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CHI president Francis Monera, however, did not attribute the 57-percent decrease of its stock prices to any particular factor.
Instead, Monera said, it was ?more of a general trend? of the overall market.
He said even with the decline, CHI still came out strong compared to the 333-percent decline of the whole Philippine Stock Exchange (PSE) index or the property index decline of 461 percent.
In his report during CHI?s annual stockholders meeting, Monera said the company was able to register P4.3 billion in total stockholders equity and declared cash dividends amounting to P134 million at P0.07 per share last November 2008.
Last year, CHI?s consolidated revenues reached P1.5 billion, its highest ever; while net income was at P399.5 million, 59 percent higher compared to its 2007 performance.
Forty-nine percent of the total consolidated revenues were generated from the sale of commercial and residential lots, including the 1.6-hectare property within the Cebu Business Park (CBP).
During the early part of 2008, six remaining lots at Asiatown IT Park in Lahug, Cebu City were also sold.
Income from the lease of office and retail spaces accounted for 44 percent of CHI?s combined revenues, which was attributed to a higher demand from the outsourcing and offshoring industry.
Around 55,500 square meters of office space will be added at the CBP upon completion of new developments that include three Lexmark buildings, Chinabank and Creativo.
Ayala Center Cebu?s The Terraces has also increased its leasing portfolio by 8,500 square meters, bringing the total leasable space to 90,000 square meters.
The opening of The Terraces and The Walk, a retail complex located at the Asiatown IT Park, registered P593 million in revenues last year, higher by 10 percent compared to 2007.
For its real estate undertaking, CHI?s Amara launched its north phase last October and a total of 45 lots were sold and it also booked three reservations to date.
Monera said Amara has maintained its market leadership with 54 percent of relative market share.
At present, total assets of CHI stand at P5.7 billion. This six-percent increase from the 2007 level, said Monera, was a manifestation that the company has operated with ?financial prudence.?
?Despite higher investments due to retail expansion, total liabilities as of end of 2008 were maintained at around P1.4 billion and bank debt is at P330 million only,? Monera told shareholders.
Remaining revenues, accounting for about seven percent, represent equity earnings from interests and other income. (PNA)
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