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PRIM Extends Losses Further

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MANILA, Philippines – Prime Media Holdings, Inc. (PSE:PRIM), formerly known as First e-Bank Corporation, reports its continued financial slump through a nine-month period of the year with a net loss of P20.94 million from last year’s net loss of P5.62 million, a 272 percent climb to the negative territory. PRIM’s revenues dropped from P1.89 million to P545,869, a 71 percent decline.

The third quarter performance of the company also seemed sour as its net loss increased from P2.88 million last year to P7.2 million this year, an estimated 150 percent slump to the downside. The net loss is paired with its operating revenues dropping from P842,609 last year to P2,204 this quarter.

PRIM’s total current assets changed from P78.44 million last year to P53.77 this year, a drop of 31.45 percent. On the other hand, noncurrent assets dropped by 0.04 percent from P38.34 million to P38.33 million. Total assets of the company declined by 21.13 percent from P116.78 million to P92.1 million versus last year.

The company’s current liabilities are slightly lower from P195.99 million to P192.25 million. Additionally, total equity amounted to negative P100.14 million.

Retained earnings of the company totaled to negative P2.9 billion.

The book value per share is negative 0.14, which is lower than last year’s negative 0.11. Investing in this company would immediately put the investor at a disadvantage because if the company liquidated, he will receive nothing.

On February 6, 1963, Prime Media Holdings, Inc. (PRIM) was incorporated and registered with the country’s Securities and Exchange Commission (SEC). It was named Private Development Corporation of the Philippines. In the same year, its name became PDCP Development Bank, Inc. The following year on July 9, the public listing of the company was approved by Philippine Stock Exchange (PSE). The amendment of the company’s name was again pursued on June 6, 2000, wherein PDCP was assumed First e-Bank Corporation.

As of nine-month period end, the company’s capital deficiency amounted to P100.18 million, which is higher than last year’s P79.2 million as of December 31. In April 2016, PRIM’s shares totaled to 34.19 million were converted to 1.37 million common shares at 25:1 rate.

The primary purpose of PRIM was changed to a holding company, which resulted in its inactive status in operations. By 2010, the company retired its employees gradually. Later on, it absorbed providers of services and consultants for requirements delivery.

PRIM closed at 1.19 per piece on November 18, 2016.

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