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Posted on November 16, 2011

First Gen hikes profits

PROFITS OF First Gen Corp. rose by 27.5% in the third quarter on the back of higher electricity production from its its gas-powered plants, the company disclosed to the bourse yesterday. First Gen said it saw its net income increase to $39.3 million for July to September from $30.8 million in the same period last year. Its attributable net income to the parent rose by 50.3% to $24.8 million from yearago levels of $16.5 million. Revenues of the firm grew 22% in three month period to $397.4 million from $325.4 million last year. Despite the strong performance of the third quarter, First Gen’s nine month net income fell by 51.9% to $50.4 million from $104.9 million. Its attributable net income to parent declined 82.6% to $11.5 million from $66.5 million in the same period last year. “The decline is mostly attributable to an impairment charge of P5 billion by its affiliate Energy Development Corp. for its 49-megawatt (MW) Northern Negros geothermal power plant...reported in June this year,” the company said in its disclosure.

NiHAO surge noted

THE CONSOLIDATED net profit of NiHAO Mineral Resources International, Inc. ballooned to P23.98 million in the nine months to September, ten times the yearago figure. “The significant improvement in net income can be attributed to Oriental Vision Mining Philippines Corp.’s (ORVI) first year of successful shipments of lateritic nickel ore to China,” NiHAO said. NiHAO said earlier that for the May to August period, ORVI completed eight shipments containing 424,736 of limonite and saprolite ore wet metric tons (WMT) valued at $10 million from its Palhi Nickel Mine in Dinagat Islands. The firm said in a disclosure yesterday that it completed five shipments containing 267,371 WMT of limonite and saprolite ore valued at $7.1 million for September and October. ORVI said earlier it expects to end the year with 15 shipments of nickel ore. Shares of NiHAO last traded at P4.11 apiece yesterday, up slightly from the previous day’s P4.08 apiece.

Lopez earnings rise

LOPEZ HOLDINGS Corp. more than doubled its third quarter net income from yearago levels, the company said in a disclosure to the local bourse yesterday. Net income of the company surged by 154% to P3.528 billion from last year’s P1.386 billion on the back of higher “other income”, which the company described as the reversal of accrued interest after it bought back debt. Last August the company, which is the holding firm behind ABS-CBN Corp. and Bayan Telecommunications, Inc., said it had decided to purchase roughly 71% or $13.97 million of the outstanding Eurobonds. It said it also bought back 91% or P785.3 million of long-term commercial papers it issued in 1996 in a move to restructure its debt. The company posted P4.096 billion in net income attributable to equity holders of the parent for the first nine months of 2011, 69% lower than the P13.035 billion a year ago. January to September revenue fell by 16.61% to P21.125 billion from P24.742 million on the back of decrease in advertising revenues and consumer sales from ABS-CBN Corp. The television network recorded P2.2 billion in its nine-month net income, a 23% decline from last year’s P2.9 billion attributable to lower advertising revenues on the absence of political advertisements.

Eton remains upbeat

DEVELOPER ETON Properties Philippines, Inc. yesterday posted a 21.6% growth in third quarter profits due to lower costs and expenses. The real estate arm of the Lucio C. Tan Group of Companies hiked its July to September net income to P182.74 million versus the P150.27 million booked in the same period last year, a filing with the local bourse showed. Revenues dipped by 5.78% to P1.14 billion in the third quarter but this decline was offset by a drop in costs and expenses by 11.77% to P900.72 million on lower selling requirements. This brought the property developer’s nine-month net income to P600.63 million, up 13.21% from P530.55 million in the same period last year. Total revenues as of September had jumped by 20.12% to P3.76 billion from P3.13 billion. Expenses in those nine months also rose by 18.21% to P2.966 billion from P2.509 billion last year. “Philippine real estate will continue to be good. There is a huge housing backlog of 3.7 million [units] in the country, the outsourcing industry continues to grow and there is rising demand for office space, and the government thrust on tourism-related projects boosts local tourism,” Danilo E. Ignacio, Eton Properties president and chief operating officer said.