Alphaland reports net profit of P4.94B in 2014

MANILA, Philippines–Upscale property developer Alphaland Corp. posted a net profit of P4.94 billion in 2014, boosting the company’s net equity value in the aftermath of its break-up with British fund Ashmore.

In a press statement, Alphaland said its 2014 audited financial statements showed “strong performance with a 12-percent increase in its book value per share from P23.6 a share in 2013 to P26.4 a share in 2014.”

Alphaland, which was delisted from the Philippine Stock Exchange (PSE) last year, did not explain the 2014 results, only noting that this net income level contributed to the company’s net equity value of P37.55 billion.

There was no disclosure on how much extraordinary gains were booked from the separation of assets with former strategic partner Ashmore. No comparative net profit level was also given for 2013.

The company statement said that “various investors have expressed interest in investing in the company buoyed by Alphaland’s strong performance.”

In October 2014, the London-listed Ashmore Group completed its divestment from Alphaland pursuant to a settlement agreement signed in June 2014.

It was earlier reported that in line with the settlement with Ashmore, Alphaland transferred the following assets, together with all attendant liabilities, to Bedfordbury Development Corp., the joint-venture company of businessman Eric Recto and Ashmore:  Alphaland Tower on Ayala Avenue, the Alphaland Marina Club project, a 50-percent ownership in the Alphaland Bay City joint venture and a 60-percent ownership in the joint venture known as Boracay Gateway.

In return, Alphaland got back all of Ashmore’s shares in the corporation plus P2.5 billion in cash. Alphaland, for its part, retains ownership of the Balesin Island Club, the Alphaland Makati Place complex, including The City Club, the Alphaland Southgate Tower and mall and the Baguio Mountain Lodges project.

In its statement Tuesday, the shares reacquired from Ashmore are now in treasury resulting in a decrease in the total outstanding shares of Alphaland from 1.98 billion in 2013 to 1.42 billion in 2014.

The company said its asset base now stood at P47.81 billion as against liabilities of P10.26 billion.

Alphaland is now 90 percent controlled by the group of businessman Roberto Ongpin.