The country’s banking sector remained highly profitable in 2012, with the combined net income of small and big players growing by a double-digit pace as they ride on the gains of an expanding economy.
Andrew Tan-led holding firm Alliance Global Group Inc. (AGI) expects its net income to grow by at least a fifth in 2013, after reporting record profit last year.
Energy Development Corp.’s net income surged to P10.4 billion last year, from P615 million in 2011, due mainly to stronger sales and the absence of impairment losses.
Still reeling from the suspension of operations at its Padcal mine in Benguet, the country’s largest gold and copper producer Philex Mining Corp. reported that its core net income in 2012 plunged by 69 percent to P1.705 billion from P5.568 billion a year earlier.
Leading cement maker Holcim Philippines Inc. expects to continue growing at a healthy pace as sales are boosted by the expected increase private and public sector construction spending.
Manila Electric Co. posted a 9-percent increase in its consolidated core net income to P16.3 billion last year from P14.9 billion in 2011 on the back of higher electricity sales.
Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P1.09 billion last year, a reversal of the P537 million in net income registered in 2011.
Residential property developer SM Development Corp. increased its net profit last year by 17.5 percent to P4.9 billion as real estate revenues expanded at a double-digit pace, the company announced Wednesday.
The country’s second largest telecommunications firm Globe Telecom Inc. has announced a higher cash dividend payout for shareholders, despite posting a steep drop in its fourth quarter income due to modernization costs and higher phone subsidies.
MANILA, Philippines—Lopez-led First Gen Corp. reported a surge in its net income to $147 million in the first nine months of 2012 from only $10.1 million a year ago. In a filing with the Philippine Stock Exchange, First Gen attributed the profit growth to the higher earnings contributed by affiliates Energy Development Corp., currently [...]
Petron Corp., the country’s biggest oil refiner and retailer, registered an 88-percent drop in its consolidated net income to P932 million in the first nine months of 2012 from the P7.6 billion it posted in the same period last year.
Listed Alcorn Gold Resources Corp. posted a 14-percent drop in its net income in the first nine months to P10.8 million from P12.6 million a year ago.
