C&P operating income up 156%

C&P Homes Inc. increased its operating income by 156 percent to P762.2 million last year from P297.1 million in 1999, the company said in a disclosure to the Securities and Exchange Commission and Philippine Stock Exchange.

Heavy foreign exchange losses, however, wiped out the gains, leading to a net loss of P2.97 billion for the year.

The company’s debt stock includes $150-million worth of floating bank notes and P3 billion in long-term commercial papers, which were secured before the crippling Asian financial crisis unfolded in 1997.

Internal expenses and losses arising from the sharp depreciation of the peso rose 15 percent to P2.8 billion last year.

The company is currently finalizing a comprehensive financial restructuring with its creditors that will address the concerns of all sectors, including holding of company debt notes while ensuring continuing operations.