Philippine Stock Exchange

11 companies face trading suspension for earnings report delay

Ralf Rivas
11 companies face trading suspension for earnings report delay

Shutterstock

The companies have about a week to comply before the Philippine Stock Exchange suspends trading of their stocks

MANILA, Philippines – Eleven publicly listed companies face a trading suspension for failing to submit annual and quarterly reports to the Philippine Stock Exchange (PSE).

The PSE said trading of shares of the following companies may be suspended starting June 1 for non-compliance with the rules set by the bourse operator and the Securities and Exchange Commission: 

  • 8990 Holdings
  • AbaCore Capital
  • Araneta Properties
  • Basic Energy
  • Century Peak
  • Dito CME
  • Leisure and Resorts World Corporation
  • Medilines Distributors
  • Philippine Business Bank
  • TKC Metals
  • Vantage Equities

“The listed companies mentioned have not complied with the structured reportorial requirements of the Exchange under Article VII, Section 17.2 in relation to Section 17.8 of the Consolidated Listing and Disclosure Rules, as amended…by failing to submit their Annual Reports (SEC Form 17-A) for the year ended December 31, 2021 and Quarterly Reports (SEC Form 17-Q) for the period ended March 31, 2022, on or before the deadline of May 16, 2022,” the PSE said.

In a statement, AbaCore Capital said the delay was “on the part of the auditor coupled with the inevitable and necessary reorganization of management and the board due to circumstances beyond our control.”

“The company admittedly failed to meet the deadline for filing annual and quarterly financial statements. Still, the company assures the investing public that it is finalizing these financial reports and endeavors to submit them before May 31, 2022,” AbaCore Capital added.

Leisure and Resorts World, the holding company behind the Philippines’ first online bingo platform, reported first quarter earnings on Wednesday, May 25, through a press release.

It said that its earnings before interest, taxes, depreciation, and amortization or EBITDA saw a loss of P151 million in the first quarter of 2022, compared to the P13-million EBITDA in the same quarter in 2021.

Other companies have yet to respond to the PSE.

Meanwhile, trading of shares of the following companies remain suspended as they failed to submit their respective 2021 annual reports and first quarter 2022 figures:

  • Abra Mining and Industrial Corporation
  • Bogo-Medellin Milling
  • Fislyn Corporation
  • Globalport 9000
  • IP E-Game Ventures
  • Philab Holdings
  • Philippine National Construction Corporation
  • PICOP Resources
  • Steniel Manufacturing
  • Unioil Resources and Holdings

Earnings reports are crucial to keep the investing public up to date on a company’s performance. Analysts also rely on financial statements to provide judgment in buying or selling stocks. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.