|
Losing
but going great.
As of June 30, 2008, Eton Properties Philippines Inc.
received P1.422-billion deposits from its customers—
P1.331 billion for residential condominium units and
P91.539 million for house-and-lot packages in Eton’s
subdivision projects. The huge amount is an indication
of the property buyers’ confidence in the ability of the
company, which is controlled by tobacco and beverage
tycoon Lucio Tan, to deliver without delay the units
marked as “sold.” Eton Properties, understandably, is
still losing because it has yet to complete its various
projects. It reported net loss of P140.239 million in
the first six months of the year, 50-percent higher than
last year because as per Philippine Accounting Standard
PAS (18), “revenue will only be realized if there has
been progress on construction and the stage of
completion can be reasonably estimated,” according to
Danilo E. Ignacio, president and chief operating
officer. Eton Properties closed unchanged at P2.08 on
Wednesday.
Good
investments.
Investors who buy shares in companies listed on the
Philippine Stock Exchange may look at Eton as a good
stock to buy even if the profits and revenues come upon
the delivery of the condo units and house-and-lot
packages, particularly those that are or will be built
at Eton City at Santa Rosa City. Apparently, they value
the good news that Eton Properties has total current
assets of P1.235 billion against current liabilities of
P379.812 million. More importantly, the huge customer
deposits of over P1-billion indicate buyers’ confidence
in Eton’s ability to comply with the “date of delivery”
especially for buyers at Tan’s grand project, which has
begun to take shape in close to 1,000-hectare property
at Santa Rosa City. Eton City also offers 550-square
meter lots, which may make good investments for overseas
Filipino workers. Incidentally, in bypassing Santa Rosa
exit of the South Luzon Expressway, travelers and
weekenders use Eton City exit on their way Tagaytay City
and discover the latest modern property development in
this gateway to Southern Luzon.
Ownership update.
As of September 15, 2008, Felipe Lapuz Gozon, chairman,
president and chief executive officer of GMA Network
Inc., owns a total of 668.365 million GMA 7 common
shares, or 19.886 percent. His holdings consist of 5.94
million shares, which he directly owns, and 662.425
million common shares held by FLG Management and
Development Corp. and 3.673 million or Philippine
Depositary Receipts. Before GMA 7 sold shares to the
public last year, FLG Management owned 908.778 million
GMA 7 common shares, or 29.08 percent. The public sale
reduced the stake of FLG management in GMA Network to
656.044 million common shares, or 13.65 percent. The
reduction resulted from the sale of 252.734 million GMA
Network common shares at P8.50, which grossed Gozon and
his company P2.148 billion. GMA 7 hit a 30-day high of
P6.60 and dropped to a low of P5.80.
Debt-to-equity
conversion.
Metro
Pacific Holdings Corp. now owns 6.835 billion shares, or
97.26 percent, in Metro Pacific Investments Corp. (MPIC),
including the newly-acquired 4.116 billion shares, of
which 1.893 billion shares resulted from the conversion
of P2.030 billion into equity. It also acquired 2.223
billion shares at P2 per share in accordance with a
subscription agreement dated July 1, 2008. In a filing,
MPIC said Metro Pacific Holdings also plans to subscribe
to additional 900 million common shares “at a later date
to fund the payment for advances incurred in relation to
the acquisition of interests in Maynilad [Water Services
Inc.].” |
