SM Development Corporation (SMDC) reported a 30-fold increase in its first quarter 2009 consolidated net income to Php419 million coming from just Php14.0 million in 2008. Real estate operations continue to underpin the company's sharp growth, even with the recovery of the equities market, which tempered profits last year due to mark-to-market losses in SMDC's investment portfolio.
Net income from real estate operations surged 353% during the first quarter of 2009 to Php421million, from just Php93 million the previous year. SMDC’s gross profit from real estate sales reached Php615 million, for a 156% increase year on year. This resulted in a gross profit margin of 46%. EBITDA meanwhile, reached Php463 million, for an EBITDA margin of 35%.
Realized revenues from real estate operations jumped 131% to Php1.3 billion, compared to Php575 million in 2007. For the first quarter of 2009, SMDC sold a total of 1,021 residential units worth Php2.4 billion. Compared to the same period in 2008, the value of units sold increased by 109%.
Roger R. Cabuñag, SMDC President said, “We are highly encouraged by the robust performance of SMDC during the first quarter of the year. In a period that proves challenging to many due to the current global financial crisis, SMDC is surging ahead, recording sharp earnings growth and robust sales. This positive development reflects the trust and confidence that the market has on the SM name, coupled with the company's ability to deliver on its promise of five-star quality residences at affordable prices.”
SMDC has five on-going projects. Chateau Elysee, a six-cluster mid-rise condominium project in Parañaque City, is now in its fifth cluster, which is 30% complete. Mezza Residences across SM City Sta. Mesa is 95% complete with the remaining two towers due for turnover to homebuyers by the end of this year. Berkeley Residences in Katipunan Road across Miriam College is 31% complete, and Grass Residences beside SM North EDSA is 31% complete with its phase one. Lindenwood Residences, which is a residential subdivision in Muntinlupa City, is 99% complete.
Last year, SMDC broke ground for two more condominium projects. One is the Sea Residences near the Mall of Asia Complex in Pasay City, which is 7% complete and the other is Field Residences in Sucat, Parañaque City, which is approximately 20% complete. Both these projects are enjoying brisk sales.
For 2009, SMDC is set to launch the Princeton Residences, which is near the Gilmore LRT-2 Station along Aurora Boulevard in Quezon City; the Jupiter Residences along Jupiter Street in Makati City; the Tree Residences along Felix Avenue in Cainta, Rizal; and the Wind Residences in Tagaytay City.
Source SMDC Press Release, April 29, 2009
Tuesday, April 28, 2009
RFM Sustains Income Growth to P245 M
Diversified food company RFM Corporation once again displayed its resilience amidst the economic slowdown, with net income increasing to P245 million or about five percent higher than the previous period’s P234 million on the back of a 23 percent growth in sales.
In a disclosure to the Phil. Stock Exchange and Securities and Exchange Commission, RFM President and CEO Jose Concepcion III said that “we don’t seem to see any sign of recession. RFM sustained its profitability through various cost reduction measures and stronger sales from our branded food group and this has led to a larger absolute margin base”.
RFM focused on branded consumer products, driving consolidated net sales to P7.5 billion, from P6.1 billion the previous year. It prioritized value creation for its consumers by introducing innovative, relevant and affordable products.
Concepcion added that “stronger sales, ranging from 30% to over 60% growth rates, were achieved by the branded food and beverage businesses. Sales of beverage products increased with the launching of more Sunkist juice and iced-tea flavors in more convenient PET bottles. The launch of Vitwater as a first-mover in the vitamin-enriched water category also contributed remarkably to the growth with very strong consumer acceptance. Meanwhile, Selecta milk growth was led by the Fortified milk product lines which grew by over 80%”.
Concepcion cited innovations from its new production facilities. He said that “Swift Meats launched Chicken Franks, Luncheon Meat, and Meaty Corned Beef, given the versatility of its newly renovated meat plant, which also helped push stronger sales in the second half of the year. This was complemented by huge growth in Fiesta pasta sales which are now coming out from our new and modern pasta plant in Pasig. The sustained growth has made Fiesta the national market
leader in spaghetti as of year-end”.
“We expect the growth momentum to continue as we approach the stronger months and as we put more marketing support in building our brands”, Concepcion added. The disclosure mentioned that Selecta, RFM’s ice cream joint venture with Unilever, likewise posted an impressive 3rd year of double-digit growth with the successful launch of Family Pack, Supreme and Limited Edition. Concepcion said that “since we bought the Selecta brand 20 years ago, it has steadily grown to become the number one ice cream brand in the country today. Our successful joint venture partnership with Unilever has helped strengthen our position in the market, and this was complemented by the entrepreneurial team of Selecta led by my brother John Concepcion. Selecta ice cream now has a solid 54% market share. Ice Cream exports also grew driven by volumes from the Middle East market”.
Source: RFM Press Release Dated April 21, 2009
In a disclosure to the Phil. Stock Exchange and Securities and Exchange Commission, RFM President and CEO Jose Concepcion III said that “we don’t seem to see any sign of recession. RFM sustained its profitability through various cost reduction measures and stronger sales from our branded food group and this has led to a larger absolute margin base”.
RFM focused on branded consumer products, driving consolidated net sales to P7.5 billion, from P6.1 billion the previous year. It prioritized value creation for its consumers by introducing innovative, relevant and affordable products.
Concepcion added that “stronger sales, ranging from 30% to over 60% growth rates, were achieved by the branded food and beverage businesses. Sales of beverage products increased with the launching of more Sunkist juice and iced-tea flavors in more convenient PET bottles. The launch of Vitwater as a first-mover in the vitamin-enriched water category also contributed remarkably to the growth with very strong consumer acceptance. Meanwhile, Selecta milk growth was led by the Fortified milk product lines which grew by over 80%”.
Concepcion cited innovations from its new production facilities. He said that “Swift Meats launched Chicken Franks, Luncheon Meat, and Meaty Corned Beef, given the versatility of its newly renovated meat plant, which also helped push stronger sales in the second half of the year. This was complemented by huge growth in Fiesta pasta sales which are now coming out from our new and modern pasta plant in Pasig. The sustained growth has made Fiesta the national market
leader in spaghetti as of year-end”.
“We expect the growth momentum to continue as we approach the stronger months and as we put more marketing support in building our brands”, Concepcion added. The disclosure mentioned that Selecta, RFM’s ice cream joint venture with Unilever, likewise posted an impressive 3rd year of double-digit growth with the successful launch of Family Pack, Supreme and Limited Edition. Concepcion said that “since we bought the Selecta brand 20 years ago, it has steadily grown to become the number one ice cream brand in the country today. Our successful joint venture partnership with Unilever has helped strengthen our position in the market, and this was complemented by the entrepreneurial team of Selecta led by my brother John Concepcion. Selecta ice cream now has a solid 54% market share. Ice Cream exports also grew driven by volumes from the Middle East market”.
Source: RFM Press Release Dated April 21, 2009
Manila Water In Joint Venture for Boracay Water Project
Manila Water Company, Inc. (MWC) has formally signed a joint venture agreement with the Philippine Tourism Authority (PTA) for the design, financing, construction and operation of the Boracay water supply and sewerage system.
In a disclosure to the Philippine Stock Exchange, Glorina de Castro of Manila Water said the agreement officially recognizes Manila Water as PTA's private partner in the formation of a joint venture company for the operation, management, rehabilitation, expansion, and financing of water and sewerage services; and operation and maintenance of the existing drainage system in Boracay Island. The agreement is in accordance with the National Economic and Development Authority's Joint Venture (JV) guidelines for Government Owned and Controlled Corporations.
The joint venture company will enter into a 25-year concession agreement with the PTA.
In a disclosure to the Philippine Stock Exchange, Glorina de Castro of Manila Water said the agreement officially recognizes Manila Water as PTA's private partner in the formation of a joint venture company for the operation, management, rehabilitation, expansion, and financing of water and sewerage services; and operation and maintenance of the existing drainage system in Boracay Island. The agreement is in accordance with the National Economic and Development Authority's Joint Venture (JV) guidelines for Government Owned and Controlled Corporations.
The joint venture company will enter into a 25-year concession agreement with the PTA.
PhilWeb doubles Net Income for first quarter 2009
PhilWeb Corporation, the Philippines’ first listed Internet company, more than doubled its net income for the first quarter of 2009, showing continued strength in its core gaming businesses. "Our Net Income was up 108% vs. the same quarter last year," said Dennis Valdes, president of the company, "or a total of Php96 million vs. Php46.2 million. That's more than double the previous year."
PhilWeb had previously reported that 2008 was the best year ever for the company, with monthly records set for total Gross Bets of Php5.5 billion and Casino Win of Php167 million in their Pagcor e-Games Cafe network alone. Other business lines, like Basketball Jackpot and mobile games such as Premyo Sa Resibo, also showed strong results.
"We had an excellent first three months this year," continued Valdes. "January beat December, and February would have beaten January if not for the fact that it has three days less, and now, March has reset both these records in our PEGS Cafes. Gross Bets for March alone totaled Php5.7 billion and Casino Win was Php194 million. At this pace, our company's revenue from the cafe network is running at 108% compared to the same period last year."
Total PhilWeb Revenue, inclusive of all businesses, totaled Php167.6 million for the first quarter of 2009, 89% higher than the Php88.8 million generated for the same period last year. Valdes noted that growth was coming from all three business lines of the company. "We now have 131 PEGS Cafes, as opposed to 121 at the beginning of the year. Aside from the 10 opened, we are also expediting the opening of 50 more cafes we have in our pipeline. Basketball Jackpot has a newly launched variant, which we call NBA Ending. This will allow our aficionados to place bets during the NBA playoffs that are happening right now. And Premyo Sa Resibo continues its support for the BIR's campaign to get consumers to ask for their official receipts."
Source: Philweb Press Release Dated April 21, 2009
PhilWeb had previously reported that 2008 was the best year ever for the company, with monthly records set for total Gross Bets of Php5.5 billion and Casino Win of Php167 million in their Pagcor e-Games Cafe network alone. Other business lines, like Basketball Jackpot and mobile games such as Premyo Sa Resibo, also showed strong results.
"We had an excellent first three months this year," continued Valdes. "January beat December, and February would have beaten January if not for the fact that it has three days less, and now, March has reset both these records in our PEGS Cafes. Gross Bets for March alone totaled Php5.7 billion and Casino Win was Php194 million. At this pace, our company's revenue from the cafe network is running at 108% compared to the same period last year."
Total PhilWeb Revenue, inclusive of all businesses, totaled Php167.6 million for the first quarter of 2009, 89% higher than the Php88.8 million generated for the same period last year. Valdes noted that growth was coming from all three business lines of the company. "We now have 131 PEGS Cafes, as opposed to 121 at the beginning of the year. Aside from the 10 opened, we are also expediting the opening of 50 more cafes we have in our pipeline. Basketball Jackpot has a newly launched variant, which we call NBA Ending. This will allow our aficionados to place bets during the NBA playoffs that are happening right now. And Premyo Sa Resibo continues its support for the BIR's campaign to get consumers to ask for their official receipts."
Source: Philweb Press Release Dated April 21, 2009
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