Anscor bares P311-M loss

Holding company A. Soriano Corp. (Anscor) suffered losses for the third consecutive year as it reported a net loss of P311 million for 2000, slightly lower than the record P350-million loss in 1999.

Based on its consolidated financial statement, the publicly listed flagship of the Soriano family generated P1.378 billion in revenues, lower than the P1.944 billion in sales and other gains the previous year.
But its costs and expenses were also reduced substantially, from P2.146 billion in 1999 to P1.779 billion last year.

The slight improvement in Anscor’s financial performance could also be attributed to the reversal in the performance of port operator International Container Terminal Services Inc. (ICTSI), which last year reported a P31.3-million net income from a loss of P1.3 billion in 1999.

ICTSI is considered one of the company’s core holdings even though Anscor accounts for only 22 percent of its equity.

The Anscor group of companies consists of a number of subsidiaries, affiliates and managed companies. Among its wholly-owned units are A. Soriano Aviation, Anscor Consolidated Corp., Anscor Insurance Brokers, Anscor Land, Anscor Property Holdings, ARB Power Ventures, ASC Mining and Industrial Corp. and Toledo Mining and Industrial Corp.

Other notable subsidiaries are Phelps Dodge Philippines, Vesper Industrial and Development Corp. and Asian Telecommunications Projects while some of its affiliates are AFC Fertilizer and Chemicals Inc., AB Capital Investment Corp., Seven Seas Reports and Leisure Inc., Mindanao Container Corp., Toledo Power Co. and Atlas Consolidated Mining and Development Corp. – Conrado Diaz Jr.