Jardine Davies Nets Php 125.4 Million in 1997

March 16, 1998 PSE CIRCULAR FOR BROKERS NO. 375-98 JARDINE DAVIES NETS PHP 125.4 MILLION IN 1997 Jardine Davies announced its results for 1997 showing net income of PHP 125.4 million compared with PHP 49.8 million in 1996. Shareholders funds at 31 December 1997 were PHP 3.3 billion and the Group ended the year in a net cash positive position. Net income from continuing operations was PHP 90.8 million compared with PHP 143.3 million in 1996. Earnings per share were PHP 2.91 in 1997 compared to PHP 1.66 in 1996. No dividend has been proposed. 1997 was a year of consolidation for Jardine Davies as market conditions required focusing of many of the group's business to adapt to the environment brought about by the regional economic downturn. The company has rationalised a number of its operating business and this negatively affected the financial results for he year but leaves the company better placed to weather the difficult environment which will exist for the next one to two years. Jardine Davies remains focused on its five core businesses: Building and Industrial Materials; Middle Income Housing; Agribusiness; Consumer Finance and Corporate Services.