INQ7 MONEY - BREAKING NEWS
August 01, 2006
Updated 15:02:12 (Mla time)
XFN-Asia
SHIPPING firm Aboitiz Transport System Corp. posted a net loss of 25.5 million pesos for the first half due to lower revenue from its international charter business and to debt repayments.
No comparative figure was given in the company's disclosure to the stock exchange. Last year, it reported a first-half net profit of 162.78 million pesos.
Consolidated revenue in the first half of this year fell 12 percent year-on-year to 5.7 billion pesos, mainly because earnings from the international charter business under unit Jebsen Management BVI Ltd. declined because of unfavorable market conditions, Aboitiz Transport said.
The company said it reduced expenses by seven percent despite higher oil prices.
"During the period under review, the company also focused on debt reduction," Aboitiz Transport said.
Its bank debts stood at 2.6 billion pesos at the end of the first half, 400 million pesos less than a year earlier.
The company said it plans to charter a freighter to replace capacity lost when it sold vessels last year.
(One dollar = 51.60 pesos)
http://services.inq7.net/express/06/08/01/html_output/xmlhtml/20060801-12886-xml.html
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