Top 10 Corporate Losers in 1997 in the Red for a Total of P32 B

Manila Bulletin
Friday, September 4, 1998

Buffeted by rising raw material costs and soaring interest rates, manufacturing firms made up almost the entire list of the Philippines' ten firms with the biggest losses in 1997 as listed by the Securities and Exchange Commission (SEC).

State-owned Philippine Associated Smelting & Refining Corporation (PASAR) topped the list of losers last year with a total loss of P10 billion and dislodged 1996 top loser National Steel Corporation.

Losses suffered by the top ten losers last year of P32.36 billion was more than triple the total losses of £10.4 billion from the ten biggest losers in 1996.

The lists of ten biggest losers for 1997 are

1.    Pasar, P10 billion;
2.    Philippine Phosphate Fertilizer Corp., P4.59 billion;
3.    Amkor/Anam Pilipinas, Inc., P3.12 billion;
4.    Philippine Airlines, Inc., P2.5 billion;
5.    Pan Malayan Management and Investment Corp. P2.4 billion;
6.    Caltex Philippines Inc., P2.3 billion;
7.    Semirara Coal Corporation, P2.33 billion;
8.    Intel Technology Philippines Inc., P.1.8 billion;
9.    Samsung Mabuhay Corporation, P1.76 billion; and
10.    Amkor/Anam Advanced Packaging Inc., P1.48 billion.

Of the 10 big losers in 1997, only PAL was in the list of 1996's top ten losers. However, it should be noted that its losses have gone down a little. The firm continued to post huge losses in the face of strong competition and labor unrest.

Also worth mentioning is Caltex which was listed among the SEC's top ten firms in sales. The firm reported that its losses were due to unrecovered foreign exchange losses under the regulated environment.

The ten biggest losers in 1996 were:

1.    National Steel Corporation, P2.53 billion;
2.    Philippine Airlines, P2.18 billion;
3.    Phil. Phosphate Fertilizer Corp., P2.08 billion:
4.    Isla Communications Company, P891.8 million;
5.    GMCR Inc. (Globe Telecoms), P750.87 million;
6.    Ferrochrome Philippines Inc., P479.98 million;
7.    Bayan Telecoms. Holdings Corp., P422.73 million;
8.    Express Telecommunications Co., P414.1 million;
9.    Vitarich Corporation, P367.25 million;
10.    Dole Philippines, P310.44 million;

Globe and Bayantel suffered losses in 1996 as they were still in their start-up stages. The two firms have now bounced to profitability.