Ayala, Metropolitan Bank, 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 4,292.11.
Ayala Corp. (AC) : The owner of the largest Philippine developer posted a 16 percent increase in first-quarter net income to 2.45 billion pesos ($57 million) from a year earlier, driven by earnings at its property, banking and telecommunications ventures, a stock exchange filing showed. The company expect “a higher earnings growth trajectory for the group moving forward,” Ayala President Fernando Zobel said in the statement. The stock rose 0.2 percent to 386.60 pesos.
MacroAsia Corp. (MAC) : The Philippine provider of in- flight catering services posted a 79.96 million peso profit in the first quarter, down from 119.6 million pesos in the same period last year, a stock exchange filing showed. The stock rose 1.3 percent to 3.04 pesos.
Megaworld Corp. (MEG) : The Philippine builder of residential and office towers reported a 12 percent increase in first-quarter net income to 1.25 billion pesos on higher home sales and rental earnings, a stock exchange filing showed. The stock gained 0.9 percent to 2.16 pesos.
Metropolitan Bank & Trust (MBT) Co: The second-biggest Philippine bank by asset had a net income of 3.1 billion pesos in the first quarter, 21 percent higher from a year earlier, a stock exchange filing showed. The stock increased 1 percent to 67.65 pesos.
Pacific Online Systems Corp. (LOTO) : The company that leases terminals for the online lottery operated by the government reported a 59 percent increase in first-quarter profit to 130.6 million pesos, a stock exchange filing showed. The stock was unchanged at 17.86 pesos.
Phoenix Petroleum Philippines Inc. (PNX) : The gasoline retailer said its board approved a $10 million convertible loan from the International Finance Corp. to fund the expansion of its retail network and depot facility. Core net income in the first quarter rose 164 percent to 185.1 million pesos as revenue increased to 6.1 billion pesos from 2.75 billion pesos a year earlier, the company also said. The stock gained 1.4 percent to 13.04 pesos.
San Miguel Pure Foods Co. (PF PM): The largest Philippine maker of hot dogs said first-quarter profit rose 26 percent to 1.1 billion pesos. San Miguel Corp. (SMC) will initially sell a 10 percent stake in Pure Foods to meet minimum requirement by the stock exchange and may still sell up to 49 percent of the unit, President Ramon Ang said. San Miguel may also sell stakes of up to 49 percent in its other ventures to fund expansion, Ang said. Pure Foods was unchanged at 999.50 pesos when it last traded on May 11. San Miguel gained 0.1 percent to 111 pesos.
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