21.   The drop reflected expectations that the company will sell its holdings.

22.   The drop reflected the Boeing strike, which ended in December.

23.   The drop reflected weaker world prices and a wider gap between light and heavy crude oil, it said.

24.   The profit drop reflects an aging product line that requires higher rebates to lure skeptical consumers, analysts said.

25.   Thomas Mayer, an economist at Goldman Sachs, said the April drop more likely reflects insufficient seasonal adjustments rather than real job creation.

26.   A statistics bureau official briefing reporters said the drop reflects a steep decline in the price of rice, education costs and entertainment prices.

27.   According to the BSP, the drop reflected jitters on the part of foreign investors as the country suffered the effects of the regional currency crisis.

28.   Analysts said the drop reflected slackening consumer demand as well as delayed hiring for the Easter shopping season because the holiday falls in April, rather than March.

29.   As is the case with other high-tech companies, the company said the drop in profits reflected a drop in demand amid the economic downturn.

30.   Hassan Abdul-Rahim, financial analyst at the National Investments Co., said the drop reflected a correction and anticipation of midyear financial results.