Market Summary:
The Philippine Stocks Exchange Main Index was down by 54.66 points or 1.05%, closing at 5,152.15. All indices closed lower, led by Financials (1.88%) and property (1.55%).
COL Consolidated Net Income Increase by 14.7% in 1st Half 2012
Stockbroker COL Financial Group (formerly Citiseconline) posted P209.10 million in consolidated net income or 14.7% increase during the first half of 2012. The company's Philippine operations continue its strong growth reporting 58.1% increase in commission revenues, tempered only by its Hong Kong operations which fell by 48.2%. Full report can be viewed here.
JFC Enters Joint Venture in China
Food Service Company Jollibee Food Corporation (JFC) entered into agreement to own and operate the Sabu brand in China, Hong Kong and Macau. JFC and Hoppime Ltd will own 48% each of the joint venture, while the remaining 4% will be owned by individuals experienced in retail in China.
Eton Posts P995 Million in Revenues
Eton Properties Philippines, Inc. Recognized P995 million in revenues down by 60% from the same period last year. This was due to non-recognition of delayed construction projects, posting net income of only P31 million for the half.
AEV Buys Additional UBP Shares
Aboitis Equity Ventures, Inc. bought 250,000 common shares at P102.50 of Union Bank of the Philippines (UBP). This was the second time that AEV bought UBP shares for this month.
Meralco looks into Renewable Energy
Power Distributor Manila Electric Co. plan to venture into renewable energy generation as part of its strategy to ensure adequate supply of power. The 300MW wind farm in Laoag, Ilocos Norte is one of the sources being considered.
Vista Land Offers Homebuilder Bonds
Property Developer Vista Land & Landscapes, Inc. (PSE:VLL) filed a homebuilder bonds with below details:
Up to 2,500,000 accrual bonds
issue price: 100% face value
interest rate: 5% p.a.
step-up interest rate: 6.75% p.a.