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MANILA, Philippines – F&J Prince Holdings Corporation (PSE:FJP) released its quarterly report with a nine-month net income of P65.8 million versus last year’s record of P81.87 million, a 20 percent drop. Revenues for the period dropped from P112.03 million to P86.21 million, a 23 percent decline.
The third quarter report mirrors the first nine months of the year with a net income from P69.02 million last year to P48.73 million, a 30 percent negative movement. Operating revenues dropped by 32 percent from P82.75 million to P56.16 million.
Total assets as of September 30, 2016 is relatively flat versus last year at P1.89 billion. Liabilities, on the other hand, decreased from P32.78 million to P31.99 million. Equity stood at P1.86 billion with retained earnings now at P1.25 billion.
The company, its subsidiary, and affiliates are free from debts except for Magellan Utilities Development Corporation (MUDC), which has obtained advances and loans from its primary shareholders. FJP also claims that it has enough cash resources for its requirements in the next twelve months. The changes in the Philippine peso exchange rate influence the market volatility, resulting to the variances in the company’s stock and bond values.
F&J Prince Holdings Corporation is one of the country’s holding companies with investments in power generation, real estate, information technology, and business process outsourcing. Since 1979, the company has been listed on the Manila Stock Exchange, which is the predecessor of the current Philippine Stock Exchange.
On February 18, 1971, the company was incorporated as a mining and exploration company. Its former name is Ultrana Nuclear and Minerals Corporation. The management pursued changing its name to Ultrana Energy and Resources Corporation. Its present name was approved on November 18, 1996.
The present chairman and president of the company is Robert Y. Cokeng. According to its management’s objective, FJP would like to invest in companies and assets that would increase its shareholder value. It spots areas of high opportunities and equally high growth. In the last few years, the company experienced strong growth in Business Process Outsources (BPO) and Information Technology (IT). FJP is also known as a partner of Biotech, a Singapore-based company, which holds clinical trials for drug compounds.
Earnings per share of the company totaled .16 per share year to date.
JFP closed at 5.80-apiece on November 18, 2016, 0.17 percent year to date.