DEVELOPER Shang Properties Inc. reported a 55.4-percent rise in net profit in 2007 to P944.5 million from P607.9 million a year earlier.

Income was buoyed by a 96-percent jump in gross revenues from P1.6 billion in 2006 to P3.1 billion last year.

In a report to the stock exchange, Shang Properties said higher gross revenues were bolstered by robust sales of condominium units that included The Shang Grand Tower and The St. Francis Shangri-La Place. As of end 2007, the construction of the two developments was 60-percent complete.

Rental income rose 11.1 percent mainly due to increase in rental rates and higher sales of tenants. “There was also an increase in fair value of investment property amounting to P377.2 million,” the company said.

The company, whose shares are traded at the bourse, was incorporated on October 21, 1987 under the name Shangri-La Properties Inc., and changed its name to Edsa Properties Holdings Inc. in January 2000. On July 25, 2007, the Securities and Exchange Commission (SEC) approved a merger between Edsa Properties and Kuok Philippine Properties Inc., with Edsa Properties surviving the union.

The SEC also approved a change in name to the present name on the same date.

The company is a property development, real estate management and investment holding firm. Its projects include the Shangri-La Plaza Mall, the St. Francis Shangri-La Place and the Shang Grand Tower.

Its significant subsidiaries are Shangri-La Plaza Corp., Edsa Parking Services Inc., The Shang Grand Tower Corp., and EPHI Logistics Holdings Inc. These units are engaged in several businesses such as mall operations and leasing, management and operation of carpark facilities, and real estate development.

DEVELOPER Shang Properties Inc. reported a 55.4-percent rise in net profit in 2007 to P944.5 million from P607.9 million a year earlier.

Cebu Holdings allots nearly P1B in capex

CEBU CITY—Cebu Holdings Inc. has allotted close to P1 billion in capital expenditure this year on the heels of record revenues in 2007, aimed at strengthening its in the real estate and retail trade in Metro Cebu.

ONE hundred IBM employees from thirty-three countries were selected to participate in IBM’s new Corporate Services Corps program, part of the Global Citizen’s Portfolio initiative announced by chief executive Sam Palmisano, to develop leadership skills while addressing socioeconomic challenges in emerging markets.

SALES of preneed companies in the first quarter of the year fell 27.1 percent to P3.84 billion, from P5.26 billion a year earlier as the number of education, life and pension plans sold dropped 4.22 percent to 52,671.

LEADING preneed company Eternal Plans Inc. is set to release nationwide the education plan-benefit checks of planholders for the first semester of schoolyear 2008-2009, the company said in a statement.

IN a bid to make its contribution in the government’s thrust against global warming and climate change, Pangea Green Energy is set to inaugurate today the Quezon City Controlled Disposal Facility Biogas Emission Reduction Project that is expected to reduce the country’s greenhouse-gas emissions.

Controlling jurisprudence has been consistent that organization and commencement of transactions of corporate business are but conditions subsequent and not a prerequisite for the acquisition of the corporate personality.