METRO Pacific Corporation, the Philippines holding company of Hong Kong-based First Pacific Corporation, has announced a 102 per cent increase in net profits for last year.
The company's unaudited consolidated financial statement for 1993 showed net profits of 182.8 million pesos (about HK$53.01 million) or more than double the 90.3 million pesos registered in 1992.
Profit before taxes reached 309.5 million pesos representing over 135 per cent increase from 131.3 million pesos in 1992.
Metro Pacific Corp realised an annual sales turnover of 5.95 billion pesos last year representing a 19 per cent improvement over the 1992 level of five billion pesos.
As of December 31 last year, the company had total consolidated assets of 5.37 billion pesos as against total shareholders' equity of 1.75 billion pesos. Last year's asset level was 80 per cent higher than the 2.97 billion pesos in 1992 partly because of Metro Pacific's corporate acquisitions last year.
Investment analyst Rene Delos Reyes of Abacus Securities said that the company's notable growth last year could be attributed to its improved distribution business and the rationalisation of its operations.
Mr Delos Reyes said Metro Pacific had transformed itself into an investment and management company, paving the way for diversified operations.