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CORIMON REPORTS RESULTS FOR FISCAL YEAR 1991-1992

 CORIMON REPORTS RESULTS FOR FISCAL YEAR 1991-1992
 CARACAS, Venezuela, May 6 /PRNewswire/ -- Corimon, C.A., the


diversified Venezuelan holding company (ADR traded OTC: CASAY), today reported its financial results for the fiscal year ended March 31, 1992.
 Net consolidated sales rose from 11.6 billion bolivars in fiscal year 1990-1991 to 16.3 billion bolivars, or U.S.$273.4 million, an increase of 17 percent in dollar terms from the previous period. After adjusting for inflation, real sales growth for the period was 14 percent, a figure significantly higher than Venezuela's domestic economic growth.
 Net income rose from 356 million bolivars in fiscal year 1990-1991 to 950 million bolivars, or U.S.$16 million, representing a return on sales of approximately 6 percent. Net earnings per share were 1.8 bolivars, compared with 0.7 bolivars during the previous year.
 Each Corimon ADR or GDS represents 25 shares of series B common stock. Accordingly, net earnings per ADR or GDS were 45 bolivars or U.S.$0.80 at an average exchange rate for fiscal year 1991-1992.
 "We are truly pleased with these results," said Philippe Erard, Corimon's president and chief executive officer, "since they reflect the solid financial foundation that will allow us to continue our expansion and investment plans."
 Erard went on to say that "Strong growth in sales and earnings, increased exports, new investments, and a successful equity offering in the international stock markets were the high points of Corimon's fiscal year 1991-1992."
 The company's exports increased to a record high of U.S.$20 million during the fiscal year, a 13 percent increase from the year ago period. This increase mainly reflects sales to Mexico, the United States, Colombia and Chile. "The sound performance in the export sector demonstrates the competitiveness of Corimon products," continued Erard, "and is a result of almost 30 years of effort directed to increasing export activity."
 A highlight of the 1991-1992 fiscal year was an international offering of 65 million new common shares of Corimon common stock. The offering was effected through the issue of 2.6 million Global Depositary Shares (GDSs) which produced over U.S.$53 million in gross proceeds. The successful issue of GDSs made Corimon the first Venezuelan company to place this financial instrument in both the international and domestic capital markets. Corimon GDSs are quoted on the stock exchanges in Caracas, Maracaibo and Luxembourg, and are traded through the Portal system in the U.S. As a result of the offering, the company now has stockholders from the United States, Europe and all over Latin America.
 Also, during the fiscal year under review, Corimon made new capital investments of 1.7 billion bolivars. The largest ongoing investment project is Pralca, a joint venture in petrochemicals, with projected total investment of over U.S.$170 million.
 Corimon, a leading Venezuelan manufacturer of paint and building materials, specialty chemical products, packaging materials and food products, has posted net earnings and paid dividends during each of the 42 years since its founding in 1949. Continuing this tradition, the company's board of directors recommended, on April 24, 1992, that the upcoming shareholders meeting approve a cash dividend of 0.58 bolivars per share for the fiscal year ended March 31, 1992. The total cash distribution will amount to 401.1 million bolivars.
 -0- 5/6/92
 /CONTACT: Victor Hugo Hernandez of Corimon, 58-2-203-5597, or Margaret Hannigan of Burson-Marsteller, 212-614-4954, for Corimon/
 (CASAY) CO: Corimon C.A. ST: IN: CST SU: ERN


PS-OS -- NY021 -- 6997 05/06/92 10:37 EDT
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Publication:PR Newswire
Date:May 6, 1992
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