Century Peak trimmed losses in Q1

Mining firm Century Peak Metals Holdings Corp. (CPM) has avoided a trading suspension of up to two months with the submission of its latest quarterly financial report to the Philippine Stock Exchange.

CPM reported to the Philippine Stock Exchange a net loss of P24.35 million in the first quarter compared to a net loss of P59.66 million in the same period last year.

During the three-month period, CPM said there was no shipment of chromites or nickel ore made by the group.  But while there was no recognition of any revenue for the period, operating expenses of P24 million were incurred compared with P58 million in the same period in 2015. The operating expenses pertained mainly to salaries, rental expense and fuel and oil, which respectively accounted for 47 percent, 14 percent and 12 percent of the total operating expense.

CPM was earlier warned by the PSE that failure to submit its quarterly report would result in the automatic suspension of the trading of its shares starting May 27 for a maximum of two months.

But since CPM has submitted its quarterly report, the company has avoided the trading suspension.

Trading on CPM’s shares was earlier suspended on May 17 arising from its failure to submit its annual report. The trading suspension was lifted on Tuesday.

In the meantime, six listed companies remain suspended on the local bourse for failure to submit their first quarter financial report on or before to deadline last May 16.  Asia Amalgamated Holdings Corp., Greenergy Holdings Inc., Philippine National Construction Corp., Picop Resources Inc., Primetown Property Group and Uniwide Holdings Inc. Doris Dumlao-Abadilla