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MANILA, Philippines – ISM Communications Corporation (PSE:ISM) disclosed a poor third-quarter performance with a net loss of over P4.5 million, which is 171 percent greater than the P1.66 million loss from the same period last year. There is no operating revenue recorded during the quarter which automatically deduces that the company is not in operations. ISM also registered gross revenue losses of P6.06 million from the positive gross revenue worth P6.61 million of the same period last year.
For the first nine months of the year, ISM further extended its losses from P17.5 million last year to P38.2 million this year, which is more than double. There is no operating revenue for the past 9 months, whereas other revenues ended with losses amounting to P19.2 million.
Assets of the company are higher this year at P2.65 billion from last years’ P2.32 billion. Alternatively, liabilities increased by two percent from P449.49 million to P458.76 million. Equity rose to P2.19 billion from P1.87 billion last year. The company’s retained earnings dropped by 2.8 percent from P1.38 billion to P1.34 billion.
The current ratio of the company relative to its assets and liabilities is 3.93 against year-to-date from 4.69 in 2015. On the other hand, its asset-to-equity ratio is 1.21.
In early 2016, the company targets to raise its capital of up to $7.5 million through shares sell-off in February. According to ISM, its board of directors approved its sale of over 358.1 million treasuries to its existing shareholders at P1.00 per piece. The management is planning to expand its cash reserves for possible opportunities in the future.
In March 1925, the company is originally known as a mining group with its name Itogon-Suyoc Mines, Inc. In the early 2000s, the company transformed and engaged in multimedia telecommunications, information technology, and business. In 2010, the management sold its whole interest in A.G.N. Philippines, Inc. A.G.N. became the vehicle of ISM to hold its ETPI 40 percent interest to Vega Telecom, Inc. (VTI).
Currently, the company’s chairperson is Eric O. Recto. ISM is owned by Monfortino Holdings, Inc. and Ashmore Investment Management manages its funds. The financial manager of the company is Ashmore Group Plc’s subsidiary.
As of December 31, 2015, the company has no operations other than its holding company. In spite of this, the company is analyzing other opportunities continually to make significant investments.
ISM closed at P1.36-apiece on November 18, 2016, down by 2.86 percent year to date.