Bacnotan Consolidated Industries Inc, a diversified investment holding company, posted a PHP4.09bn net profit last year, a sharp reversal from a PHP583.4m loss in 2003, on account of a one-off gain from its divestment from a cement company.
Bacnotan sold, among others last year, its direct stake in Union Cement Holdings Corp. for $89.4m. Bacnotan’s unit, Atlas Cement Corp, also divested from Union Cement Holdings for $124.6m. Bacnotan reported in its financial statement a PHP5.9bn gain on sale of investments. Bacnotan said sales last year declined to PHP9.69bn from PHP11.58bn in 2003, but its gross profit still rose to PHP2.64bn from PHP1.54bn due to lower cost of sales.