Disclosed is a compound of the formula ##STR00001## wherein M is atom or group of atoms capable of bonding to central cavity of phthalocyanine molecule, wherein axial ligands optionally can be attached to M, each R' is a substituent, each n is 0, 1, 2, 3, or 4, each R'' is a substituent, each m is 0, 1, 2, or 3, each R is alkylene, arylene, arylalkylene, or alkylarylene, each X is --OH, --COOH, or ##STR00002## wherein each Y and each Z is a direct bond, oxygen, or --NR.sub.1--, wherein R.sub.1 is hydrogen, alkyl, aryl, arylalkyl, or alkylaryl, provided that Z and Y are not both direct bonds connected to a single C.dbd.O moiety at the same time, provided that when X is --COOH, ##STR00003## R can also be a direct bond, and each R.sub.d is alkyl, aryl, arylalkyl, or alkylaryl.