Friday, 13 November 2009

More companies report earnings--PNB, Metro Pacific, ABS-CBN

PNB net income rises 134%
2009 a banner year

THE NET PROFIT of the Philippine National Bank (PNB), the country’s fifth largest, more than doubled in the nine months to September, with strong revenue flows coming from loans and securities trading.

In a statement, the bank, controlled by tycoon Lucio Tan, said its net income rose to P2.11 billion as of September, 134% higher year-on-year.

PNB said this bottomline is "unprecedented."

"The year 2009 is proving to be a banner year for PNB," it said. "The bank is expected to close the year with its highest bottomline income performance ever in 12 years, now surpassing the P2 billion mark."

PNB shares closed at P23.25 apiece yesterday, 25 centavos less than on Wednesday.

PNB’s said its net interest income jumped by 30% to P6 billion, after it extended more loans. It also saw wider interest margins.

Loans and receivables totaled P113.9 billion, 24% higher year-on-year. Deposits, on the other hand, summed up to P211.1 billion, around 5% more.

Non-interest income, meanwhile, surged by half to P5.6 billion during the nine-month period, buoyed by a vast improvement in its securities trading gains.

"Net trading and investment securities gains were positive at P1.02 billion," PNB reported, "up 215% from year-ago levels partly due to favorable mark-to-market valuations of securities."

PNB’s securities trading business took a hit last year from mark-to-market valuations amid high interest rates and volatility in the financial markets. It was not the only victim, however, with most big banks reporting lower profits last year due to poor trading gains.

The bank also said it recorded a profit from its share in the net income of Allied Commercial Bank based in Xiamen, China. PNB, together with Allied Bank, also controlled by Mr. Tan, infused an equity investment in Allied Commercial this year, allowing it to gain a foothold in the Chinese market.

PNB and Allied Bank intend to merge but could not do so until Allied Bank sells its stake in a US bank. The merger would result in Allied Bank becoming a subsidiary of PNB, the surviving entity.

The US, however, has imposed strict rules against the entry of foreign banks.


Metro Pacific nets P2B in nine months

PANGILINAN-LED Metro Pacific Investments Corp. remains on track in meeting its year-end targets after its major operations showed strong results from January to September.

Analysts however are optimistic that the company will beat its forecast as it starts to equitize earnings made by Manila Electric Co. (Meralco).

Net income of the holding company from January to September stood at P2.08 billion, significantly higher than the restated P638 million posted over last year. Metro Pacific said the results represent the contribution of its water distribution and toll operations businesses.

“Our nine-month profits underscored the significant progress which Metro Pacific has made in realizing its strategic objective of being the country’s leading infrastructure company,” Metro Pacific President Jose Ma. K. Lim said.

Metro Pacific Chairman Manuel V. Pangilinan, meanwhile, said the strong performance across all its units affirms the company’s previously announced P1.5-billion net income target for the year.

“The additional investments in Meralco and North Harbor to our expanding business portfolio serve to reinforce Metro Pacific’s position as the preeminent infrastructure company in the Philippines,” Mr. Pangilinan said.

An analyst interviewed said there is a high probability that the company will be able to beat its forecast for the year, especially since it will start recognizing profits made by the power distributor now that it holds a 14.7% stake in Meralco.

As of the third quarter however, its water distribution business Maynilad Water Services, Inc., and toll road business Metro Pacific Tollways Corp. (MPTC) still account for the highest chunk of the holding firm’s profits with each unit contributing 48% and 45%, respectively. The health care group made up the balance of 7% or P131 million.

Maynilad registered a net income of P2.33 billion during the period, compared with P1.75 billion last year after its billed volume increased by 11.6% to 257.2 million cubic meters from January to September and nonrevenue water improved by 58% from 63% in the same period last year.

The west zone water conces-sionaire has recently secured the approval of the Metropolitan Waterworks and Sewerage System to extend its concession term extension application for another 15 years.

Meanwhile, Metro Pacific Tollways reported a net income of P1.18 billion from January to September versus the P747 million reported last year, attributable to the higher-than-expected traffic reported by Manila North Tollways Corp. and the higher contribution of Tollways Management Corp. (TMC).

Manila North Tollways holds the concession to operate and maintain the North Luzon Expressway (NLEx), and is 67.1% owned by Metro Pacific Tollways. TMC operates the NLEx for Manila North Tollways, and has an interim agreement to operate and maintain Subic-Clark-Tarlac Expressway. TMC is owned 46.0% by Metro Pacific Tollways.

MPTC continues to venture in linking the network of toll roads from Alabang to Subic through the expansion of its existing concessions.

The construction of the 2.7-kilometer toll road under Phase 2 Segment 8.1, linking Mindanao Avenue in Quezon City to NLEx in Valenzuela City, is on track for completion by May 2010. This will decongest the main Balintawak entry point during peak hours of traffic.

Aside from these two units, Metro Pacific’s other portfolio includes its health care investments in Davao Doctors Hospital, Medical Doctors, Inc., owner and operator of the Makati Medical Center and Colinas Verdes Hospital Managers Corp., operator of Cardinal Santos Medical Center.

Along with sister Pilipino Telephone Corp., Metro Pacific also holds a 14.7% stake in Meralco and has recently secured a deal with Lopez-led First Philippine Holdings Corp. to acquire the latter’s 6.7% stake in the power distributor by March 31, 2010.

Early in October of this year, the Philippine Ports Authority has also awarded to a consortium led by Metro Pacific and Harbour Centre Port Terminal, Inc. the development, management, operation and maintenance of the Manila North Harbour for a period of 25 years where it plans to spend P14.5 billion for the modernization and rearrangement of the existing ports, and expansion of its operational area from 52 to 70 hectares.

Yesterday, the minority stockholders of the company approved the company’s plan to issue more than six billion common shares to parent Metro Pacific Holdings, Inc. for P3 each and the listing of the said shares in the Philippine Stock Exchange.

Following the approval, Metro Pacific is now the third-largest listed holding company with a free float of 26% from just 2% prior to the approval. It is also among the top 20 largest listed firms in the bourse.


ABS-CBN core net income up to P1.4 B
Manila Bulletin

The country’s largest multimedia conglomerate ABS-CBN Broadcasting Corporation posted core net income of P1.4 billion for January to September 2009, 16 percent higher than its net income of P1.2 billion for the same period in 2008.

The firm said this figure also exceeds its net income of P1.38 billion for the full year of 2008.

Net of PFRS 3 adjustments relating to the consolidation of Skycable amounting to P50 million, the reported net income of ABS-CBN comes to P1.35 billion, 12 percent more than its P1.2 billion net income for the first nine months of 2008.

For the period January to September 2009, ABS-CBN Broadcasting Corporation generated consolidated revenues of P18.34 billion, an 11 percent year-on-year growth over the first nine months of 2008.

The revenue diversification of the ABS0-CBN continues to improve as direct sales including sales of services from Skycable grew 19 percent year-on-year to P7.67 billion, contributing 42 percent to consolidated revenues.

Airtime revenues of P10.68 billion contributed 58 percent, as it grew 5 percent year-on-year. (ABS-CBN’s comparative financial results include the contributions of Skycable for three quarters of 2009 versus the 2nd and 3rd quarters of 2008).

Direct sales from core businesses in the third quarter amounted to P1.79 billion, a 6 percent year-on-year growth, bringing consolidated direct sales for the January to September period to P5 billion, P305 million or 6 percent more than it was in the same period last year.

ABS-CBN Global continued to deliver double-digit growth as its subscription revenues managed to grow by 15 percent year-on-year despite economic slowdown in most of its major markets, while Star Cinema’s three film releases during the third quarter pulled in a combined P282 million in box office receipts.

Consolidated direct sales for the third quarter including sales of services from Skycable totalled P2.7 billion, for a 6 percent year-on-year growth.

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