Anscor losses soar 176% in 1999

Holding firm A. Soriano Corp. (Anscor) suffered for the second straight year as its losses ballooned 176 percent from P126.6 million in 1998 to P350 million last year.

However, Anscor chairman and chief executive officer Andres Soriano III said the past year was a period of transition, "one which saw the realignment and refocusing of Anscor's portfolio with the disposal of investments, the repayment of borrowings and the resolution of controlling stockholder issues."

He said while the activities of Anscor's subsidiaries and affiliates generated a net profit of P306 million, the additional provisions made to cover the potential decline in their investments and the P75-million loss on their equity contributions in port operator International Container Terminal Services Inc. (ICTSI), a 22-percent owned affiliate.

Soriano told reporters after the company's stockholders meeting yesterday that they are exploring for the best formula in maximizing value for its various investments and adjusting to keep the company in tune with the emerging trend toward the "new economy."

"This is a period of looking at opportunities, we may have to pare down some more to focus on our core businesses, invest or consolidate... there are certain investments which are nice to see more of but then again, its a hard one to call.

Aside from ICTSI, Anscor subsidiaries and affiliates include Phelps Dodge, Seven Seas Resorts and Leisure, Toledo Power, Mindanao Container Corp., Atlas Mining, AB Capital, Anscor Land and A. Soriano Aviation.