Waterfront Philippines Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net income of PHP 2,288,850 or PHP 0.001 earnings per share on revenues of PHP 473,827,968 compared to net income of PHP 8,328,243 or PHP 0.003 earnings per share on revenues of PHP 473,713,073 for the corresponding period of last year. Income before income tax was PHP 1,482,585 against PHP 9,818,158 of prior year period. For the six months period, the company reported net income of PHP 45,587,457 or PHP 0.018 earnings per share on revenues of PHP 990,609,847 compared to net income of PHP 62,250,341 or PHP 0.025 earnings per share on revenues of PHP 983,737,570 for the corresponding period of last year. Income before income tax was PHP 58,026,726 against PHP 71,399,365 of prior year period. Net cash provided by operations was PHP 427,143,502 against PHP 661,694,671 for the same period last year. Acquisitions of property and equipment were PHP 59,823,415. Return on equity and return on assets were 0.015% and 0.0062% against 0.017% and 0.007% of prior year period.

Annual meeting of stockholders of Waterfront Philippines Inc. held on August 18, 2012, elected directors of the year 2012-2013, namely: Regular Directors: Mr. Renato B. Magadia, Mrs. Dee Hua Gatchalian, Mr. Kenneth T. Gatchalian, Ms. Elvira A. Ting, Mr. Reno Magadia, Mr. Lamberto B. Mercado, Jr. Independent Directors: Mr. Arthur M. Lopez, Mr. Sergio R. Ortiz- Luis, Jr. Mr. Ruben D. Torres.

Waterfront Philippines Inc. is in talks to acquire a 500-room five-star hotel in the Manila area. Weslie Gatchalian, Waterfront Philippines Assistant to the President, told the company is working on the acquisition of a hotel property, which has a casino as an anchor tenant. He declined to comment on the name of the hotel, Philippine Daily Inquirer reported. He added that the name would be disclosed to the Philippine Stock Exchange once finalized.