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CAL Discloses Strong 9M2016 Fiscal Results

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MANILA, Philippines – Calata Corporation (PSE:CAL) disclosed its nine-month financial results with a net income amounting to P129.26 million from P96.37 million, 34 percent higher than the same period last year. Operating revenues of the company also rose from P1.65 billion to P1.88 billion comparing to last year’s registration, a 14 percent increase. Alternatively, other revenues dropped by 82 percent from P5.18 million to P997,792 this year.

As for the third quarter, the company had a relatively flat net income of P29.2 million. On the other hand, the quarter’s operating revenue increased from P566.94 million to P627.91 million, an 11 percent rise.

The total assets of the company now stand at P2.14 billion, which is higher by nine percent than last year’s P1.96 billion. Meanwhile, liabilities of the company increased from P931.99 million to P977.46 million, a five percent climb. Equity, on the other hand, is now P1.16 billion from last year’s P1.03 billion. Retained earnings of the company remained strong at P373.47 million from which the company can declare dividends if they want to do so.

In the middle of 2016, the company stated that it is targeting a revenue to an estimated P2.5 to P3 billion. Apart from such, the management also disclosed its plan of securing its net income around P200 million.

The main drivers for the growth of the company include Coron, high margin products, and the introduction of new products.

Last month, the company was set to develop a real estate investment trust in the sector of agriculture after the completion of its casino project by 2020. The company had a mutual agreement with Macau Resources Group Ltd. (MRG) and Sino-America Gaming Investment Group Llc. to build the Mactan Leisure City worth P65 billion. The 14-hectare integrated casino is proposed to have hotels and resorts in Lapu-Lapu City, Mactan Island.

The Mactan Island project is expected to commence in January 2017. In the meantime, the company is securing its Philippine Gaming and Amusement Corp. (PAGCOR) and Tourism Infrastructure and Enterprise Zone Authority (Tieza) permits.

The aforementioned project will provide tens of thousands of opportunities for job seekers in the community. In addition, the annual gross revenue of the leisure city is anticipated to be around P55.74 billion.

The operating segments of CAL include farming, retail, and distribution. At present, it contributes meat, animal feed, swine livestock, as well as soya.

The company has a 12-month trailing Earnings Per Share (EPS) of 0.41. At this level of EPS, CAL is trading at 6.9x PE.

PSEi is currently trading between 18x-19x P/E.

The stock closed at 2.86-apiece on November 18, 2016, down by 13.07% year to date.

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