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August 2, 2007

Pacific Summit beats forecasts, continues expansion

After a 128% year-on-year growth on the first half of 2007, Pacific Summit Construction was able to beat forecasts and reported better operations and investment revenues due to bigger demand and sale of securities. On its last executive meeting, the company decided to reinvest its earnings to fuel its planned further expansion.

The 128% growth in revenues could be accounted to better marketing, management, as well as increase in construction contracts. In fact, the revenues for the month of July - which is not yet included in the report - is as big as the revenues of first quarter of 2006. In addition, based on the signed and acquired contracts, the company is already guaranteed of a 200% growth since 2006.

Another factor for the increase of revenue is due to its wise investments. The company was able to sell its stake in other companies through the local bourse. "We have decided to sell a big part of our stake in several publicly-listed mining companies due to its exponential rise this year. We would just buyback and increase our holdings on the discretion of the executive and finance teams." said by an unidentified officer. According to its Chairman and CEO Paolo Antonio M. Cristobal, these companies are way overvalued by the market, in fact two days after the company's sale, global markets crashed and as of today Pacific Summit could buyback its stake fifteen to twenty percent lower. "Our wise decision to sell these assets to fuel expansion is paying off, we were able to buy equipment for our operations and technical expansion." Paolo Cristobal said. "We are expecting a construction boom next year so we are preparing ourselves for it. We believe we would outperform ourselves every quarter for the next two to three years."

The company is expanding to real-estate development and currently eyeing a property near Ortigas for residential development..

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