Philippines News Archives

Friday, August 13, 1999

AC ( 08/13/1999 : PSE )
Ayala Corp. generated a consolidated net income pf P3.11 B for the first semester of 1999. Factoring out one-time gains from the sale of Ayala Land shares in 1998, the Company's first half results reflected a growth of 7% compared to the same period last year. Among its subsidiaries and affiliates, Globe Telecom, Inc. and Pure Foods Corporation turned in strong performances and these companies' combined contributions accounted for 22% of the Group's net earnings. Globe Telecom posted a net income of P404 M, a significant increase from last year's P5 M for the same period. The rapid increase in the number of Globe's subscribers continued to generate more revenues for the Company. Pure Foods Corporation, on the other hand, posted a consolidated net income of P500 M, a reversal of its loss position for the same period last year. The Company's strong operation performance was sustained with the sales volume of its meats, flour and poultry growing by an average of 20%. Ayala Land, Inc. posted a consolidated net income of P1.21 B for the period, 18% lower than the 1998 level. Land sales and lease income continued to drive revenues, accounting for more than half of the Company's total revenues. Bank of the Philippine Islands recorded P2.4 B in consolidated net income, slightly lower than last year's P2.8 B. Interest income amounted to P4.9 B as interest rates dropped and demand for loans remained soft. Ayala Corporation continues to see emerging opportunities in the local business environment. Its ability to tap oportunities in the local business environment. Its ability to tap opportunities is backed by the Company's financial strength and the solid performance of its business lines.

- posted by StockMarket @ 4:05 PM

AC ( 08/13/1999 : PSE )
Ayala Corporation generated a consolidated net income of P3.11 B for the first semester of 1999. Factoring out one-time gains from the sale of Ayala Land shares in 1998, the company's first half results reflected a growth of 7% compared to the same period last year. Among its subsidiaries and affiliates, Globe Telecom, Inc. and Purefoods Corporation turned in strong performances and these companies' combined contributions accounted for 22% of the group's net earnings.
- posted by StockMarket @ 4:05 PM

AC ( 08/13/1999 : PDI )
Ayala Corp. has posted a consolidated net income of P3.11 bn in the first semester this year. Factoring out one-time gains from the sale of Ayala Land shares in 1998, the company's first half results reflected a growth of 7% compared to the same period last year. Globe Telecom Inc. and Pure Foods Corp. turned in strong performances and these companies' combined contributions accounted for 22% of the group's net earnings. Globe's income reached P404 mn, a significant increase from last year's P5 mn. The rapid increase in the number of Globe's subscribers continued to generate more revenues for the company. Globe Telecom expects continued strong growth in its postpaid and prepaid mobile subscriber base of 462,552 as of June 30, 1999. Its fixed-line subscribers grew 62% year-on-year to 145,504 from 89,544 in the first half of 1998. Pure Foods, for its part, posted a consolidated net income of P500 mn, a reversal of its loss position for the same period last year. The firm's strong operating performance was sustained with the 20% average growth in sales volume of its meat, flour and poultry businesses. Ayala Land's consolidated net income hit P1.2 bn, or 18% lower than the 1998 level. Land sales and lease income continued to drive revenues, accounting for more than half of the total. Bank of the Philippine Islands recorded P2.4 bn in consolidated net income, slightly lower than last year's P2.8 bn. Interest income amounted to P4.9 bn as interest rates dropped and demand for loans remained soft. Nonetheless, the improvement in loan demand was evident in May when its loan portfolio increased by P3 bn to P98.4 bn. Non-performing loans remained in check with the NPL ratio at 6.4%. The bank's total resources increased to P217.7 bn and were driven by growth in deposits to P173 bn.
- posted by StockMarket @ 4:04 PM

AC ( 08/13/1999 : AFX )
Ayala Corp and Ayala Land Inc shares were higher in early trade after releasing first-half results yesterday that were in line with expecta- tions, dealers said. At 10:05 am, Ayala Corp was up 0.25 pesos at 10.25 on 1.6 M shares. Ayala Land was up 0.10 at 10.0 on 2.9 M shares. The composite index was down 10.86 points at 2,176.71 on 171.2 M shares worth 329.8 M pesos. Dealers said prospects for the second half may be better given the expected increase in consumer spending towards yearend, supported by the government's pump-priming efforts and the series of rate cuts effected in the first half. "Actually the results were in line with our expectations," April Lee of Citisecurities Inc said, noting that investors may be pricing in the company's future performance. Ayala Corp reported a first-half net profit of 3.11 B pesos, up 7% from a year earlier, while Ayala Land posted a net profit of 1.21 B pesos compared with 1.48 B previously. "The group's earnings for the first half showed their resilience" to the economic slump, Lee said. She said performance for the rest of the year will be lifted in part by the expected consumer spending pickup towards year-end. Another analyst with a local brokerage said the central bank's move to implement a tiered borrowing rate to force banks to broaden their lending market could boost consumer spending, which in turn would benefit consumer-oriented firms like Ayala. "The general expectation is that consumer spending will rise towards the latter part of the year. This will mean better sales for the group's business, particularly food and property," the analyst said. t 10:38 am, Ayala Corp was up 0.25 pesos at 10.25 on 1.98 M shares. Ayala Land was unchanged at 9.90 on 3.2 M shares. The composite index was down 27.69 points at 2,159.88 on 445.86 M shares worth 588.46 M pesos.
- posted by StockMarket @ 4:03 PM

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