking also improved from eighth to seventh with a total of P84.6 billion worth of trades executed.

Its market share also increased by 20 basis points to 4.5 percent from 4.3 percent in 2011.

The sluggish output from its overseas unit in Hong Kong, however, clipped the group’s robust Philippine operations.

Revenues from Hong Kong fell 48.2 percent to P33.6 million as market conditions continued to deteriorate.

COL said operating expenses in the Philippines jumped 63.2 percent to P115.5 million as it took numerous steps to improve its level of service such as upgrading computer systems to address the growing volume of transactions, making it easier for clients to transfer funds to their accounts, and making information more accessible to clients by employing more communication channels.

“These efforts have clearly paid off given our growing number of clients and their expanding equity positions”, said COL president and chief executive officer Dino Bate.

“Although the increase in expenses associated with our expansion program tempered our earnings growth, we believe that this is necessary to ensure the sustainability of our long term organic growth. Ultimately, our profitability as a stock broker is only a consequence of our customers’ success,” he added.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=840420

Thursday, November 11, 2010

Stock News 2010: Jollibee net P711M in Q3, up by 32%

Image via Wikipedia

MANILA, Philippines—Fastfood giant Jollibee Foods Corp. grew its third-quarter net profit by 31.8 percent to P711 million from a year ago on higher retail sales and better margins from its worldwide restaurant network.

This brought JFC’s nine-month net profit to P2.15 billion, up by 16.2 percent year on year, on the back of P38.42 billion in revenue.

JFC chief executive officer Tony Tan Caktiong disclosed to the Philippine Stock Exchange on Thursday that sales were robust in practically all brands led by a double-digit growth rate in the turnover of its flagship Jollibee brand.

“Today, more people eat in each Jollibee store in the Philippines than in each of the past two years due to higher product value appreciation as rated by consumers in market research,” he said.

Systemwide sales—a measure of all sales to consumers—amounted to P16.88 billion in the third quarter and P50.79 billion for the nine-month period, both up by around 10 percent. Philippine sales rose by 7.7 percent while foreign sales grew by 20.5 percent year on year in the quarter.

http://business.inquirer.net/money/topstories/view/20101111-302711/Jollibee-net-P711M-in-Q3-up-by-32

Stock News 2010: CitisecOnline income reaches P79.2M in Q3

Image by barnoid via Flickr

MANILA, Philippines—Leading online stockbroker CitisecOnline.com Inc. grew its third-quarter consolidated net profit by 10.9 percent to P79.2 million as strong Philippine operations made up for sluggish output from its overseas unit in Hong Kong.

This brought COL’s nine-month net profit to P188.8 million, down by 5.4 percent from a year ago, weighed down by the overseas operations.

“We are very pleased with the results of our Philippine operations. Initiatives to grow the business by educating, equipping and empowering the Filipino retail investors are clearly paying off as evidenced by the significant growth in the number of our customer accounts and the size of their equity. It is even more encouraging that the bulk of our new customers are first-time investors in the stock market,” COL president Conrado Bate said.

http://business.inquirer.net/money/topstories/view/20101111-302716/CitisecOnline-income-reaches-P792M-in-Q3

Thursday, January 14, 2010

Stock News 2010: RLC profit up to P3.3B

Berjaya Times Square Shopping Mall, Hotel, & S...

Image via WikipediaMANILA, Philippines – The Gokongweis’ Robinsons Land Corp. posted a four-percent year-on-year profit growth in fiscal year 2009 that ended September, on higher revenue from its shopping mall and office property portfolio.
Net profit hit P3.27 billion on the back of a P10.73-billion revenue. Excluding extraordinary items, RLC’s core net income grew by 10 percent, the firm said in a statement.
“RLC’s various business units managed to perform well because of our deep understanding of the market, commitment to operational efficiencies and a healthy balance sheet,” said Frederick Go, RLC president and chief operating officer.
The commercial centers division accounted for P4.21 billion or 39 percent of the real estate revenue for the year, up 14 percent from year-ago level.
Enterprise-wide average occupancy rate for the malls was steady at 93 percent.
From October to December last year, RLC opened four new malls: Robinsons Place General Santos, Robinsons Place Dumaguete, Robinsons Ilocos Norte and Robinsons Cybergate Cebu.
RLC is the second largest shopping mall developer in the country with 29 malls nationwide. The office buildings division, a leading provider of space to BPOs, reported gross revenue of P1.1 billion, or 26 percent higher than year-ago level. Accounting for 10 percent of total revenue, the office division’s operating profit grew by 20 percent to P738 million. It enjoys a stable recurring lease from its six office buildings: Robinsons Cybergate Towers 1, 2, 3, Robinsons Summit Center, Robinsons Equitable Tower, and Galleria Corporate Center.
RLC’s hotels division posted P1.04 billion in revenue, down from last year’s P1.14 billion due to the global travel slowdown. Its net income before tax reached P130.49 million.
Doris C. Dumlao
January 14, 2010
http://www.robinsonsoffices.com/news.html

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