Back in black, PHC eyes new businesses

MANILA, Philippines - After registering a modest profit after 10 years of consecutive losses, publicly listed Philcomsat Holdings Corp. (PHC) announced over the weekend that it intends to invest in new businesses to further enhance its bottomline.  

PHC chairperson Katrina Ponce Enrile said that aside from its core business of telecommunications, the company will focus on property development and eco-tourism development.

She said the company is now exploring possibilities for a 300-hectare undeveloped lot located just beside Montemar Beach Resort, which PHC owns.

Aside from this, PHC will gain an interest in Philcomsat which has telecommunications facilities in Pinugay, Rizal and satellite uplinking equipment sitting on 700 hectares of real estate. It will gain an interest in 2.5 hectares of land in the Ayala Alabang business center. This is in addition to what PHC now owns - a 2.9-hectare Pasig property and a large unit at the Pacific Star Building in Makati City.

PHC’s new businesses will be supported by additional funds which it expects from increasing its authorized capital stock from one billion to three billion common shares with a par value of P1 per share.

Earlier, the company announced that it is now in the black with a P5.7-million profit in 2009, a year after its current and unified board of directors recovered most of PHC’s assets and streamlined its operations.

PHC chief financial officer Lin Bildner said 2009 was the first year of profits following four years of heavy losses.