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Abacus Cons. Resources & Hldgs Inc.
#1
BUSINESS PROFILE

Abacus Consolidated Resources and Holdings, Inc. (ABA) was originally incorporated on April 30, 1981 as Piedra Negra Mining Corporation, a coal mining company, and publicly listed its shares in the Philippine Stock Exchange on October 28, 1987. In 1989, the Company changed its name to Abacus Consolidated Resources & Holdings, Inc. and subsequently changed its primary purpose from a mining firm to that of a holding company.

ABA owns a controlling interest in companies engaged in financial services, real estate, gold mining, and coal mining. It has a significant stake in Pacific Online Systems Corporation, a company that holds an exclusive right to lease online lottery equipment for the lotto operations of the Philippine Charity Sweepstakes Office in Visayas and Mindanao. ABA also owns a 97.5% controlling interest in Philippine Regional Investment Development Corporation (PRIDE), which is mostly engaged in arranging project financing for a variety of real estate, logistics and infrastructure projects. ABA's real estate activities are lodged mainly under Omnicor Industrial Estate and Realty Center, Inc., a wholly-owned real estate subsidiary of PRIDE.

On the mining business, ABA holds 102 gold mining claims in San Franciso and Rosario, Agusan del Sur. ABA has also spun off its coal mining rights with the Department of Energy to Abacus Coal Exploration and Development Corporation, a wholly-owned subsidiary.

Source: SEC Form 17-A (2010)


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Kung walang drama walang saya Tongue
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#2
Management's Discussion and Analysis of Financial Condition and Results of Operations

The company posted a gross income of P24 million, a 45% increase from the Q1-2010 figure of P16.6 million. The most significant factor in the increase in gross income was the share in net earnings in POSC from P14.9 million to P22.9 million or a 53% increase, and other income which increased 105% due to improvement in rental collection.

Total operational expenses decreased 27% from P10,122,261 to P7,420,685. Significant decreases were posted in office supplies and publications (37%), utilities (62%), and representation (36%) due to cost-cutting measures. There was also significant decrease in taxes and licenses (83%) because the 2010 figure represents accumulated real estate tax paid. Salaries and wages increased 16% due to minimal salary adjustments on staff employees. Employee benefits increased 105% due adjustments on SSS, Philhealth and Pag-ibig contributions. Management and directors’ fees increased 94% due to the payment of directors’ per diems for the March 3, 2011 Board meeting. Repairs and maintenance and transportation increased 171% and 55% respectively, due to the repair and fuel consumption of service vehicles used in Montemaria projects. Dues increased almost 5x due to the payment for confirmation of valuation on 654M new shares to the SEC. Miscellaneous expense increased 12% due to the donations made to a nonprofit school project. Interest expense decreased 57% due to the partial payment of principal loan made. Bank charges increased 95% due to the new loan obtained by PRIDE. Depreciation increased 33% due to recording of depreciation on construction equipment acquired by Omnicor Industrial Estate Realty Center, Inc., a real estate subsidiary, for the Montemaria projects in Batangas City.

Net income was P16,624,499 for Q1-2011, 158% higher than the comparable figure for Q1-2010 of P16,566,902. The company ended the quarter with a basic earnings per share of P0.00843 compared to P0.00480 for 1Q-2010, both computed on the basis of a par value of P1.00 per share.

Source: Q1 2011 Financial Report page 4 to 5 of 36

Note:

I believe there was a typographical error in their report for the income of 2010, you can refer to page 10 of 36 because the 158% increase caught my eye. Smile

Q1 Net Income 2011: P16,624,499
Q1 Net Income 2010: P6,444,641

Income Attributable to Equity Holders:

Q1 2011: 18,360,460
Q1 2010: 8,377,769

The difference is for the Minority Interest.

The direct subsidiaries of the Company as of March 2011 (page 5 of 36) are as follows including % of ownership:

Philippine Regional Investment Development Corporation (PRIDE) - Financial Services = 97.48%

Abacus Goldmines Exploration and Development Corporation - Gold Mining = 100%

Abacus Coal Exploration and Development Corporation - Coal Mining = 100%

Pacific Online Systems Corporation - Leasing of gaming equipment = 18.83%

From the website of ABA:

GOLD MINING. Abacus holds 102 gold mining claims in Agusan del Sur and Surigao del Sur and seven (7) coal blocks, each containing 1,000 hectares, located in Surigao del Sur. Abacus is in the process of completing the regulatory requirements to be able to proceed to full exploration and development of its gold mining properties.

COAL MINING. On January 10, 2007, Abacus signed a new Coal Operating Contract with the Department of Energy for the exploration and eventual production covering Coal Block Nos. L38-84 to –89 and L38-249 located in Tago and Marihatag, Surigao del Sur. In September 2008 Abacus executed a Heads of Agreement with Lodestar Investment Holdings Corporation (LIHC), a publicly listed holding company, for the eventual acquisition by LIHC of Abacus' coal mining rights. The agreement is envisioned to result in the commercial development of the coal mining properties, in exchange for which Abacus will be receiving P225 million worth of LIHC shares, plus royalty payments once coal production commences. On July 17, 2009 Abacus received the Certificate of Non-Coverage from the Department of Environment and Natural Resources for the mining project. Abacus expects to obtain before December 2010 clearance from the Department of Energy to proceed to full scale development of its coal mine.

http://www.abacusconsolidated.com/business_mining.html
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#3
Abacus to invest P355M to develop coal mine
Surigao site production eyed by 2012

Publicly listed Abacus Consolidated Resources and Holdings Inc. expects to spend some P355 million within a five-year period, as it moves to start producing coal within its concession areas in Tago, Surigao del Sur.

In a disclosure to the Philippine Stock Exchange, Abacus Consolidated said its wholly owned subsidiary Abacus Coal Exploration and Development Corp. was already allowed by the Department of Energy (DoE) to move to the production and development phase from the exploration phase for Coal Operating Contract No. 148.

According to the DoE, Abacus Coal was “technically and financially qualified to undertake development and production of coal resources in the contract area.” The energy department also found the proposed work program “acceptable.

Covering seven prospective coal blocks spanning 7,000 hectares in Tago, COC No. 148 for development and production is valid for 10 years until 2020 and can be extended for another 10 years should there be remaining mineable reserves.

Under the work program submitted by Abacus Coal, it intends to start producing coal in the third year (January 2012 to January 2013) with an initial production of 187,200 metric tons. The same volume of production is expected in the fourth and fifth years (January 2013 to January 2015).

The company has also earmarked a total of P25 million for supplemental exploration; P112 million for development; P26.9 million for production and P190.95 million for capital costs within a five-year period.

During the course of its operations, Abacus Coal is likewise mandated by the DoE to implement a health, safety and environmental protection program, as well as an emergency response program as the need arises.

This same Surigao coal mine, however, may be acquired by Lodestar Investment Holdings Corp. for P2.75 billion, through a Heads of Agreement signed earlier.

In the first quarter report of Abacus Consolidated, the parties expected to complete the acquisition within the second quarter.

The acquisition of COC No. 148 would be effected primarily through a merger between Lodestar and Abacus Coal. Lodestar will be the surviving corporation.

Under the merger, Lodestar is acquiring not only the coal property but all the other assets and liabilities of Abacus Coal and will be issuing 250 million new common shares at the par value 10 centavos apiece and an agreed issue value of 90 centavos a share to Abacus Coal.

http://business.inquirer.net/4690/abacus...-coal-mine
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#4
ganda sana flag na flag kaso walang pattern pattern sa jockey na toh , maluluma basic ta dito Big GrinBig GrinBig Grin
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#5
(06-20-2011, 06:48 PM)arthas.one Wrote: ganda sana flag na flag kaso walang pattern pattern sa jockey na toh , maluluma basic ta dito Big GrinBig GrinBig Grin

Kaya mo yan para sa three stars. Big Grin
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#6
Update re: conversion of Coal Operating Contract of Abacus Coal Exploration and Development Corp. from exploration to development and production phase

The disclosure states about its conformity to the terms and conditions governing the conversion of the Coal Operating Contract 148 from Exploration Phase to Development and Production Phase.

http://www.pse.com.ph/html/disclosure/pd...10_ABA.pdf
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#7
By the projection of LOTO of its income, this would mean more income of ABA. That would also probably mean more than 158% for the 1st Half of 2011. Smile

Ocier’s Pacific Online sees record year

LISTED LOTTERY equipment provider Pacific Online Systems Corp. is looking at reaching the P500-million mark in earnings this year, its top official said yesterday.

http://www.bworld.com.ph/content.php?sec...r&id=33659
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#8
up ko lang to... medjo mabigat patumbahin ang mga bears nito e, magtutuos kami next week... Big Grin
~In all your ways, acknowledge God.

Initializing Bazura Mode...
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#9
Nag-pahinga ata ito ngayon. Pero malapit na pala siya sa harang ng .98.
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#10
^^Walang harang na di kaya tibagin. Smile The question will be sa taas ba or sa baba?

Maganda ang business ni ABA.
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