Megawide Bags PhP10B Mandani Bay Quay Phase 2

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Megawide Construction Corp. (PSE: MWIDE) was recently awarded the EPC contract for the Mandani Bay Quay Phase 2, the premiere waterfront development in Mandaue City, Cebu by HTLand Inc., a joint venture company of Hongkong Land and Taft Properties.

“Megawide is proud to be a partner of HTLand Inc. in the construction of the Mandani Bay Quay Phase 2,” said Edgar Saavedra, Megawide Chairman and CEO. “With this large-scale, mixed-use development, we are solidifying Megawide’s engineering footprint in Cebu. It is truly a first-world project and we are committed to delivering the highest standards of engineering and construction.”

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RCBC Board Approves Merger with RCBC Savings Bank

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The board of directors of Rizal Commercial Banking Corp. (RCBC, PSE: RCB) has approved the merger of RCBC Savings Bank into RCBC, subject to regulatory approvals. RCBC Savings Bank, a thrift bank, is 100% owned by RCBC.

The proposed transaction will facilitate for the RCBC Group the following objectives: (1) more efficient capital deployment; (2) more efficient compliance with the Basel 3 liquidity ratios; (3) optimal coordination between the branch banking networks of RCBC and RCBC Savings; (4) medium-term improvement in the funding economics; and, (5) operational cost efficiencies.

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Manila Water Lands Calinog Water District Project

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Manila Water Company Inc. (PSE: MWC) received a Notice of Award from the Calinog Water District (CWD) for a joint venture for the design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system of the CWD in the Municipality of Calinog in the Province of Iloilo.

Upon completion of conditions precedent specified in the Notice, Manila Water and the CWD shall enter into a joint venture agreement the implementation of the joint venture activity of which shall be undertaken by Aqua Centro MWPV Corp., a wholly-owned subsidiary of Manila Water through Manila Water Philippine Ventures Inc. (MWPV). MWPV is likewise a wholly-owned subsidiary of Manila Water.

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Manila Water Gets Lambunao Water District Contract

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Manila Water Company Inc. (PSE: MWC) received a Notice of Award from the Lambunao Water District (LWD) for a joint venture for the design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system of the LWD in the Municipality of Lambunao in the Province of Iloilo.

Upon completion of conditions precedent specified in the notice, Manila Water and the LWD shall enter into a joint venture agreement the implementation of the joint venture activity of which shall be undertaken by Aqua Centro MWPV Corp., a wholly-owned subsidiary of Manila Water through Manila Water Philippine Ventures Inc. (MWPV). MWPV is likewise a wholly-owned subsidiary of Manila Water.

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Cebu Landmasters, Archdiocese of Cebu, Seal Agreement to Transform Patria de Cebu Property

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Cebu Landmasters Inc. (PSE: CLI) recently signed a lease agreement with the Archdiocese of Cebu for a PhP900-million redevelopment of a 6,670 square-meter property in the heritage-rich downtown area of the Queen City of the South.

The Patria de Cebu property, which currently offers budget-friendly accommodations for travelers, will be transformed into a mixed-use development. The approved masterplan will feature an integrated retail, office and hotel structure with a Rome-inspired plaza. The masterplan considers streetscape and pedestrian improvements for the revitalization of the surrounding downtown areas.

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CHP Achieves Record Cement Sales Volumes in 3Q2018

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Cemex Holding Philippines Inc. (PSE: CHP) achieved record quarterly cement sales volumes during the third quarter behind strong domestic demand. Cement sales volumes grew by 5% during the quarter and by 10% in the first nine months of this year compared with the same period in 2017.

CHP also reported an 8% increase in net sales during the quarter, reaching PhP6.0 billion. During the first nine months of the year, revenues were also up by 8%, amounting to P17.9 billion compared with PhP16.6 billion in the same period in 2017.

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URC 9M2018 Net Sales Up 3% to PhP95.5B

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Universal Robina Corp. (PSE: URC) posted net sales for the first nine-months of calendar year 2018 of PhP95.5 billion, a 3% increase versus last year. Sales growth in the third quarter ending September decelerated to 1% from the 6% posted in the first half. Recovery in Branded Consumer Foods (BCF) Philippines and Vietnam growth were partly offset by weaker New Zealand trading and the shift in timing on sugar sales. Operating income showed good improvement in third quarter posting 5% growth driven by the impact of selling price increases in BCF Philippines, continuous recovery in Vietnam, and effective cost management. This helped improve nine months operating income to Php10.1 billion, a tapering decline of 6% versus last year compared to the 11% decline in the first half.

URC nine months net income amounted to PhP7 billion, a decline of 17% due to lower operating income and foreign exchange loss due to the weaker peso. URC’s financial position remains strong with ending cash balance of PhP14.6 billion and a net debt position of PhP27.3 billion due to the remaining debt associated with the Oceania acquisitions. Gearing remains low and manageable at 0.51.

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PXP Energy Reports Unaudited Financial and Operating Results for 9M2018

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PXP Energy Corp. (PSE: PXP) has reported 9M 2018 Consolidated Net Loss Attributable to Equity Holders of the Parent Company at PhP31.4 million
(9M 2017: PhP23 million). Reported consolidated net loss at P49.1 million (9M 2017: PhP34.3 million).

Consolidated petroleum revenues 38.3% higher at PhP106.1 million (9M 2017: PhP76.7 million) resulting from the 38% improvement in crude oil price and the 1% increase in volume.

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