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Cossack25A1
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Business News:
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PLDT braces for Telstra entry, keeps core net income guidance
By Louella D. Desiderio (The Philippine Star)
Updated November 4, 2015 - 12:00am
MANILA, Philippines - The country’s leading telecommunications and digital services provider Philippine Long Distance Telephone Co. (PLDT) is confident it will meet, if not exceed, its core net income guidance of P35 billion this year but is cautious for next year amid the possible entry of new player Telstra.
“In terms of core income, we affirm our guidance number at P35 billion… Based on the track record for the first three quarters, we are averaging about P9 billion so it is within scope we can achieve full-year guidance of P35 (billion), and we may exceed it slightly depending on how the final two months of this year pan out,” PLDT chairman Manuel V. Pangilinan said during a briefing yesterday.
PLDT’s core net income reached P27.1 billion in the first nine months, five percent lower than the previous year’s P28.6 billion.
The decrease was attributed to lower EBITDA (earnings before income tax, depreciation and amortization), reflecting the impact of expenses relating to the manpower reduction program, and higher financing costs, offset by lower provisions for income tax and a decrease in depreciation and amortization.
PLDT’s net income also declined by nine percent to P25.3 billion as of end-September from P28 billion in the same period in 2014, as a result of the dip in core net income and higher foreign exchange losses.
The PLDT Group’s consolidated service revenues, excluding revenues from the international and national long distance segments, rose two percent to P107 billion from January to September compared with last year’s P104.5 billion.
Revenues from data and broadband as well as fixed line services, registered year-on-year increases of 15 percent and five percent, respectively.
The company has yet to provide its core net income guidance for next year but Pangilinan said their outlook would take into consideration the possible entry of Telstra.
“Our planning assumption for 2016 includes the prospect of Telstra’s entry into the market by 2016,” he said.
While he said it is difficult to say how Telstra’s possible foray to the Philippine market would affect PLDT for now, the company is getting ready if and when Australia’s biggest telephone firm comes in.
Telstra is currently in talks with San Miguel Corp. for a possible joint venture in the wireless business in the Philippines.
“There are certain essential things we have to do. The network has got to be up to snuff. (It) has got to have standards across the board. 3G, 4G, service delivery platforms must be up to global standards as well. International circuits, the resiliency and capacity of our fibre optic backbone must be improved,” Pangilinan said.
On the content side, PLDT is also working to improve the digital experience of subscribers.
As the speed of Internet in the country has been a common complaint by users, Ray Espinosa, regulatory affairs and policies head of PLDT said in the same event the firm is working to address the issue but noted the government would also have to help.
In particular, the National Telecommunications Commission has to step in by looking at how to provide access to incumbent telco players to the 700 megahertz (MHz) frequency or so called digital dividend that would help hasten speed of Internet service.
“We are focused on speed and we are focused on basically asking for our fair share on the 700 MHz…Government should work hand-in-hand with incumbent players and even new entrants to ensure the scarce range of frequency spectrum that will enhance the speed of mobile telecommunications is made available on a fair and reasonable basis,” Espinosa said.
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PLDT braces for Telstra entry, keeps core net income guidance | Business, News, The Philippine Star | philstar.com
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Bloomberry incurs P1.5 B loss in 9 months
By Iris C. Gonzales (The Philippine Star)
Updated November 4, 2015 - 12:00am
MANILA, Philippines - Bloomberry Resorts Corp., the hotel and casino operator owned by ports tycoon Enrique Razon, incurred a net loss of P1.5 billion in the first nine months of the year, a reversal of the P3.3 billion profit reported in the same period last year.
In the third quarter alone, Bloomberry’s net loss reached P189 million, significantly lower than the previous quarter’s P787 million loss.
Bloomberry owns and operates Solaire Resort & Casino within the 100-hectare Pagcor Entertainment City in Parañaque, and Jeju Sun Hotel & Casino in Korea.
The company registered P19.42 billion in revenue from January to September, up from P16.97 billion in the same period a year ago.
For the third quarter, Bloomberry booked revenues of P7.09 billion, 29 percent higher than the P5.5 billion recorded a year earlier.
Razon, Bloomberry chairman and CEO, said the company’s additional investments are paying off.
“Our investments in the Sky Tower are beginning to show returns. Given the improvement in Philippine operations and the opening of a new revenue stream, we are hopeful that returns stream, we are hopeful that returns will continue to gain higher ground,” Razon said.
Gross gaming revenues and non-gaming revenues for the first nine months reached P24.55 billion and P1.38 billion, respectively.
On a year- on-year basis, these grew by 14 percent and 53 percent, respectively, with strong growth across all gaming segments and additional incremental growth in non-gaming revenues with the opening of Sky Tower in November 2014 and the consolidation of Korean operations beginning in the second quarter of 2015.
“Jeju Sun, in its first 15 days of casino operations, accounted for less than one percent of consolidated gross gaming revenues and 13 percent of consolidated non-gaming revenues,” Bloomberry said.
By segment, bulk of the revenues came from gaming followed by hotel, food, beverage and retail.
Bloomberry said gaming accounted for 94.6 percent of total revenues followed by hotel, food and beverage and retail at 5.1 percent with the balance of 0.3 percent taken up by Interest Income.
Cost cutting measures continue to show tangible benefits, the company said, with cash operating expenses in the third quarter declining six percent quarter-on-quarter to P3.98 billion.
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Bloomberry incurs P1.5 B loss in 9 months | Business, News, The Philippine Star | philstar.com
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Index rises on strong corporate earnings
By Iris C. Gonzales (The Philippine Star)
Updated November 4, 2015 - 12:00am
MANILA, Philippines - Share prices gained yesterday, boosted largely by encouraging third quarter corporate income reports.
The Philippine Stock Exchange index (PSEi) gained 11.88 points, or 0.16 percent, to close at 7,210.73, while the broader All Shares index rose 3.74 points, or 0.09 percent, to close at 4,156.09 points.
Most indexes closed higher, led by the mining and oil barometer, which surged 165.41 points or 1.43 percent higher to settle at 11,666.12.
Astro del Castillo, managing director of First Grade Finance Inc., said investors remain positive as companies report on their third quarter earnings.
“Investors remain positive as corporate earnings continue to pour in. However, cautiousness is still up in the air given that we ended flat and value turn over remains thin,” Del Castillo said.
Value turnover remained thin at P5.940 billion even as advancers outnumbers decliners 98 to 83 and left 37 stocks unchanged.
Analysts said corporate earnings would help determine whether or not the market would sustain its rally and be a precursor of the generally bullish season capped by the Santa Claus rally.
While the market continues to keep an eye on central bank policies across the globe, domestic corporate earnings will take center stage and would likely be the main driving force for trades in the next two to three weeks, they said.
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Index rises on strong corporate earnings | Business, News, The Philippine Star | philstar.com
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PLDT braces for Telstra entry, keeps core net income guidance
By Louella D. Desiderio (The Philippine Star)
Updated November 4, 2015 - 12:00am
MANILA, Philippines - The country’s leading telecommunications and digital services provider Philippine Long Distance Telephone Co. (PLDT) is confident it will meet, if not exceed, its core net income guidance of P35 billion this year but is cautious for next year amid the possible entry of new player Telstra.
“In terms of core income, we affirm our guidance number at P35 billion… Based on the track record for the first three quarters, we are averaging about P9 billion so it is within scope we can achieve full-year guidance of P35 (billion), and we may exceed it slightly depending on how the final two months of this year pan out,” PLDT chairman Manuel V. Pangilinan said during a briefing yesterday.
PLDT’s core net income reached P27.1 billion in the first nine months, five percent lower than the previous year’s P28.6 billion.
The decrease was attributed to lower EBITDA (earnings before income tax, depreciation and amortization), reflecting the impact of expenses relating to the manpower reduction program, and higher financing costs, offset by lower provisions for income tax and a decrease in depreciation and amortization.
PLDT’s net income also declined by nine percent to P25.3 billion as of end-September from P28 billion in the same period in 2014, as a result of the dip in core net income and higher foreign exchange losses.
The PLDT Group’s consolidated service revenues, excluding revenues from the international and national long distance segments, rose two percent to P107 billion from January to September compared with last year’s P104.5 billion.
Revenues from data and broadband as well as fixed line services, registered year-on-year increases of 15 percent and five percent, respectively.
The company has yet to provide its core net income guidance for next year but Pangilinan said their outlook would take into consideration the possible entry of Telstra.
“Our planning assumption for 2016 includes the prospect of Telstra’s entry into the market by 2016,” he said.
While he said it is difficult to say how Telstra’s possible foray to the Philippine market would affect PLDT for now, the company is getting ready if and when Australia’s biggest telephone firm comes in.
Telstra is currently in talks with San Miguel Corp. for a possible joint venture in the wireless business in the Philippines.
“There are certain essential things we have to do. The network has got to be up to snuff. (It) has got to have standards across the board. 3G, 4G, service delivery platforms must be up to global standards as well. International circuits, the resiliency and capacity of our fibre optic backbone must be improved,” Pangilinan said.
On the content side, PLDT is also working to improve the digital experience of subscribers.
As the speed of Internet in the country has been a common complaint by users, Ray Espinosa, regulatory affairs and policies head of PLDT said in the same event the firm is working to address the issue but noted the government would also have to help.
In particular, the National Telecommunications Commission has to step in by looking at how to provide access to incumbent telco players to the 700 megahertz (MHz) frequency or so called digital dividend that would help hasten speed of Internet service.
“We are focused on speed and we are focused on basically asking for our fair share on the 700 MHz…Government should work hand-in-hand with incumbent players and even new entrants to ensure the scarce range of frequency spectrum that will enhance the speed of mobile telecommunications is made available on a fair and reasonable basis,” Espinosa said.
-----
PLDT braces for Telstra entry, keeps core net income guidance | Business, News, The Philippine Star | philstar.com
-----
Bloomberry incurs P1.5 B loss in 9 months
By Iris C. Gonzales (The Philippine Star)
Updated November 4, 2015 - 12:00am
MANILA, Philippines - Bloomberry Resorts Corp., the hotel and casino operator owned by ports tycoon Enrique Razon, incurred a net loss of P1.5 billion in the first nine months of the year, a reversal of the P3.3 billion profit reported in the same period last year.
In the third quarter alone, Bloomberry’s net loss reached P189 million, significantly lower than the previous quarter’s P787 million loss.
Bloomberry owns and operates Solaire Resort & Casino within the 100-hectare Pagcor Entertainment City in Parañaque, and Jeju Sun Hotel & Casino in Korea.
The company registered P19.42 billion in revenue from January to September, up from P16.97 billion in the same period a year ago.
For the third quarter, Bloomberry booked revenues of P7.09 billion, 29 percent higher than the P5.5 billion recorded a year earlier.
Razon, Bloomberry chairman and CEO, said the company’s additional investments are paying off.
“Our investments in the Sky Tower are beginning to show returns. Given the improvement in Philippine operations and the opening of a new revenue stream, we are hopeful that returns stream, we are hopeful that returns will continue to gain higher ground,” Razon said.
Gross gaming revenues and non-gaming revenues for the first nine months reached P24.55 billion and P1.38 billion, respectively.
On a year- on-year basis, these grew by 14 percent and 53 percent, respectively, with strong growth across all gaming segments and additional incremental growth in non-gaming revenues with the opening of Sky Tower in November 2014 and the consolidation of Korean operations beginning in the second quarter of 2015.
“Jeju Sun, in its first 15 days of casino operations, accounted for less than one percent of consolidated gross gaming revenues and 13 percent of consolidated non-gaming revenues,” Bloomberry said.
By segment, bulk of the revenues came from gaming followed by hotel, food, beverage and retail.
Bloomberry said gaming accounted for 94.6 percent of total revenues followed by hotel, food and beverage and retail at 5.1 percent with the balance of 0.3 percent taken up by Interest Income.
Cost cutting measures continue to show tangible benefits, the company said, with cash operating expenses in the third quarter declining six percent quarter-on-quarter to P3.98 billion.
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Bloomberry incurs P1.5 B loss in 9 months | Business, News, The Philippine Star | philstar.com
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Index rises on strong corporate earnings
By Iris C. Gonzales (The Philippine Star)
Updated November 4, 2015 - 12:00am
MANILA, Philippines - Share prices gained yesterday, boosted largely by encouraging third quarter corporate income reports.
The Philippine Stock Exchange index (PSEi) gained 11.88 points, or 0.16 percent, to close at 7,210.73, while the broader All Shares index rose 3.74 points, or 0.09 percent, to close at 4,156.09 points.
Most indexes closed higher, led by the mining and oil barometer, which surged 165.41 points or 1.43 percent higher to settle at 11,666.12.
Astro del Castillo, managing director of First Grade Finance Inc., said investors remain positive as companies report on their third quarter earnings.
“Investors remain positive as corporate earnings continue to pour in. However, cautiousness is still up in the air given that we ended flat and value turn over remains thin,” Del Castillo said.
Value turnover remained thin at P5.940 billion even as advancers outnumbers decliners 98 to 83 and left 37 stocks unchanged.
Analysts said corporate earnings would help determine whether or not the market would sustain its rally and be a precursor of the generally bullish season capped by the Santa Claus rally.
While the market continues to keep an eye on central bank policies across the globe, domestic corporate earnings will take center stage and would likely be the main driving force for trades in the next two to three weeks, they said.
-----
Index rises on strong corporate earnings | Business, News, The Philippine Star | philstar.com
-----
Cossack25A1
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The location of the proposed new airport in Sangley Point in Cavite, south of Manila and near in proximity to the NAIA.
DOTC eyes Aquino nod on location of new airport in Sangley Point | Inquirer Business
Cossack25A1
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APEC 2015 Summit News:
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Palace: No signs Xi Jinping will snub APEC in Manila
By Louis Bacani (philstar.com)
Updated November 4, 2015 - 5:51pm
MANILA, Philippines — Malacañang expressed confidence on Wednesday that Chinese President Xi Jinping will attend the Asia-Pacific Economic Cooperation (APEC) summit in Manila this month.
Deputy Presidential Spokesperson Abigail Valte said China has yet to confirm Xi's attendance to the APEC Economic Leaders' Meeting (AELM) "but there are no indications that he will not go."
"Thus far, their home office has been working with us kasi may mga advance visits po 'yan, may mga advance teams. They are all represented," Valte said in a press briefing.
Considered as APEC's biggest event, the AELM will be held on November 18 and 19 in Metro Manila and will be attended by President Benigno Aquino III and 20 other heads of state.
Valte said more than 10 leaders have confirmed their attendance. Earlier, Cabinet Secretary Rene Almendras said that Russian President Vladimir Putin and all other leaders except for Xi have confirmed attendance at the APEC summit.
In an interview with reporters in Eastern Samar on Friday, Aquino said there is no reason to relate the West Philippine Sea dispute with Xi's decision to attend the APEC summit.
"Bahagi lang itong usapan na ito (sea dispute) sa relasyon natin sa Tsina. Siguro naman ay hindi magiging kabuuan ng desisyon nila ay dahil dito sa isang bahagi lang," Aquino said.
("This is just part of the discussion with regards to our relationship with China. I am sure that the incident will not affect their decision.")
Aquino said he is open to hold a possible bilateral meeting with the Chinese leader if he attends the Manila event.
The president said he would want to discuss stability with Xi.
"All our governments are supposed to be there for the improvement of the lot of our people, improvement in their lives, and this can only happen if there’s stability. So if there is a central message that would be that I would want to convey," Aquino said in a forum with foreign media correspondents last week.
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Palace: No signs Xi Jinping will snub APEC in Manila | Headlines, News, The Philippine Star | philstar.com
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Palace: No signs Xi Jinping will snub APEC in Manila
By Louis Bacani (philstar.com)
Updated November 4, 2015 - 5:51pm
MANILA, Philippines — Malacañang expressed confidence on Wednesday that Chinese President Xi Jinping will attend the Asia-Pacific Economic Cooperation (APEC) summit in Manila this month.
Deputy Presidential Spokesperson Abigail Valte said China has yet to confirm Xi's attendance to the APEC Economic Leaders' Meeting (AELM) "but there are no indications that he will not go."
"Thus far, their home office has been working with us kasi may mga advance visits po 'yan, may mga advance teams. They are all represented," Valte said in a press briefing.
Considered as APEC's biggest event, the AELM will be held on November 18 and 19 in Metro Manila and will be attended by President Benigno Aquino III and 20 other heads of state.
Valte said more than 10 leaders have confirmed their attendance. Earlier, Cabinet Secretary Rene Almendras said that Russian President Vladimir Putin and all other leaders except for Xi have confirmed attendance at the APEC summit.
In an interview with reporters in Eastern Samar on Friday, Aquino said there is no reason to relate the West Philippine Sea dispute with Xi's decision to attend the APEC summit.
"Bahagi lang itong usapan na ito (sea dispute) sa relasyon natin sa Tsina. Siguro naman ay hindi magiging kabuuan ng desisyon nila ay dahil dito sa isang bahagi lang," Aquino said.
("This is just part of the discussion with regards to our relationship with China. I am sure that the incident will not affect their decision.")
Aquino said he is open to hold a possible bilateral meeting with the Chinese leader if he attends the Manila event.
The president said he would want to discuss stability with Xi.
"All our governments are supposed to be there for the improvement of the lot of our people, improvement in their lives, and this can only happen if there’s stability. So if there is a central message that would be that I would want to convey," Aquino said in a forum with foreign media correspondents last week.
-----
Palace: No signs Xi Jinping will snub APEC in Manila | Headlines, News, The Philippine Star | philstar.com
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Zero_wing
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Well screw them their lose
pher
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he will not come believe me. then those countries who want to meet Xi will hate your nation to the bone.
Cossack25A1
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I just posted a news and later you commenting about APEC countries will have animosity against the Philippines just because Xi Jinping may not come?
WTF.
pher
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get used to it, nobody care about your counry but most of them will await in the line to talk to Xi
Zero_wing
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Again we don't care
Dude wag ka mag post ng ganito kasi alam mon mga imperialista they think differently
Cossack25A1
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Since pher said no one cares, I may consider stop posting any updates at all. Someone has to do it, and it better not be opruh/oproh and Fsjal.
Zero_wing
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Ya but do some work first before posting
Cossack25A1
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The thing is that this thread is about the PH's economy, military and other updates, including diplomatic situation.
Unless someone else will be posting any news updates, as only a few Filipinos are left here in this forum, with one being the cheerleader for the PDF China Platoon.
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