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FOUR of
the 30 companies included in the computation of the
Philippine Stock Exchange index (PSEi) landed among the
biggest gainers in the week ended July 11.
Now here
is bad news for investors of the two listed broadcast
companies: ABS-CBN Broadcasting Corp. and GMA Network
Inc. were among last week’s worst performers.
The
weekly market monitor prepared by the Philippine Stock
Exchange (PSE) showed Manila Electric Co. (Meralco) was
among the biggest gainers but not necessarily the best.
It was No. 13 in the list.
Gokongwei’s winners
Robinsons Land Corp. (RLC) closed on Friday at P6.80, up
13.33 percent, reducing its four-week loss to 26.88
percent. In a filing, it said its net income from
September 2007 to March 2008 rose 19.803 percent to
P1.458 billion from P1.218 billion in the same period in
2007.
Universal Robina Corp. ended Friday’s session 11 for a
week’s gain of 10 percent. It reported net income of
P497.312 million in the first six months ended March
2008, down from P4.119 billion in the same period last
year, which included P2.858-billion gain on sale of
investments.
RLC and
URC belong to the group of companies controlled by
businessman John Gokongwei Jr. and his family through
JG. Summit Holdings Inc.
JGS owns
1.648 billion RLC shares, or 60.01 percent and 1.314
billion URC shares, or 60.259 percent.
The A
shares of Lepanto Consolidated Mining Co. was the fourth
PSEi stock winner. It closed on Friday at P0.024 cutting
its four-week decline to 14.29 percent. The mining
company reported consolidated net loss of P86.486
million in the first quarter of 2008 and P56.553 million
in the same quarter in 2007.
A number
of the week’s top gainers recorded what regulators saw
as “unusual” gain. Biggest gainer, Pacific Inc., surged
75 percent to P0.105 on value turnover of P78.651
million; Dizon Copper-Silver Mines Inc. soared 50
percent to P3.30.
JG
Summit did not perform the way its units did last week.
It closed on Friday at P7.50 for a week’s loss of 8.54
percent, its lowest close since May 30, when it closed
at P9.00.
Worst
performers
ABS-CBN
ended the session on Friday at P16.25, down 14.47
percent from P19 on July 4. It hit a 30-day high of
P19.50 on June 26 and dropped to its lowest since May 30
at P15.50 on Friday.
The
broadcast group owned by the Lopezes reported a net
income of P243.294 million in the fist quarter of 2008,
down 13.684 percent from P281.864 million in the same
period last year. Its profits in the comparable period
resulted from revenues of P4.257 billion, down from
P4.14 billion.
With its
profitability, ABS-CBN had piled up retained earnings of
13.594 billion, an amount which can well accommodate the
distribution of dividend whether in cash or in stock for
holders of 779.583 million shares.
GMA 7,
which sold shares to the public last year at P8.50 each,
closed the week at P6.30, for a week-loss of 11.27
percent and a four-week loss of 18.18 percent. This was
the broadcast company’s worst performance since May 30,
when its shares traded throughout the session at P7.50
on value turnover of P367,000. It recorded a 30-day high
of P7.80 on June 3.
In a
filing posted on the PSE web site, GMA 7 said its net
profit in the first quarter in 2008 rose 7.478 percent
to P453.587 million from P427.616 million in the sale
period last year.
GMA 7
had 3.361 billion outstanding common shares as of July
11, down from P3.365 billion as of January 1, 2008. The
reduction resulted from the company’s buyback. |
