Vista Land 9-mth net income rises to P6.4B

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VILLAR-LED Vista Land & Lifescapes Inc. said on Monday that its net income for the first nine months of the year jumped 11 percent to P6.4 billion from P5.8 billion last year on the back of stronger rental revenues.

Vista Land told the Philippine Stock Exchange that consolidated revenues in the period were up 8 percent at P24 billion, driven by a 67 percent increase in rental revenues to P3.1 billion, while real estate revenues rose 3 percent to P19.03 billion.

The strong growth in real estate revenues was mainly due to the increase in the overall completion rate of sold inventories of business units Camella Homes and Communities Philippines, which offset revenue declines in its other residential brands particularly Vista Residences, Crown Asia and Britanny, the company said. Catherine Talavera

Filinvest Group nets P5.9B in Jan-Sept, up 21%


GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) said Monday its January to September net income jumped 21 percent from a year ago to P5.9 billion on the robust profit growth of its banking, real estate, and sugar businesses despite weaker profit contributions from its power and hotel segments.

FDC’s consolidated revenues in the first nine months grew 15 percent from a year ago to P42 billion driven by its banking and property businesses.

Banking arm East West Banking Corp. contributed 42 percent of the total revenues, followed by property unit Filinvest Land Inc. (FLI) (38 percent), power vehicle FDC Utilities Inc. (11 percent), sugar miller Pacific Sugar Holdings Corp. (6 percent), and hotel business under FDC Hotels (3 percent). Kristyn Nika M. Lazo

EastWest sees P3B profit for 2016 after strong 9-mth earnings

EAST WEST Banking Corp. (EastWest) said on Monday it expects net income for 2016 to hit P3 billion after the bank posted 78 percent growth in profits in the first nine months on the back of an increased loan portfolio.

EastWest said net income rose to P2.33 billion in the first nine months, while for the third quarter alone, net profit surged 156 percent to P763 million. Net interest income in the nine months grew 24 percent year-on-year to P11.21 billion, while non-interest income rose 42 percent.

“We are starting to harvest the fruits of the expansion,” said EastWest president and chief executive officer Tony Moncupa Jr. “We are happy to see the steady progress,” he added. Mayvelin U. Caraballo

Asia United Bank 9-mth net income up 52.1%

ASIA United Bank (AUB) Group said Monday its unaudited net income for the first nine months of 2016 grew by 52.1 percent from a year ago to P1.8 billion on increased loans and deposits amid declining costs of funds and operations.

For the third quarter alone, it said net income rose 63 percent to P577.82 million, adding that its loan portfolio grew to P95.8 billion as of end-September from P86.4 billion a year ago, while deposits grew to P121.5 billion from P112.6 billion previously.

“Also contributing to the group’s bottom line is the increase in other income, largely coming from trading and securities gains amounting to P557.9 million for the period ended September 30, 2016,” it said. Mayvelin U. Caraballo

Bloomberry swings to profit in Jan-Sept

LISTED casino operator Bloomberry Resorts Corp. returned to profitability in the first nine months of the year
with a net income of P1.6 billion from last year’s net loss of P1.509 billion, as it benefited from the full-blown operations of Solaire Resort & Casino and contributions from its Korean casino complex Jeju Sun Hotel & Casino.

The company said on Monday total revenue in the nine months increased 13 percent to P21.96 billion as gross gaming revenues grew 14 percent to P27.88 billion. For the third quarter, Bloomberry recorded profit of P1.42 billion from a net loss of P189 million a year ago, while revenues rose 11 percent to P7.85 billion.

“Our one-mindedness to manage costs and capital will see us maintaining this growth trajectory up to the end of the year. We are confident that the effects of these initiatives will carry on into the coming year,” Enrique Razon, Bloomberry chairman and chief executive officer, said. Kristyn Nika M. Lazo

Asian Terminals Jan-Sept profit grows 9.1%

LISTED ASIAN Terminals Inc. (ATI), operator of Manila South Harbor and Batangas Port, reported a net income of P1.43 billion for the first three quarters of 2016, up 9.1 percent from the P1.31 billion it posted during the same period last year.

In a regulatory disclosure on Monday, ATI said revenues for the nine month period reached P6.8 billion, up 10.8 percent from the same period last year, brought about by higher international container volumes and increased volume of international roll-on/roll-off cargo, particularly completely-built car units, at Batangas Port.

Excluding foreign exchange gains attributable to port concession rights payable, net income would have been P1.55 billion for the first nine months, or 13.9 percent higher than P1.36 billion for the same period last year, the company said. James Konstantin Galvez

Cirtek 9-mth net income up 15% at $5.7M

CIRTEK Holdings Philippines Corp., a listed electronics and wireless broadband manufacturing firm based in Laguna, posted a 15 percent increase in its January to September net income, driven by strong sales across its businesses.

The company said on Monday net income in the first nine months increased to $5.7 million (P280 million) from $4.9 million a year ago, while consolidated revenues climbed 19 percent to $54.1 million (P2.66 billion).

In the third quarter, net profit jumped 29 percent to $2.1 million while consolidated revenues went up 25 percent to $21.6 million, mainly due to the significant growth of the company’s broadband and smart antenna systems business under Cirtek Advanced Technologies and Solutions Inc. (CATS), the company said. Kristyn Nika M. Lazo

Puregold 9-mth profit climbs 14% to P3.65B

LUCIO Co-owned supermarket operator Puregold Price Club Inc. grew its January to September net income by 14 percent to P3.65 billion from P3.2 billion a year ago as sustained consumer demand lifted store sales.

Puregold said Monday operating revenues in the first nine months climbed 18 percent from a year ago to P81 billion on strong consumer demand at its Puregold, S&R stores and S&R New York Style Pizza stores as well as the newly opened stores, while operating expenses grew by 22 percent to P75.7 billion.

“Our nine month same store sales growth (SSSG) of 6.6 percent for Puregold stores and 1.4 percent for S&R stores were driven by strong consumer demand even after the elections. We hope that this level of momentum in SSSG can be sustained for the remainder of the year,” Puregold president Vincent Co said. Kristyn Nika M. Lazo

Metro Retail profit dips 20% in Jan-Sept

CEBU retail giant Metro Retail Stores Group Inc. (MRSGI) reported on Monday a 20 percent decline in net income in the first nine months of 2016 to P247.6 million due to higher expenses related to operating new stores as well as the acquisition of two existing department stores in Manila done in the third quarter of the year.

It said consolidated sales grew by 6.1 percent to P23.7 billion as same store sales improved slightly by 2.9 percent, while operating expenses swelled by 7 percent from a year ago to P23.6 billion.

“Store-level profitability will be our priority in subsequent months as we strive to achieve our targets in newly opened stores and new markets,” MRSGI chairman and chief executive officer Frank S. Gaisano said. Kristyn Nika M. Lazo

Cityland 9-mth profit declines 38.6% to P374M

LISTED property developer Cityland Development Corporation said its net income in the first nine months of the year dropped by 38.6 percent from a year ago to P374.83 million due to a higher base in 2015 caused by the sale of a parcel of land.

In a financial report to the Philippine Stock Exchange on Monday, Cityland said total revenues during the first nine months decreased by 30.6 percent to P1.52 billion, as revenue from the sale of real estate properties fell 35.9 percent to P1.2 billion.

Cityland noted that its Pine Peak Tower I project accounted for the bulk or 46.64 percent of its real estate revenues, as 87.95 percent of the project has been sold. Catherine Talavera

Anchor Land 9-mth net income rises 10.2% to P409M

HIGH-END property developer Anchor Land Holdings Inc. said net income in the first nine months of the year grew 10.2 percent from a year ago to P409 million mainly due to stronger condominium sales.

Anchor Land told the Philippine Stock Exchange on Monday that total revenues increased by 2.5 percent during the period to P2.84 billion “as a result of continuing sales and construction of Monarch Parksuites, Oxford Parksuites, Princeview Parksuites and Admiral Grandsuites.”

Real estate sales in the first nine months rose moderately by 2.5 percent to P2.4 billion, while for the third quarter, real estate sales surged by 55 percent to P915.8 million, the company said. Catherine Talavera

Suntrust 9-mth earnings up 59.5% at P32M

MEGAWORLD associate Suntrust Home Developers Inc. said net income in the first nine months of the year grew 59.51 percent from a year ago to P32.14 million driven by higher revenues from its property management subsidiary.

In a financial report to the Philippine Stock Exchange on Monday, Suntrust said total revenues in the nine-month period, which mostly came from management fees, service income and rental income, went up by 18.4 percent from a year ago to P308 million.

Suntrust, owned 42.48 percent by Megaworld, generates revenues from the operations its wholly-owned subsidiary First Oceanic Property Management Inc. (FOPMI), which is engaged in property management of residential and office buildings and as well as private estates in Metro Manila, Iloilo and Cebu. Catherine Talavera

Century Properties 9-mth profit halved to P649M

LISTED Century Properties Group Inc. reported a 49.8 percent decline in its net income in the first nine months of the year to P649.36 million due to weaker real estate sales.

In a financial report to the Philippine Stock Exchange on Monday, Century Properties said total revenues during the period went down by 33.4 percent to P5.5 billion as real estate sales fell 36.7 percent to P4.2 billion.

“The decrease in real estate sales is attributable to a significant portion of revenue recognized in 2015 and prior years from completed projects, as well as less pre-sales and less new project launches,” Century Properties said.

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