Philippine Equity Movers: Energy Development, Vista Land
The Philippine Stock Exchange Index (PCOMP) fell 0.2 percent to 5,008.95, retreating from a record high close.
Energy Development Corp. (EDC) dropped 3.2 percent to 5.22 pesos. The nation’s largest geothermal company said 2011 net income dropped 86 percent from a year earlier to 615 million pesos because of a write-off and forgone steam sales, according to a company statement.
Vista Land & Lifescapes Inc. (VLL) added 1 percent to 3.87 pesos, heading for the highest close since Feb. 22. The company is increasing its 2012 spending budget by as much as 45 percent amid optimism that demand for its main horizontal and high-rise residential segments will remain robust, BusinessMirror reported, citing Chief Financial Officer Ricardo Tan.
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