PSE Market Summary:
The Philippine Stocks Market was down 7.74 to close at 5,397.42. Total trades reached 27,707 with 81 stocks advances, 86 declines and 43 unchanged.
The Philippine Stocks Market was down 7.74 to close at 5,397.42. Total trades reached 27,707 with 81 stocks advances, 86 declines and 43 unchanged.
SMPH YTD Profits Up 15%
SM Prime Holdings, Inc. (PSE:SMPH) reported a 15% increase on its year-to-date consolidated net income amounting to P7.4 billion from the same period last year. The higher income was largely due to rentals from newly opened malls and improved performance of SM's China malls. SMPH is the Philippines' leading shopping mall developer and operator largerly owned and controlled by Henry Sy and his family. SMPH stocks closed at 14.3, up by .06 points from previous trade.
MER Core Net Income Up 11%
Manila Electric Co. (PSE:MER) announce that its core net income for nine months amounted P12.9 billion, up 11% from same period last year. The positive earnings was mainly due to the 8% increase in volume of energy sold. Consolidated reported net income was up 37% to P13.6 billion, which includes one time, exceptional charges. MER stocks closed at 276.8, down by 1.2 points from last trade.
APO, OV to sell VUL Shares to NBS
Anglo Philippine Holdings Corporation (PSE:APO) and The Philodrill Corporation (PSE:OV) have agreed to sell their Vulcan Industrial and Mining Corporation (PSE:VUL) shares to National Books Store, Inc at an agreed price of P1 per share. APO and OV hold 12.25 million and 610,000 shares, respectively. VUL shares are still on voluntary suspension due to "proposals that may materially affect the future business direction of the company."
TOL Tender Offer Priced at P6.50
Metro Pacific Tollways Corporation (PSE:TOL) announced its tender offer or delisting at P6.50 per share. The tender period starts today until noon of Nov. 28, 2012 and shall be paid in full by Dec. 11, 2012. TOL stocks closed at P6.21, down by .19 from last trade.
MER Seeks Refund to PSALM for Double Charges
Manila Electric Co. (PSE:MER) is seeking a refund from the double charges made by Power Sector Assets and Liabilities Management Corp. MER filed a refund amounting to P9.839 billion to cover transition supply contract line losses.