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Nenaco posts P380-M profit, eyes exit from rehab
By Paolo Montecillo
Philippine Daily Inquirer
First Posted 21:24:00 02/12/2010
Filed Under: Travel & Commuting, Company Information
MANILA, Philippines--Negros Navigation Co. Inc. (NEnaco) more than doubled its profit last year over the previous 12 months, raising hopes that one of the country’s oldest shipping firms may finally exit corporate rehabilitation four years ahead of schedule.
In a recent interview, Nenaco president and CEO Sulficio Tagud said that because of the purchase of new vessels in 2009, which increased the amount of cargo the liner is able to move around, the company’s revenue stream had improved dramatically.
“The indication is that we likely ended the year with a bottom line between P350 million and P400 million. But based on our unaudited financial statements, we made about P380 million last year,” Tagud said.
This is more than double the company’s P180-million net income posted in 2008. The year before that, the company posted a profit of about P150 million.
He said the company had acquired two cargo vessels last year, which helped bump up its cargo operations that make up more than half of its income.
The official said that with three consecutive years of profitability under the company’s belt, it was sure to exit its corporate rehabilitation within the month. The company entered corporate rehabilitation in 2004 amid mounting financial losses and unmanageable debt. After filing for rehabilitation, the company also de-listed its shares from the local bourse.
But since then, Tagud said the company had already paid off most of its obligations, which at the time totaled about P1.2 billion.
“We have settled about P980 million, and the rest, we are paying through regular amortization. All our big creditors like Banco de Oro are no longer after us,” Tagud said.
Nenaco was owned by Metro Pacific Investments Corp. (MPIC) before going into corporate rehabilitation in 2004.
MPIC has since then divested to avoid suffering further losses. Nenaco is now owned by KGLI–NM, a joint venture between Negros Holdings and Management Corp. and Kuwaiti port fund KGL Investments.
The entry of the Kuwaiti firm and the equity infusion that came with it were deemed instrumental in the company’s speedy recovery from its debt woes
http://business.inquirer.net/money/...naco-posts-P380-M-profit-eyes-exit-from-rehab
By Paolo Montecillo
Philippine Daily Inquirer
First Posted 21:24:00 02/12/2010
Filed Under: Travel & Commuting, Company Information
MANILA, Philippines--Negros Navigation Co. Inc. (NEnaco) more than doubled its profit last year over the previous 12 months, raising hopes that one of the country’s oldest shipping firms may finally exit corporate rehabilitation four years ahead of schedule.
In a recent interview, Nenaco president and CEO Sulficio Tagud said that because of the purchase of new vessels in 2009, which increased the amount of cargo the liner is able to move around, the company’s revenue stream had improved dramatically.
“The indication is that we likely ended the year with a bottom line between P350 million and P400 million. But based on our unaudited financial statements, we made about P380 million last year,” Tagud said.
This is more than double the company’s P180-million net income posted in 2008. The year before that, the company posted a profit of about P150 million.
He said the company had acquired two cargo vessels last year, which helped bump up its cargo operations that make up more than half of its income.
The official said that with three consecutive years of profitability under the company’s belt, it was sure to exit its corporate rehabilitation within the month. The company entered corporate rehabilitation in 2004 amid mounting financial losses and unmanageable debt. After filing for rehabilitation, the company also de-listed its shares from the local bourse.
But since then, Tagud said the company had already paid off most of its obligations, which at the time totaled about P1.2 billion.
“We have settled about P980 million, and the rest, we are paying through regular amortization. All our big creditors like Banco de Oro are no longer after us,” Tagud said.
Nenaco was owned by Metro Pacific Investments Corp. (MPIC) before going into corporate rehabilitation in 2004.
MPIC has since then divested to avoid suffering further losses. Nenaco is now owned by KGLI–NM, a joint venture between Negros Holdings and Management Corp. and Kuwaiti port fund KGL Investments.
The entry of the Kuwaiti firm and the equity infusion that came with it were deemed instrumental in the company’s speedy recovery from its debt woes
http://business.inquirer.net/money/...naco-posts-P380-M-profit-eyes-exit-from-rehab