Bayan Telecommunications Inc. said revenue in the first quarter of the year rose 20 percent to P1.51 billion from a year earlier.

“Comparing it with the revenues in the first quarter of last year, our first quarter revenues for 2008 grew... 20 percent,” Bayan chief executive consultant Tunde Fafunwa said in an interview.

The unit of Benpress Holdings Corp. recorded P1.26 billion in revenue during the first quarter of 2007. For the full year of 2007, revenues reached P5.5 billion from P4.8 billion recorded a year earlier.

Net income surged to P2.2 billion in 2007, up 319 percent from P526 million in 2006, aided by foreign exchange (forex) gains.

“There was a significant income last year because of forex gains. This year, we see the same impact of a stronger peso,” added Fafunwa.

In 2007, the peso averaged P41 against the US dollar. Analysts see the peso improving this year to about P35. “What is important to us is that our revenues continue to grow because growth in revenues is a key indicator of a company’s performance,” Fafunwa said.

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PNOC seeks ING Group’s advice

THE Philippine National Oil Co. (PNOC) has tapped ING Group to assess Ashmore Group’s offer  to buy Aramco Overseas Co.’s 40-percent shares in Petron.

CALIFORNIA-based asset manager Seagate Global Advisors LLC is placing $100 million in direct investments in the next six months.

CEBU-based Morph Labs Inc. is doing a public offering in the second quarter for as much as P576.5 million in gross proceeds to fund global expansion and product development.

Bayan Telecommunications Inc. said revenue in the first quarter of the year rose 20 percent to P1.51 billion from a year earlier.

SULTAN Mining & Energy Development Corp. (SMEDC), a coal mining and trading company, is allotting P200 million to fund exploration and development activities this year.

Rice traders aren’t too happy right now with the National Food Authority (NFA). You see, NFA is mandated to buy palay at P12 a kilo but, as of last Wednesday, it was already buying palay at P20.20 in Bulacan. To keep their supplies open, this means traders have had to match or exceed NFA’s buying price.