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Saturday, April 29, 2006
CHI, CPVDC incomes up due to tourism, IT
Ayala - affiliate Cebu Holdings Inc. (CHI) has attributed the positive growth of its subsidiary companies in Cebu to the growth of the province’s tourism and information and communications technology industries, among others.
During CHI’s annual stockholders’ meeting at the City Sports Club-Cebu yesterday, CHI president Jose Rene Almendras said CHI’s total net income last year increased to P117.3 million from P90.6 million in 2004.
Retail
CHI’s retail business, the Ayala Center Cebu, grew 12 percent with P371.8 million in gross income.
“A contributor to this growth was the success that Cebu achieved in tourism in 2005 as tourist arrivals grew by 21.3 percent.
Ayala Center Cebu became the shopping haven for both domestic and foreign tourists on top of its growing A, B and C+ target markets,” Almendras said.
The growth in Cebu tourism also brought in last year a significant share of the market for the Cebu City Marriott Hotel, which is 37 percent-owned by CHI. The hotel maintained an average occupancy rate of 86 percent.
Sales
With regard to CHI’s real estate development business, operations at the Cebu Business Park and the Asiatown IT (information technology) park registered combined sales of P109.5 million from commercial lots, representing a 12 percent growth compared to the year-ago level.
Leasing revenues contributed by CHI-subsidiary Cebu Property Ventures Development Corp. (CPVDC) reached P50.3 million in 2005, up 14 percent over the previous year’s results.
“This can be attributed to the vigor of BPOs (business process outsourcing), which spawned a significant area of additional office spaces at Asiatown,” Almendras said.
“As Cebu positions itself as a highly competitive destination for global IT locators, Asiatown IT park continues to secure its significant share of opportunities related to IT and IT-enabled services,” he added.
The Cebu Chamber of Commerce and Industry has identified tourism and ICT as Cebu’s sunrise industries, which will put the Province in the international map.
Almendras earlier told reporters that these industries are “the lights after the tunnel.” (JBN)
For Bisaya stories from Cebu. Click here. (April 29, 2006 issue)
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