Manila Water, San Miguel: Philippine Stocks Preview
Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.
The Philippine Stock Exchange Index fell 0.5 percent to 4,312.01.
International Container Terminal Services Inc. (ICT) : The Philippines’ biggest port operator said first-quarter net income rose to $28.5 million from $22.8 million a year earlier. The stock dropped 3.4 percent to 49.10 pesos.
Manila Water Co. (MWC PM): The utility that serves half of the nation’s capital said net income fell 3 percent in the first quarter to 816 million pesos ($19 million) due to a decline in a bond’s fair value. Operating revenue increased 5 percent to 2.7 billion pesos, while so-called core income before tax grew 14 percent to 1.2 billion pesos, it said in a statement to the stock exchange. The stock rose 0.4 percent to 18.06 pesos.
San Miguel Corp. (SMC) : The biggest Philippine food and drinks company said first-quarter profit surged 146 percent to 7.14 billion pesos, boosted by earnings from its oil, power and food ventures. The stock declined 3.1 percent to 110.90 pesos.
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