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Manufacturing, trade and financial sectors record most dropouts | BusinessWorld Research
Date posted: Friday, December 11, 2015 | Manila, Philippines
BY MARK T. AMOGUIS
A TOTAL of 144 companies dropped out of this year’s edition of the Top 1000 Corporations, while 47 firms joined the ranking for the first time.
From last year’s minimum of P1.54 billion, we have raised the gross revenue cutoff to P1.69 billion for a company to merit consideration in the 2015 edition. Some companies that may have met the higher cutoff are absent from this year’s list because their audited financial statements were unavailable at the time we were gathering data for this report. Other firms that dropped out either had closed shop or changed their corporate names.
Worth mentioning is the removal of some of the government owned or controlled corporations (GOCCs) that previously made it to the annual list -- the result of our continuous process of fine-tuning the methodology of the Top 1000 Corporations. Those GOCCs that were removed starting this year are Bangko Sentral ng Pilipinas (BSP), Power Sector Assets & Liabilities Management Corp., National Transmission Corp., and Manila International Airport Authority, among others.
Likewise, Ale Mart Corp., which was in five previous editions of the Top 1000 Corporations, was excluded despite declaring a gross revenue of P2.03 billion last year because it is a nonstock corporation.The most number of dropouts were recorded in the manufacturing, trading and financial sectors. Computers, computer parts, and accessories maker Toshiba Information Equipment (Philippines), Inc., which earned P104.70 billion in 2013, was among the 35 companies in the manufacturing sector that failed to make it to this year’s list because its audited financial statements were unavailable during our data-gathering phase. Toshiba was ranked 6th last year. Audited financial statements of Monde Nissin Corp., which nicked the 46th spot last year with P32.10 billion in revenue, and Philippine Phosphate Fertilizer Corp., last year’s 154th with P11.94 billion in revenue, were also unavailable. Among manufacturers, producers of crude vegetable oil, cake and meals other than virgin coconut oil contributed the most to the dropouts, with four companies failing to make it on this year’s list. The four was led by Legaspi Oil Co., Inc., which earned P4.42 billion in 2013, but whose 2014 financial statements were unavailable for this report. Oil retailer Phoenix Petroleum Philippines, Inc., which earned
P42.08 billion in 2013, led the trade sector’s 32 dropouts. Its audited parent financial statements were unavailable during our data-gathering phase. Within the trade sector, the most number of dropouts -- five companies -- was noted in the wholesale on a fee or contract basis, of food, beverages, and tobacco subsector, led by Tridharma Marketing Corp., which posted gross revenue of P11.67 billion in 2013.
The financial and insurance sector logged 24 companies that fell from the Top 1000 Corporations list, led by the BSP, which booked a revenue of P62.23 billion in 2013 based on its restated financial statements.The holding companies subsector contributed the most number of dropouts in this division, led by Lucio C. Tan-led Tangent Holdings Corp., ranked 38th in the previous edition of this list with P36.02 billion in revenue. It made available only consolidated financial statements.
Among those that joined this year’s Top 1000 Corporations are 47 newcomers. Bloomberry Resorts and Hotels, Inc., which booked a P23.15-billion revenue, led the new entrants to land on the 71st spot, while Vesta Property Holdings, Inc., which earned P7.81 billion, ranked 271st.Among those that returned to this year’s ranking are American Power Conversion Corp. (A.P.C.) B.V., which posted P43.93 billion in gross revenue last year and claimed the 31st spot; Megaworld Corp., which recorded P43.18 billion in revenue at 32nd place; and Land Bank of the Philippines, which earned P38.81 billion and placed 36th.
Manufacturers comprised the biggest sector that made it the Top 1000 Corporations, followed by the trade, financial, and real estate sectors.Thirty-four manufacturers either rejoined or joined for the first time the league table. Apart from American Power, the first-timers or comeback acts included Dole Philippines, Inc., Nanox Philippines, Inc; and NXP Semiconductors Cabuyao, Inc. In the trade and financial sectors, 29 companies either rejoined or entered the list for the first time. La Filipina Uy Gongco Corp. led the trading firms, while state-owned Development Bank of the Philippines the financial sector. In real estate, we already mentioned Megaworld and Vesta Property. Another company that rejoined was Belle Corp. , which recorded P9.85 billion in gross revenue to land it on the 217th spot.
*Send e-mail to Mark at mtamoguisBW@bworldonline.com or follow him on Twitter.com @MTAmoguisBW.
Category: Financial statements