Macondray Plastics posts lower net income in 2007

Macondray Plastics, Inc. (MacPlas) posted mixed results in 2007, earning a net income slightly lower than what it posted in 2006 although revenues were 14 percent higher. The publicly-traded firm said its net income in 2007 dipped to P24.57 million compared to P25.15 million in 2006. However, MacPlas generated revenues of P444.6 million in 2007, up 14 percent compared to revenues of P390.3 million in 2006. The increase, the company said, was mainly due to improved sales and production, which increased in 2007 by 18 percent and 19 percent, respectively. Sales of treated film used in banana cultivation accounted for 45 percent of 2007 revenues, a 48-percent increase from the same period in 2006. The increase was achieved despite a 7.2-percent reduction in the average selling price.

in Manila Bulletin by Ana Marie Macuja
April 17, 2008
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