 EDC investor relations manager Erudito Recio (2nd from left) with the winning team from UP Diliman. Also in photo are Citisec’s April Tan (leftmost) and then Philippine Stock Exchange (PSE) president Francis Lim (2nd from right).
ENERGY Development Corporation (EDC) was the subject of the second annual Philippine Investment Research Challenge. A project of Chartered Financial Analyst (CFA) Philippines, the competition aims to teach students from top universities best practices in equity research. As part of the competition, CFA selects a public company to be the subject of the student research reports. It culminated in January with the presentation of the students’ research to a panel of industry professionals. The students from the University of the Philippines (UP)-Diliman bested the teams from Ateneo de Manila University, De La Salle University (DLSU) and the University of Sto. Tomas (UST) to bag the cash prize of P100,000 plus the right to represent the Philippines in the regional competition. Recommend this article... |
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THE Philippine Stock Exchange (PSE) has released a set of disclosure requirements and sanctions for listed companies in line with the revival of the minimum public ownership rule. This follows as the organization in February approved a rule that the public must hold at least 10% of a company’s issued and outstanding shares at any given time if it wants to remain listed on the exchange. If the public ownership level drops below the required minimum, the company should immediately make a disclosure to the PSE and “take steps to ensure compliance at the earlier possible time.” Listed companies have an 18-month grace period to comply with the rule, with suspension or delisting procedures to be initiated against those that do not comply within a specified period. Specifically, the PSE will take action if the company has a shortfall of less or equal to half of the prescribed minimum 10% for more than five years after the 18-month grace period, or when the shortfall is more than half of the minimum for more than four years after the grace period. The PSE also requires listed companies to include their public ownership or public float level in their annual reports, as well as a separate report within 15 trading days after the end of every quarter. Recommend this article... |
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MERALCO dispelled reports that it overcharged customers in 2004 and 2007, saying its rates were approved by the Energy Regulatory Commission (ERC). “We maintain that we did not overcharge,” Meralco president Jose de Jesus said. “Our unbundled rates were duly approved by the ERC in 2003 after extensive evaluation by the commission of the property we use and the expenses we incur in providing electricity service.” VP and utility economics head Ivanna de la Peña noted that only actual costs incurred and assets “used and useful” in delivering service in the year 2000 were incorporated in the ERC-approved unbundled rates. Recommend this article... |
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MERALCO announced that its consolidated core net income, which excludes onetime, exceptional charges, stood at P7 billion, which is 169% better than the core net income in 2008 of P2.6B. Core earnings per share is at P6.33, 168% higher than 2008. The improvement is attributable mainly to a slightly higher volume of energy sold and to an adjustment in distribution rates, which took effect in May 2009. Consolidated reported net income for 2009 increased by 114% to P6B compared with P2.8B in 2008. Consolidated revenues, in which electricity accounts for 97% of the total, decreased slightly by 3.6% due to a P0.69 per kWh decrease in average generation and transmission charges as well as adjustment on the estimated amount of electricity distributed but unbilled after scheduled meter readings of the various bill groups. The impact of this reduction was partially offset by the increase in kilowatthour-consumption for the year and the implementation of the PBR (Performance-Based Regulation)- based rate of P0.257 per kWh-adjustment starting May 2009, Meralco’s first distribution rate adjustment after almost six years. Recommend this article... |
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| Friday, 26 February 2010 15:04 |
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| Endangered turtle’s tracks
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 A mother Olive Ridley turtle, known also as a Pacific Ridley turtle, leaves her tracks in the sand after laying a clutch of over 100 eggs (inset) within the compound of the 1,500- megawatt, natural gas-fired plant of First Gas in Sta. Rita, Batangas. This marked the second time that the First Gas compound served as a nesting place for this endangered turtle species. To ensure a high hatching rate for the eggs, First Gas coordinated with the Department of Environment and Natural Resources (DENR) to secure the nesting place. The Olive Ridley’s visits serve as additional proof of the healthy condition of the beach area of First Gas. Recommend this article... |
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