Manila: Negros Navigation Co (Nenaco) said it has emerged from rehabilitation after posting profits for three consecutive years.
"With the corporate rehabilitation behind us, our objective now is to sustain our profitability. We will continue to modernize our fleet and we will be relentless in finding ways on how to improve further our operations," Sulficio Tagud Jr., Nenaco chairman and chief executive said in a statement. ??The Regional Trial Court of Manila ordered the termination of Nenaco's rehabilitation proceedings on February 26 on account of the successful implementation of its rehabilitation plan, the shipping firm said.
Nenaco sought protection from creditors in 2004.??Owned by KGLI-NM, which is a joint venture between Negros Holdings & Management Corp. and KGL Investments, Nenaco recorded a net income of P412 million last year, jumping 124 percent from P184 million in 2008. ??Nenaco attributed the profits to "revenue-enhancing initiatives coupled with stringent cost-management measures" that it implemented during the year.??Last year, Nenaco acquired two additional cargo vessels with a capacity of 300-teu each. [16/03/10]?
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