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CORIMON REPORTS NET INCOME OF US$12.4 MILLION FOR FIRST NINE MONTHS OF FISCAL 1992

 CORIMON REPORTS NET INCOME OF US$12.4 MILLION FOR FIRST NINE MONTHS
 OF FISCAL 1992
 CARACAS, Feb. 18 /PRNewswire/ -- Corimon C.A., the diversified Venezuelan holding company (ADR traded NASDAQ: CASAY), today reported its financial results for the first nine months of fiscal 1992 ended Dec. 31, 1991.
 Net income for the period was US $12.4 million, an increase of US $9.9 million in comparison with the US $2.5 million reported for the first nine months of fiscal 1991. Net sales for the nine months period rose to US $207.1 million, an increase of 20 percent over the US $172.7 million reported for the same period of fiscal 1991. Corimon's operating units, which manufacture paint and building materials, specialty chemicals, packaging, and processed foods, experienced volume growth of 16 percent during the period.
 "The improvement in net income, sales, and exports," said Philippe Erard, chief executive officer of Corimon, "is the result of a successful policy of rationalization that has enabled the corporation's operating units to manufacture more competitive products for the national and international markets.
 "We are truly pleased with these results," continued Erard, "because they demonstrate that Corimon has the financial strength to allow us to pursue our expansion plans and undertake major investment projects, such as Pralca." This joint venture, in which Corimon is participating with Venezuelan and international partners, will produce ethylene oxide and glycols for the national and export markets. It is scheduled to be completed by the end of the year.
 In the first nine months of fiscal 1992, Corimon's export sales also rose by 20 percent to US $15.9 million. "The growth in our exports is a result of Venezuela's competitive advantages in raw materials, energy, strategic location, and a successful open economy," said Erard. "We anticipate that the growth in exports will accelerate further as the Andean Common Market becomes a reality and most customs barriers are eliminated." The countries of the Andean Common Market (Bolivia, Colombia, Ecuador, Peru and Venezuela), which have a total population of more than 90 million, are moving progressively toward the creation of a single internal market through the elimination of tariffs and other trade barriers.
 Net interest expense as a percentage of total sales declined to 6.6 percent for the first nine months of fiscal 1992, in comparison with 7.3 percent for the year ago period. The improvement resulted from reducing total debt, refinancing borrowings on a short-term basis at lower interest rates, and an increase in stockholders' equity.
 Corimon in the international equity markets
 Corimon recently completed an international offering of Global Depositary Shares (GDSs). The offering, which was structured as a Rule 144A private placement in the United States, consisted of 2,600,000 GDSs, each of which represented 25 shares of Corimon's series B common stock. The issue was placed by a consortium of Venezuelan and international investment banks led internationally by Merrill Lynch & Co. and International Finance Corporation. The offering was priced at US $20.50 per GDS, thus raising $53.3 million in gross proceeds for Corimon. The net proceeds of the issue will be used to repay certain indebtedness, with any balance being used for Corimon's long-term capital expenditure program. Following this offering, Corimon has shareholders in the United States, the United Kingdom, France, Japan, Switzerland and throughout South America.
 -0- 2/18/92
 /CONTACT: Victor Hugo Hernandez of Corimon C.A., 58-2-203-5597, or Kay Breakstone, 212-614-4449, or Michael Rust, 212-614-4673, both of Burson-Marsteller, for Corimon/
 (CASAY) CO: Corimon C.A. ST: IN: CHM SU: ERN


KD-KW -- NY103 -- 0117 02/18/92 16:29 EST
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Date:Feb 18, 1992
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