Corporate News

Other Stories (03/25/14)

Posted on March 25, 2014

Profit surges
MARCVENTURES Holdings, Inc. -- which has interests primarily in mining through subsidiary Marcventures Mining & Development Corp. -- saw net income surge nearly ninefold to P1.018 billion last year from P114.566 million in 2012, as revenues grow nearly fourfold to P2.517 billion from P697.491 million, the holding firm said in a disclosure yesterday, citing audited financial statements. No other detail was provided. Its shares added two centavos to end P4.07 each yesterday.

Added income expected
CENTURY PROPERTIES Group, Inc. expects its newly opened P1.4-billion Century City Mall to bring in P100 million in income annually starting next year. “This mall should generate P100 million in net income annually once its stabilizes,” Century Properties Chief Operating Officer Jose Marco R. Antonio told reporters on the sidelines of the mall’s inauguration yesterday, adding that operations are expected to stabilize next year. He added that the mall’s 17,000-square-meter leasable area is 99% occupied.

Plant completion slated
SOUTH LUZON Thermal Energy, Inc. -- a joint venture of Trans-Asia Oil and Energy Development Corp. and AC Energy Holdings of the Ayala Group of Companies -- is expected to complete the first 135-megawatt (MW) unit of its 270-MW coal-fired power facility in Calaca, Batangas by the fourth quarter this year, according to Trans-Asia’s annual report. “The project is essentially in the completion stage. It’s just a matter of civil and completion work,” Pythagoras L. Brion, Jr., Trans-Asia senior vice-president and chief financial officer, told reporters on the sidelines of an investors briefing at Makati City yesterday.

Targeted funds raised
MANILA North Tollways Corp. has raised the full amount from a bond sale to help fund part of expansion of North Luzon Expressway, a top official of one of the underwriters said yesterday. “The maximum amount to be raised was P7 b(illion) and P7 b(illion) was in fact raised,” Emilio Federico C. Galang III, president of SB Capital Investment Corp., said via text.