Alphaland profit drops to P4.94B

MANILA, Philippines - Alphaland Corp., a property developer controlled by businessman Roberto Ongpin, posted a net income of P4.94 billion last year, down 24 percent from 2013.

“This net income contributed to the company’s resulting net equity value of P37.55 billion. The company’s asset base stands at P47.81 billion with liabilities of only P10.26 billion, which translates to a comfortable debt-to-equity ratio of 22:78,” Alphaland said in a statement issued yesterday.

The company saw a 12 percent rise in  its book value per share to P26.40 while earnings per share grew 12 percent to P3.475 per share.

“The increase is remarkable considering that in October 2014, the Ashmore Group (a listed equity fund based in London) completed its divestment from Alphaland pursuant to a settlement agreement signed in June 2014,” the company said.

The Ashmore group exchanged all of its shares in Alphaland for four assets of the property firm. These shares are now in treasury, resulting in a decrease in the total outstanding shares of Alphaland from 1.98 billion to 1.42 billion last year.

Ongpin owns more than 90 percent of Alphaland, whose projects include Alphaland, Southgate tower and mall, the City Club at Makati  Place, Balesin Island Club, and the soon-to-be constructed Baguio Mountain Lodge Homes.