Lobtrans saga impinges on Stanchart profits

According to the company's statement of results for the period under review, profits after tax went down from P257.9 million in 2006 to P239.3 million in 2007.

In an interview with Mmegi last week, on the sidelines of the launching of government's P5billion bond, Stanchart boss David Cutting would not disclose to what extent the bank was exposed when transporter Lobtrans sank, admitting only that the fall in profit figures was mainly due to provisions made to cover for the losses.