SEC approves CDC’s P1.1 billion short-term commercial papers
Listed property developer Cityland Development Corp. has received the approval of the Securities and Exchange Commission to offer its P1.1 billion worth of short-term commercial papers. Cityland Development Corp. (CDC) has received approval from the Securities and Exchange Commission (SEC) to offer its P1.1 billion worth of short-term commercial papers. The company stated that it received from the SEC on Oct. 19 the certificate of permit to offer securities for sale. Despite a 6.59-percent decline in net income to P500.8 million from P535.34 million in the same period last year due to lower sales, CDC reported that its rent income increased by 30.49 percent to P113.75 million. The SEC stated that CDC has complied with the required submissions as directed in the pre-effective letter.
게시됨 : 2 년 전 ~에 의해 Catherine Talavera ~에 Business Health
In a disclosure to the Philippine Stock Exchange (PSE), CDC said it received from the SEC on Oct. 19 the certificate of permit to offer securities for sale.
MANILA, Philippines — Listed property developer Cityland Development Corp. (CDC) has received the approval of the Securities and Exchange Commission (SEC) to offer its P1.1 billion worth of short-term commercial papers.
In a disclosure to the Philippine Stock Exchange (PSE), CDC said it received from the SEC on Oct. 19 the certificate of permit to offer securities for sale.
“The SEC, in a meeting held on Oct. 10, 2023, favorably considered the registration statement of the company subject to compliance with the required submissions as stated in the commission’s pre-effective letter dated Oct. 10, 2023,” CDC said.
In its order, the SEC said CDC has complied with the required submissions as directed in the pre-effective letter.
In the first six months, CDC posted a 6.59-percent decline in net income to P500.8 million from P535.34 million in the same period last year amid lower sales.
Sales of real estate properties reached P1.286 billion during the six-month period, lower than the P1.312 billion last year.
In contrast, CDC reported that its rent income during the period, which
significantly came from the lease operations of CityNet Central and CityNet1, increased by 30.49 percent to P113.75 million from P87.17 million in the same period last year.
“The increase in this account is attributed to new contracts entered during the first half of 2023 and the completion of CLDI’s project, One Taft Residences, which increased the units available for lease,” CDC said.
On the cost side, CDC said costs of real estate sales increased due to the recognition of costs as a result of the movement in the percentage of completion of the ongoing projects.
“In addition, operating expenses declined due to lower personnel expenses and accrual on professional fees. Financial expenses slightly increased due to higher interest expenses and finance charges,” it said.
주제: SEC, CDC