Petron 2016 Sales Hit Record Highs; Net Income Reaches PhP10.8B

Mandaluyong—(PHStocks)—The Philippines’ largest oil refining and marketing company Petron Corp. (PSE: PCOR) sustained its strong performance posting a consolidated net income of PhP10.8 billion in 2016, a 73% increase from the previous year’s earnings of PhP6.3 billion.

The company’s robust performance was driven by record sales volumes, operational efficiency with increased crude run at higher product yields, and effective risk management.

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Ayala Net Income Climbs to ₱26B

Makati—(PHStocks)—Ayala Corp. (PSE: AC) reported a net income of ₱26 billion in 2016, 17 percent higher than the previous year, on the back of double-digit growth contributions from its real estate and banking units, boosted by its emerging businesses in power and industrial technologies.

This positive earnings momentum was driven by the robust equity earnings contribution from Ayala business units, which expanded 14 percent from its year-ago level, to ₱32 billion. Equity earnings from the Bank of the Philippine Islands (PSE: BPI) and Ayala Land Inc. (PSE: ALI) jumped 19 percent and 18 percent, respectively. Meanwhile, equity earnings from AC Energy soared 27 percent, while equity earnings from AC Industrials grew 51 percent as its automotive business surged nearly fivefold during the year.

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ICTSI Net Income Surged 207% to $180M

Manila—(PHStocks)—International Container Terminal Services Inc. (ICTSI, PSE: ICT) reported audited consolidated financial results for the year ended December 31, 2016 posting revenue from port operations of US$1.128 billion, seven percent higher compared to US$1.051 billion last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$525.1 million, 17 percent better than the US$450 million generated the previous year, and reported net income attributable to equity holders of $180 million, up 207 percent compared to the US$58.5 million earned in 2015. Fully diluted earnings per share for the period surged 491 percent to $0.065 from $0.011 in 2015.

In 2016, the company recognized a non-recurring charge of US$23.4 million on the pretermination of the lease agreement at ICTSI Oregon Inc., the company’s terminal in Oregon, USA. In 2015, the Company recognized non-recurring items such as the gain on the sale of the terminal in Naha, Japan, impairment charges on the concession rights assets of Tecplata S.A. in Buenos Aires, Argentina, and the goodwill of PT ICTSI Jasa Prima Tbk and PT OJA in Jakarta, Indonesia, of $0.3 million, $88 million and $26.6 million, respectively. Excluding these non-recurring items, recurring net income would have increased 18 percent to $203.4 million from $172.8 million in 2015.

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Aboitiz Equity Ventures Grows 2016 Full-year Profit by 27% to PhP22.5B

Taguig—(PHStocks)—Aboitiz Equity Ventures Inc. (PSE: AEV) saw its consolidated net income increase by 27% year-on-year (YoY) from PhP17.7 billion in 2015 to PhP22.5 billion in 2016. This translates to PhP4.02 in earnings per share. Power accounted for 65%, followed by the Banking and Financial Services, Food, Infrastructure, and Land strategic business units (SBUs) with income contributions of 21%, 7%, 7% and 1%, respectively.

For the period ending December 31, 2016, the company incurred a non-recurring loss of PhP347 million (versus the previous year’s loss of PhP602 million), which mainly resulted from the mark-to-market revaluation of the Power BUs’ consolidated dollar-denominated assets and liabilities refinancing costs and goodwill impairment, partly offset by the net forex (foreign exchange) gains from revaluation of dollar-denominated assets and liabilities. Adjusting for these one-off’s, AEV’s core net income amounted to PhP22.8 billion, which was 25% higher than last year.

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Crown Asia Chemicals to Launch PVC Roofing

Bulacan—(PHStocks)—Publicly listed Crown Asia Chemicals Corp. (PSE: CROWN), manufacturer of high grade PVC compounds and world class Crown PVC, Crown PP-R and HDPE pipes and fittings, gears up to add uPVC (unplasticized Polyvinyl Chloride) roofing to its portfolio of premium products.

The new Crown uPVC long-span and ASA (Acrylic Styrene Acrylonitrile) type roofing materials are expected to be launched during the second half of 2017.While both have built-in UV Protection, the ASA type even doubles the UV Protection advantage.

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Del Monte Pacific 3Q Recurring Net Income Up More than Fivefold to $11.6M

Singapore/Manila—(PHStocks)—Singapore Mainboard and Philippine Stock Exchange dual listed Del Monte Pacific Limited (PSE: DMPL; Bloomberg: DELM SP) reported today its third quarter FY2017 results ending January.

The Group achieved third quarter sales of $604 million, slightly higher than prior year period as strong sales in Asia offset lower sales in the United States. The Group’s US subsidiary, Del Monte Foods Inc. (DMFI), contributed $450.6 million or 75% of group sales. Sales declined by 3% versus the same period last year driven by the continued weakness in the canned fruit industry, lower sales of regional brands in the packaged vegetable category across retail and foodservice due to supply-related issues, and lower sales of private label. However, amidst industry contraction, DMFI increased its market share in two of the four major categories in retail, i.e. packaged vegetable and broth, which was further supported by the growth of the branded business among major retail customers.

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Crown Pipes Joins Worldbex 2017

Bulacan—(PHStocks)—Amidst a robust construction industry, Crown Pipes, a company of Crown Asia Chemicals Corp. (PSE: CROWN) and of one of the leading names in the pipe business, joins the 22nd Philippine World Building and Construction Exposition (Worldbex) from March 15 to 19, 2017 at the World Trade Center.

Through the years, the brand has evolved to be a reliable industry partner for growth. Its line of uPVC Electrical Conduit Pipes (PNS-14) — Crown Supreme Thick Wall, Crown Hi-Tech Thin Wall and Crownflex flexible pipes with UV Protection, have superior features to meet building electrical safety requirements.

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PSPC Commences Commercial Production of New Mobile Memory Devices

Clark Freeport, Pampanga—(PHStocks)—Phoenix Semiconductor Philippines Corp. (PSE: PSPC) announced that it has successfully stabilized its commercial production of the new memory devices called the Embedded Multi-Media Card (eMMC).

The company disclosed that the trial production in latter part of 2016 reached 2.8 million units. Planned production for the first quarter of 2017 is expected to total 5.8 million units after passing qualification and quality audits from Samsung Electronics of South Korea.

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