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MANILA, Philippines – Marcventures Holdings, Inc. (PSE:MARC) disclosed its nine-month financial performance with the company continuing to incur losses amounting to P52 million, slightly lower from last year’s loss of P62 million. The operating revenues of the company increased from P190.1 million to P330.14 million, which is equivalent to a 74 percent climb. Other revenues decreased by 86 percent from P27.24 million last year to P3.77 million this year.
The quarterly performance of the company also improved net income at P140.25 million from P103.05 million against the same period last year, a 36 percent climb. Revenues in the quarter surged by 69 percent from P169.05 million to P285.2 million against last year’s third quarter. Similar to nine-month record, other revenues in the third quarter decreased from P23.08 million to P4.19 million.
The assets of MARC stood at P3.37 billion, which is slightly lower from the audited record last year at P3.43 billion. Liabilities also declined from P462.73 million to P457.81 million. Additionally, equity also decreased from P2.96 billion to P2.91 billion. Meanwhile, retained earnings dropped from last year’s record of P911.02 million to P858.67 million mainly due to losses incurred this year.
Last month, the company released a statement saying that its Surigao del Sur nickel mine is active and in full operations. Its mining arm, Marcventures Mining and Development Corp. (MMDC), obtained a letter from the Department of Environment and Natural Resources. The missive is composed of the audit findings without suspension order or requirement of response.
The mining segment of MARC eyes to expand its operations through working with Chinese partners alongside the Philippines President Rodrigo Roa Duterte’s goal of strengthening ties with China. The plan comprises the development of stainless steel plant in the country, which would amount up to $700 million. The annual capacity is forecasted to be one million metric tons using the country’s ore.
MARC was incorporated on August 7, 1957 as a holding firm. It was formerly known as AJO.net Holdings, Inc. The Securities and Exchange Commission allowed its name change on March 30, 2010. The company’s primary purpose was also altered to land ownership after obtaining SEC approval.
Marcventures Holdings, Inc. is one of the country’s largest holding companies. The primary purpose of the group is to exchange, assign, purchase, or gift investment. MMDC, its mining business, is engaged in smelting, mining, and extracting. Operations focus on ores, gold, nickel, chromites, manganese, and other earth’s metallic resource.
MARC closed at 1.80-apiece on November 18, 2016, 10 percent down year to date.