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MANILA, Philippines – Keppel Philippines Properties, Inc. (PSE:KEP) extends its losses during the first nine months of the year with a net loss of P19.1 million from P3.63 million from the same period last year, an enormous 426 percent move downhill. Operating revenue of the company decreased as well from P14.58 million to P12.6 million, a 13.6 percent decrease. Other revenues predominantly declined from P4.46 million to only P109,087, a 98 percent drop.
During the third quarter, the company drew out more of its gradual decline with a net loss at P8.39 million on the back of a net loss last year of P163,476. Alternatively, revenue decreased from P4.29 million to P3.98 million, a seven percent drop. Other revenues also fell to P100,000 from the previous record of P4.46 million.
Total assets of KEP amounted to P1.75 billion, relatively flat versus last year. Liabilities are flat at P132 billion. Additionally, equity slid from P1.64 billion to P1.62 billion, a one percent decline. Retained earnings of the company are lower from P679.42 million to P660.31 million.
Foreign exchange risk is one of the financial influencers according to the company. The group’s foreign currency exposure comes from the greenback-denominated bank account and Singapore-dollar denominated fees for consultancy.
Keppel Philippines Properties, Inc. was incorporated under the name Hoa Hin Co., Inc. on February 7, 1918. Later on, it was named Cebu Shipyard and Engineering Works, Inc. in 1957. In 1998, its name was altered to the present.
KEP is a subsidiary of an Asian premier property company named Keppel Land Limited. Alternatively, among its subsidiaries are Buena Homes, Inc. and CSRI Investment Corporation. The company is known for its portfolio containing properties for investment and top of the line residential developments. Moreover, it prides compliance with high transparency and corporate management.
The company has long been investing in property holding and development. The management is committed to acquiring and developing sites for commercial and residential applications. Among the current projects of the company include the middle-income residential development in Pasig City, which is Palmdale Heights. Moreover, its Ortigas-located upscale shopping mall, known as The Podium, is included in its new projects.
The ratio of KEP’s current assets and liabilities is 2.4:1 , which is lower than last year’s audited ratio of 2.6:1. On the other hand, debt to equity ratio stood at 0.08:1, which is similar last year. Lastly, its asset-to-equity ratio also remained at 1.08:1, resembling prior year’s measure.
KEP closed at P4.36-apiece on November 18, 2016.