Following an improved performance last year, listed holding company A. Soriano Corp. (Anscor) will continue to focus on the services, tourism and business knowledge process outsourcing sectors to ensure long-term growth.
During the company’s shareholders meeting yesterday, Anscor chairman and chief executive officer Andres Soriano III said the group believes in the long-term potential of these three industries.
In January, Anscor, through its US-based unit Medtivia Inc., acquired two firms engaged in the placement of nurses and allied healthcare professionals for $14 million.
The two companies – Cirrus Holdings USA LLC and its affiliate Cirrus Medical Staffing LLC – are both based in North Carolina and are engaged in the contract and temporary staffing and permanent placement of healthcare professionals in the US.
Soriano did not disclose how much the company would spend for its capital expenditures this year. Last year, the company invested $20 million in healthcare, nursing education and a new system for hotel reservations, using proceeds from the sale of its stake in port operator International Container Terminal Services Inc. and SPI Technologies Inc.
When asked whether the company would raise its stake in BPO firm eTelecare Global Solutions Inc. from the existing six to seven percent, Soriano said they are “keeping their options open.”
eTelecare, a leading provider of complex business process outsourcing solutions, has a total manpower of around 13,000 working from 13 delivery centers in the US and the Philippines.
To further boost its profitability, Anscor is also banking on subsidiary Phelps Dodge Philippine Energy Products Corp. which has secured orders for delivery this year of aluminum building wire to the local market.
Soriano said Phelps Dodge is budgeting $6 million to $10 million over the next few years for its expansion. In 2007, the company spent $1.5 million for its capital requirements.
Phelps Dodge will be installing additional facilities to manufacture dry-cured medium voltage power cable, which will be exported through its affiliates worldwide.
Last year, Anscor reported a 77 percent rise in consolidated recurring net earnings to P578.8 million from only P327.9 million in 2006. The company posted a net income of P619.8 million in 2007 from P3.04 billion a year earlier which included a one-time gain from the divestment of shares in ICTSI and SPI Technologies.