DMW 2018 Net Income Jumps 23%

D.M. Wenceslao & Associates Inc. (PSE: DMW) has reported net income attributable to equity holders of PhP1.9 billion in 2018, 23% higher from 2017. Net income margin reached 89% from 56% in the prior year, reflecting continued momentum in each of the businesses, led by the office and residential segments.

Revenues amounted to PhP2.15 billion, of which PhP1.9 billion or 88% are recurring income from rentals. Leasing of land grew 5% to PhP965.2 million and while rentals of buildings and other revenues related to leasing increased 77% and 90% to PhP762.1 million and PhP173.8 million, respectively. Residential unit sales increased by 153% to PhP119.4 million. Meanwhile, other income in connection with the settlement of the company’s joint venture agreements was PhP1.2 billion.

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CIC Reports 5% Drop in 2018 Net Income

Concepcion Industrial Corp. (PSE: CIC), the country’s leading provider of consumer lifestyle and building industrial solutions, has released its financial and business updates highlighting unaudited 2018 results.

Fourth quarter results for 2018 showed positive momentum with the recovery of the consumer appliance market after a weak third quarter. The three-month period showed 11% growth in revenues at PhP3.9 billion and profit after tax (PAT) increasing by 7% to PhP383 million.

For full year 2018, CIC ended at PhP 14.2 billion in consolidated sales, a 2% increase from 2017 numbers. Net income was at PhP1.4 billion with PATAMI (profit after tax after minority interest) at PhP913 million, a 5% and 8% decline, respectively. 2018 was marked by key headwinds of rising costs due to higher commodity prices and a fluctuating FX rate and unfavorable weather, particularly in Q3.

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Metro Retail Stores Ink Joint Venture Agreement with Province of Samar

Metro Retail Stores Group Inc. (PSE: MRSGI) has entered into a joint venture agreement with the Province of Samar for the development, construction, and operation of the following: (1) department store and supermarket with one movie theater and with leasable spaces; (2)convention center; (3) government center with business processing outsourcing (BPO) center; (4) transport terminal; and (5) hotel, on a 22,000 sqm parcel of land located at Barangay 07, Poblacion, Catbalogan City. The land is owned by the Province of Samar.

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Trina Solar Delivers Panels to Tarlac-2 Solar Farm in the Philippines

Trina Solar, the global leader in total solar energy solutions, has completed delivery of all the solar panels for the Tarlac-2 Solar Power Project of PetroSolar Corp. (PetroSolar), marking an important milestone for the project.

Trina delivered 61,200 pieces of Trina Solar Tallmax TSM PD14A model panels manufactured in the company’s high-tech Changzhou, China factory. These panels have special reflecting film technology which means more light is reflected back into the solar cell, so it can absorb more energy and generate more electricity.

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BSP, OWWA and BDO Foundation Launch Financial Literacy Program for OFWs

The Bangko Sentral ng Pilipinas (BSP), together with the Overseas Workers Welfare Administration (OWWA) and BDO Foundation, forged a partnership to improve the financial literacy of Overseas Filipino Workers (OFWs) and their families.

Dubbed as PiTaKa or “Pinansyal na Talino at Kaalaman”, this program aims to equip OFWs with the ability to better manage their remittances, get out of debt, set aside savings or make prudent investments, in preparation for a better life when they return home to the Philippines. The program also targets OFW families to sensitize them of the temporary nature of overseas employment, and encourage them to support their loved-ones by spending wisely, saving regularly and looking for ways to augment their family income.

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Ayala Land Net Income Up 16% to PhP29B in 2018

Ayala Land Inc. (PSE: ALI), the Philippine’s largest integrated property and sustainable estates developer, posted solid top-line and bottom-line growth in 2018.

ALI’s consolidated revenues climbed 17% to PhP166.2 billion, driven by sustained demand for residential products and the healthy performance of its leasing businesses. Property development revenues rose by 18% to PhP113.4 billion owing to strong sales across its residential, office for sale and commercial lot segments. Meanwhile, leasing revenues grew by 17% to PhP34.9 billion on the back of robust local consumption, the increasing demand in BPO offices and a thriving tourism sector. All in all, net income grew by 16% to PhP29.2 billion.

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Insurance Firms Allowed to Invest in Infra Projects

By Chino S. Leyco, Manila Bulletin

The Insurance Commission has released a circular allowing insurance companies to invest in the government’s infrastructure projects.

Based on the agency’s circular letter No. 2018-74, insurance and reinsurance firms may now invest in debt or equity security instruments for infrastructure projects.

The insurance company may participate in the project as a proponent or financiers, sponsors, or operation and maintenance contract, the agency said.

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Personal Remittances Hit Record High $3.2B in December

Personal remittances from overseas Filipinos (OFs) registered a new record high of $3.2 billion in December 2018, higher by 3.6% compared to the level posted in the same month last year, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. announced today. Further, personal remittances, which grew by 3% year-on-year, reached $32.2 billion in 2018, the highest annual level to date.

The growth in personal remittances during the year was driven by remittance inflows from land-based OFs with work contracts of one year or more and remittances from both sea-based and land-based OFs with work contracts of less than one year, which rose annually by 2.8% and 4.6%, respectively. Personal remittances is a major driver of domestic consumption and, in 2018, it accounted for 9.7% of gross domestic product (GDP) and 8.1% of the gross national income (GNI).

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