The Philippine Stock Exchange Index (PCOMP) fell 0.1 percent to 4,772.47.
Ayala Land Inc. (ALI) : The Pilippines’s largest builder said it plans to spend a record 37 billion pesos ($869 million) this year to boost profit after 2011 earnings beat analyst estimates.
Net income increased 31 percent to a record 7.14 billion pesos last year, beating the 6.82 billion-peso median estimate of 11 analysts surveyed by Bloomberg. Ayala Land may borrow 10 billion pesos to 15 billion pesos in the first half to fund its capital spending, President Antonino Aquino told reporters yesterday. The stock fell 1.05 percent to 18.82 pesos.
Globe Telecom Inc. (GLO) : The venture of Ayala Corp. and Singapore Telecommunications Ltd. expects “aggressive growth prospects” as it pursues a $700 million network expansion, President Ernest Cu said in a statement yesterday.
The Philippines’ second-largest telecommunications company yesterday signed an agreement with Huawei Technologies Co. and Alcatel-Lucent to modernize its network. The stock rose 2.4 percent to 1,198 pesos.
Megaworld Corp. (MEG) : The Philippine property developer sold 10,451 units worth 37.1 billion pesos last year. Total area sold was more than 400,000 square meters, 35 percent higher than its closest competitor, the company said in a disclosure to the stock exchange yesterday. The stock advanced 0.6 percent to 1.71 pesos.
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