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Posted on February 09, 2012

Sales improved

THE LOCAL arm of Hyundai Motor Co. yesterday posted a 40% sales growth last month over the same period last year as it enjoyed a surge in the passenger car segment. Hyundai Asia Resources, Inc. (HARI) sold 2,153 units in January, two-fifths higher than last year’s 1,541 units. Last month’s performance also saw a 57% improvement from December 2011 sales of 1,375 vehicles. Passenger car sales soared by 84% to 1,286 units in January from 698 for the same month last year. The South Korean automaker attributed the sales uptick to the i10, Accent, and Elantra models. Light commercial vehicles, meanwhile, grew by 3% annually to 867 units from 843 units in 2010. “The Philippine economy remains [promising] with stable growth from strong economic fundamentals, positive investor sentiment coupled with a prospect of a boom in infrastructure and mining,” HARI said. “Furthermore, with ample liquidity and as financial institutions offer lower interest rates, consumers’ spending power is expected to be on a sustained high,” it added. HARI last year pulled a modest 1% growth to 20,297 units from 20,172 in 2010.

Project readied

PROPERTY FIRM Interport Resources Corp. is looking to launch a condominium development on its existing property in Binangonan, Rizal this year, a company official recently said. “We have a condominium project in the planning near the Thunderbird Casino and East Ridge Golf Club. It’s still in the pipeline, but we’re now applying for the pertinent licenses. Hopefully, we can start launching by the middle of this year,” Georgina A. Monsod, Interport Resources senior vice-president and treasurer, told BusinessWorld in a telephone interview last Friday. “We are now doing a masterplan for the property. We are now starting to talk to some people who can do this for us,” Ms. Monsod added without elaborating. The planned condominium will rise on 2,200-hectare property Interport Resources purchased in 1978, 30 hectares of which is currently occupied by the firm’s low-cost subdivision, Sunshine Fiesta, a joint venture with developer Dreamhauz Management & Development Corp. Meanwhile, Interport Resources has already sold 300 out of 900 house and lot units in Sunshine Fiesta since pre-selling began late last year, Ms. Monsod said.

Permit bagged

THE ENERGY Regulatory Commission (ERC) awarded Kratos RES, Inc. with a retail electricity supplier license, which will allow the firm to sell power in the open access regime, the agency said in a statement yesterday. Kratos was granted the license to “engage in the selling, brokering, marketing and aggregating of electricity to qualified consumers in the contestable electricity market.” The license is valid for five years. The company is now the 16th firm to be granted a retail electricity supplier license by the ERC. “The entry of Kratos as the 16th retail electricity supplier bodes well for the country’s economy as more players in the contestable market means better competition which leads to better customer service,” said ERC Chairperson Zenaida G. Cruz-Ducut in the statement. Kratos was registered in the Securities and Exchange Commission in August 2011 and is wholly-owned by Primewater Infrastructure Corp. It plans to supply electricity to users to Villar-led Vistaland and Starmall Group of Companies. It will source power from bilateral contracts as well as the Wholesale Electricity Spot Market.

Capital stock raised

DOUGHNUT PURVEYOR Happy Haus Food Corp. has increased its capital stock to P20 million from P2 million, filings from the Securities and Exchange Commission yesterday showed. The capital increase the company, which operates Happy Haus Donuts chain, was filed in December but was approved yesterday by Director Benito A. Cataran of SEC’s company registration and monitoring department. The capital comes on top of the company’s plan to expand locally and internationally. Edwin N. Ubina, the firm’s operation manager, had earlier said that the company was eyeing 20-30% in yearly sales and number of franchised stores. Mr. Ubina had also said that the company was set to expand abroad, opening its first kitchen in Taiwan this year. He earlier said the company was able to scout Chinese partners in Taiwan, adding that the international expansion will debut 10 showcase stores. Locally, the company has around 300 stalls, which are present in Metro Manila, Tarlac, Cabanatuan, Olongapo, Cavite, Las Pinas, and Cebu, among other locations. The company was established in 2005.