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Financial Performance 

Prime Orion Philippines, Inc. (POPI) posted consolidated revenues of P1.1 billion for the year ended June 2013, 60% of which was generated by our property management and insurance businesses. Revenue from insurance business grew by 9% as motor car business continues to spearhead growth increasing by 15%. On the other hand, Tutuban Properties, Inc.’s (TPI) operations were significantly affected by the fire that totally damaged Cluster Building 1 and rendered Cluster Building 2 non-operational for the rest of the fiscal year. Accordingly, overall occupancy decreased and consequently,  rental revenue was reduced by 12%.

As expected, sales from tile business dropped to almost half of the previous year’s revenue as Lepanto Ceramics, Inc. (LCI) shut down manufacturing operations in mid-November 2012. Sales revenue was primarily sourced from the existing inventories. The decision to shut down manufacturing operations resulted in positive cash flows for the fiscal year.

Consolidated net income increased significantly to P720.0 million from P100.5 million last year as the Group recognized gain on condonation of debt, reversal of provision for losses and net gain as a result of change in accounting treatment of investment in affiliate due to dilution of percentage in ownership. While the leap in bottomline results was due largely to one-time gains derived from strategic financial exercises, it further showed POPI’s commitment to continuously seek ways to increase the Group’s value.


Group’s Plan Onwards

Starting 2014, POPI will focus on maximizing the value of its assets while continuing to explore opportunities through acquisitions and joint ventures.

This includes the full redevelopment of the 8.5-hectare Tutuban property in Manila, whose lease has been renewed until 2039.

Meanwhile, a best-use study for the Group’s 19-hectare property in Sto.Tomas, Batangas is being undertaken.  In Cebu, the remaining 1-hectare property in Mandaue is also under study. It puts into consideration the soon-to-be completed government master plan of Mandaue’s North Reclamation Area.

The Group will also continue to look into tourism-related initiatives. Its most recent acquisition of a 5.8-hectare beachfront-property Palawan aims to springboard its entry into this sunrise industry. 

 

 Audited Financial Statements for the year ended 30 June 2013 [483 KB]
                SEC Form 17-A  (part 1) [8.10 MB 
                SEC Form 17-A  (part 2) [13.5 MB] 
                SEC Form 17-A  (part 3) [9.13 MB] 

Audited Financial Statements for the year ended 30 June 2012 [718 KB]
                 SEC Form 17-A [12.0 MB] 

Audited Financial Statements for the year ended 30 June 2011 [256 KB]
                  SEC Form 17-A [12.0 MB]    

Audited Financial Statements for the year ended 30 June 2010 [574 KB]
                  SEC Form 17-A [389 KB]
  
  Audited Financial Statements for the year ended 30 June 2009 [562 KB]      
                  SEC Form 17-A [263 KB]

Audited Financial Statements for the year ended 30 June 2008 
                 SEC Form 17-A [5.2MB]

Audited Financial Statements for the year ended 30 June 2007 [1.2MB]
                  SEC Form 17-A [5.2MB]


Historical Stock Prices [12 KB]
Historical Stock Prices [10.3KB]
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