Benguet Corp posts P2.26-B net revenue in January-October 2010
MANILA, Philippines – Benguet Corp. reported yesterday that its net revenue from January to October last year amounted to P2.26 billion on an unconsolidated basis.
In a disclosure to the Philippine Stock Exchange, Benguet said this reduced the company’s retained earnings deficit to P2.19 billion from P4.46 billion, as of end-2009.
Benguet’s net equity now stands at a positive P1.04 billion compared to a negative P1.39 billion.
Benguet said it experienced cumulative losses principally brought about by low global metal prices in the late ’80s and ’90s, and various natural disasters which severely hampered its operations.
The company was also burdened by a high level of bank obligations.
Fortunately, the mining firm has substantially reduced its debt in 2010 and now expects to fully resolve the balance of its outstanding loans by the end of this year.
At a recent board meeting, chairman and president/CEO Benjamin Philip G. Romualdez said Benguet is back on the radar screen of global mining players.
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