Shemberg Biotech incurs P179-M loss

Shemberg Biotech Corp. incurred a net loss of P179.10 million in the first 10 months of 2002, the company’s income statement showed yesterday.

Compared to its full-year net loss of P168.25 million in 2001, Shemberg Biotech, however, was able to minimally spare down from P199.20 million in 2000.

Shemberg Biotech, registered with the Securities and Exchange Commission on Dec. 22, 1989, is engaged in farming and culturing of seaweeds and in the processing, preserving and manufacture of highly-refined carrageenan and its by-products.

In the first 10 months of 2002, Shemberg Biotech’s income statement submitted to the SEC showed an improvement in sales of P209.55 million, compared to P186.64 million as of the first nine months.

In 2001, Joaquin Cunanan & Co., Shemberg Biotech’s auditors, said the company’s accumulated loss rose to P955.13 million, from P786.87 million as of 2000.

Joaquin Cunanan also noted in its audited report to the board of directors and stockholders of Shemberg Biotech, that the company’s current liabilities exceeded assets by P1.03 billion and P909.53 million as of 2001 and 2000, respectively.