Berjaya Philippines Year-To-Date Net Income Drops by 74 percent

MANILA, Philippines – Berjaya Philippines Inc. (PSE:BCOR) disclosed a slump of 74 percent in its net income for the first three months ending October 31, 2016. Net income dropped from P175.15 million last year to P46.06 million. Alternatively, operating revenues during the three-month period increased from P6.48 billion to P7.19 billion, an 11 percent raise. Other revenues dropped from P79.31 million to P25.78 million.

The current year-to-date performance saw a drop in net income from P499.91 million to P198.74 million, a 60 percent drop versus the same period last year. Operating revenues increased by 11 percent from P13.37 billion to P14.88 billion. Also, other revenues declined from P186.48 million to P69.77 million.

BCOR’s current assets decreased from period ended April 30, 2016 at P10.3 billion to P8.74 billion, a 15 percent difference. Total assets totaled P13.61 billion, 13 percent lower than last years’ P15.6 billion. Liabilities also dropped from  P7.93 billion to P6.3 billion. Equity was slightly lower at P7.32 billion. Retained earnings dropped from P7.33 billion to P4.13 billion.

On Thursday, Bermaz Auto Bhd (BAuto) disclosed Bermaz Auto Philippines, Inc.’s (BAP) application for initial public offering (IPO) with the Securities and Exchange Commission (SEC). The public listing is intended to cover 155 million common shares. Similarly, Berjaya Philippines made a similar disclosure, claiming to include 29 million common shares in the IPO. The maximum offer price for the interest is P8 each.

Furthermore, the company is also eyeing the expansion of its stake in HR Owen PLC by more than 98 percent. BCOR bought additional 26.31 stakes in the UK-based luxury cars dealer. At present, the firm paid 10 percent of the acquirement in cash. The remaining 90 percent will be compensated in the next six-month period.

This month as well, the company bought seven million ordinary shares from Berjaya Times Square owner, Berjaya Assets Berhad (BAssets). After closing the deal valued more than $1.5 million, the domestic firm realized 0.62 percent portion in BAssets’ interests.

Berjaya Philippines, Inc. was incorporated on October 31, 1924. The firm was first under the name Central Azucarera de Pilar. The primary purpose of the company is to produce sugar. Later on, its name was altered to Prime Gaming Philippines, Inc. alongside the purchase of Philippine Gaming Management Corporation (PGMC) in 1998. In 2010, the firm changed its name to the present one upon approval of the board.

Two years after its name recast, BCOR invested in Berjaya Auto Philippines, Inc.  Berjaya Auto is committed to motor vehicle sales and dealership. Alongside, it also capitalized in Cosway Philippines Inc. (CPI), which is committed in various items wholesaling. As of April 30, 2015, Berjaya Philippines has 30 percent equity in Berjaya Auto and 40 percent in CPI.

BCOR stock closed at 5.54 per share today, December 16, 2016.

About the Author
The Stock Signals Philippines is the online news media arm of Equilyst Analytics. Inc., an SEC-registered stock market consultancy firm in the Philippines that guides Filipinos on long-term investing and short-term trading and offers mentoring services.

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