The PNOC Development and Management Corp. has declared dividends totaling P202.94 million after posting record-breaking profits, it said in a press release.

During the annual stockholders meeting last March 28, PDMC chairman Waldo Flores said the dividends will be distributed to stockholders as of April 10, 2008 in two tranches – on April 24, 2008 and September 29, 2008.

Flores said P202.94 million is the highest dividend declaration in the company’s history, aside from PDMC posting one of the highest declarations made by a PNOC subsidiary for 2007, the press release said.

PDMC, a 98 percent subsidiary of the Philippine National Oil Company, is mainly responsible for developing and managing PNOC’s real estate assets.

It was in 2007 when PDMC first declared dividends following losses of P10.28 million, P3.75 million and P21.42 million in 2000, 2002 and 2003, respectively, the press release also said.

The dividend declaration comes after the company generated unaudited net earnings of P406.87 million, or a growth of 2,726 percent in 2007 from P14.36 million in 2006.

PDMC president and CEO Wilfredo Bacareza Jr. said that looking at 2007 as the best year since the company started operations, they are set to achieve record high growths in all aspects of its operations, and most importantly, record breaking profits and soaring cash reserves.

In 2007, PDMC projected consolidated revenues to reach 622.38 percent to P497 million from P68.8 million in the previous year, the press release added.*

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