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Philippines: Republic Glass Holdings increases income for 2002

Philippine Republic Glass Holdings Corp. raised net income in 2002 as it reduced operating costs following the sale of two major subsidiaries.
In a disclosure to the Securities and Exchange Commissio…

Philippine Republic Glass Holdings Corp. raised net income in 2002 as it reduced operating costs following the sale of two major subsidiaries. In a disclosure to the Securities and Exchange Commission (SEC), Republic Glass Holdings said it posted a net income of PHP 103 million for 2002 , against PHP 27 million in losses in 2001. “Total operating expense for the year 2002 was PHP 25 million, compared to PHP 74 million in 2001. There was a marked decrease of 66% from operating expenses since related costs incurred in connection with the sale of subsidiaries was charged to 2001 operating expenses,” it said. The increase in net income translated to an earnings per share of PHP 0.15. In 2001, the company raised PHP 1.19 billion from the sale of its 51% stake in subsidiary Asahi Realty Corp. to local property developer Casa del Sol Development Corp., and its 51% interest in Republic Asahi Glass Corp. to Japan“s Asahi Glass Co. Ltd., the world“s second largest manufacturer of flat glass. It has retained two of its original businesses: property leasing and transportation firm RGC Investment Corp. and barge operator RGC Marine Transport. Republic Glass Holdings said its consolidated gross revenues in 2002 dropped 57% to PHP 150 million from PHP 348 million in 2001 due to foregone revenues from the two subsidiaries it sold off. However, the company said the decline was offset by the improvement in its interest earnings to PHP 110 million in 2002 from PHP 65 million in 2001. Republic Glass Holdings said it is still seeking strategic alliances given a PHP 1.43-billion cash reserve. “It (cash reserve) provides the company necessary flexibility to pursue new investment opportunities within its competencies and management strengths. The company will continue to seek and assess possibilities for strategic alliances with other business players,” it said.

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