Philippines News Archives

Friday, November 12, 1999

AC ( 11/12/1999 : PSE )
Ayala Corporation is pleased to inform the PSE of the unaudited results of the consolidated financial performance of the company for the third quarter of 1999, as follows: Ayala Corporation reported a consolidated net income of P4.36 B for the nine-month period ended September 30, 1999. Income from recurring operations grew by 12% from the year-ago level of P3.8 B. Consolidated net income was lower by 18% from last year's 3Q results of P5.29 B, which included extraordinary gains of P1.4 B. The company's traditional core businesses continued to be the major contributors with substantial improvements coming from its food and telecommunications sectors. The performance of the major businesses in the first nine months showed that Ayala Corporation has continued to strengthen its competitiveness in key sectors and as a group. It continues to view the changing economic industry environment as an opportunity to reposition itself for long term leadership in key sectors. In banking, the Ayala Group, through holding company Ayala Corporation and BPI Capital Corporation, acquired approximately 20% of Far East Bank and Trust Co. from the Gokongwei Group. Globe Telecom posted a net income of P651 M, a significant increase from lst year's P4.7 M. Pure Foods Corporation posted a consolidated net income of P626 M. Ayala Land, Inc. posted a consolidated net income of P1.85 B. In banking, Bank of the Philippine Islands registered a net income of P3.45 B, lower by 12% from last year's P3.94 B. along with these strategic moves, Ayala continued to focus on preserving the quality of its financials. The company's healthy balance sheet position has provided flexibility in pursuing opportunities such as the acquisition of Far East Bank shares. The company has capitalized on its traditional strength as platform for taking on emerging opportunities. Backed with sound financials, Ayala will continue to look for other strategic opportunities to redefine itself in key industries.
- posted by StockMarket @ 4:16 PM

AC ( 11/12/1999 : AFX )
Ayala Corp and Ayala Land share prices were mixed after the release of results in the nine months to Sept 30, dealers said. At 9:56 am, Ayala Corp was down 0.25 pesos at 10.00 on 165,000 shares while Ayala Land was up 0.10 at 10.00 on 1.4 M shares. The composite index was down 8.55 points at 2,001.76 on 292 M shares worth 573 M pesos. They said the fall in the shares of Ayala Corp could be attributed to the still sluggish performance of some of its units while the rise in Ayala Land may be due to investor optimism on the further improvement in its rental income. James Lago of Wellex Global Equities said he is considering downgrading his 1999 net profit forecast for Ayala Corp to 6.8 bln pesos from the original 7.2 B. "We had become very optimistic about Ayala Corp's performance. We realise we have to adjust our forecast downwards," Lago said. Ayala Corp yesterday reported that its net profit for th e first nine months reached 4.36 B pesos with Ayala Land reporting nine-month net profit of 1.85 B. Lago said he is maintaining his 1999 net profit forecast of 2.9 B pesos for Ayala Land. "In this lacklustre real estate market, it's really the rental income that will boost its revenues," he said. Magnum International Securities analyst Lawrence de Leon said based on net asset value, Ayala Land still has further upside. De Leon said he expects Ayala Land's rental income from malls and commercial centres to further improve in the fourth quarter. Ayala land yesterday said land sales and lease income from commercial centres and office buildings contributed significantly to Ayala Land's consolidated operating revenues which amounted to 3.3 B pesos.
- posted by StockMarket @ 4:15 PM

AC ( 11/12/1999 : AC )
In Thousand Pesos 1999 1998
Revenues 24,827,889 26,025,647
Sales and Services 15,744,999 15,736,610
Interest, Rental and
Investment Income 4,579,756 6,766,775
Insurance Premiums And
Commission Income 2,082,995 1,849,007
Equity In Net Earnings
Of Affiliates 1,531,698 1,343,473
Others 888,441 329,782
Cost and Expenses 19,504,340 19,976,479
Cost of Sales and
Expenses 10,683,595 10,887,418
General And Administrative 3,364,983 3,557,677
Insurance Underwriting
Deductions 1,907,645 1,747,811
Provision For Income Tax 1,110,207 1,019,989
Interest And Other Finan-
cing charges 2,437,910 2,763,584
Income Before Net Earnings
Applicable To Minority
Interest 5,323,549 6,049,168
Net Earnings Applicable To
Minority Interest 968,095 754,748
Net Income 4,355,454 5,294,420
Unappropriated Retained
Earnings At Beginning Of
Period 31,600,685 26,056,217
- posted by StockMarket @ 4:15 PM

Thursday, November 11, 1999

AC ( 11/11/1999 : AFX )
Ayala Corp said its net profit in the first nine months reached 4.36 B pesos, up 18% from 5.29 B in the same period last year, which included extraordinary gains of 1.4 bln. On a recurring basis, its nine-month net profit was up 12 pct from 3.8 bln pesos a year earlier, it said. The company did not provide revenue or expenses figures. "The company's traditional core businesses continued to be the major contributors (to earnings) with substantial improvements coming from its food and telecommunications sectors," Ayala Corp managing director Rufino Luis Manotok said. Manotok said Ayala Land Inc posted a net profit of 1.85B pesos in the first nine months. "Land sales and lease income from commercial centres and office buildings contributed significantly to Ayala Land's consolidated operating revenues which amounted to 3.3 B pesos," Manotok said. Earnings were helped by the sale of Davao Insular Hotel to Wellex Group and the sale of three floors of Ayala Life-FGU Centre to Pfizer, he said. Ayala Corp said a breakdown of the net profit figure shows the banking segment contributing 33 pct, property 31 pct, telecommunications 6 pct, and the balance from parent company operations and other sectors. PureFoods Corp posted a net profit of 626 M pesos in the nine-month period to September. Excluding one-time gains from the spin-off of its meats division, PureFoods' recurring income amounted to 513 mln pesos against 58.7 mln in the same period last year. Earlier, Globe Telecom reported a net profit of 651 M pesos in the January to September period while Bank of the Philippine Islands reported a net profit of 3.45 bln pesos in the first nine months. Ayala Corp said its strong balance sheet has provided flexibility in pursuing opportunities such as the acquisition of Far East Bank and Trust Co shares.
- posted by StockMarket @ 4:13 PM

AC ( 11/11/1999 : AFX )
Ayala Corp's nine months results showed that the company can easily attain 5.2 bln pesos in net profit for the whole of 1999, Securities 2000 Inc analyst Erwin Balita said. "The 4.3 bln pesos net profit reported by Ayala Corp for the first nine months was in line with my expectations. My full year net profit forecast is 5.2 bln pesos, which is easly achievable," Balita said. He expects full year net profit of 2.46 bln pesos for Ayala Land including extraordinary gains from the sale of Davao Insular Hotel to the Wellex Group. He said Ayala Land is expected to launch new projects including West Grove and Greenfield next year. For 2000, Ayala Corp is likely to realise increased earnings contributions from its telecomcomunications business, Balita said. "Globe should benefit from increased subscribers for next year" as the economy further improves. The banking business should turn in higher contributions as lending activity picks up. Balita said he expects further upside in the share price of Ayala Corp following the nine months results. "If you equite it to market, there's an upwide upt to 11.25 pesos in Ayala Corp," he said.
- posted by StockMarket @ 4:12 PM

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