PSE Circular for Brokers No. 251-99
PSE Circular for Brokers No. 251-99 • Philippine Stock Exchange • Circulars for Brokers • Feb 11, 1999
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February 11, 1999 PSE CIRCULAR FOR BROKERS NO. 251-99 February 11, 1999 Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Ortigas Avenue Pasig City Attention: Ms . Eileen M . Lacorte Analyst, Disclosure Department Gentlemen : In connection with the news article published today in the Philippine Star, we furnish the following clarification. The statement of Mr. Manuel Lopez is based on unaudited 3rd Quarter financial figures for the year 1998. Meralco's net income during the first nine month of 1998 decreased by 13.4% compared to the same period in 1997. The following factors contributed to the lower income level in 1998: increase in interest expense because of new borrowings, depreciation and franchise tax. Based on the 3rd Quarter results, net income for the full year of 1998 is expected to post a decline of 14.3% vs. 1997 level. cdt Very truly yours, (SGD.) RAFAEL L. ANDRADA Senior Assistant Vice President and Treasurer
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