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It's not this line that it doesn't like:
((ILNEPRICE - ILNEUAVCST) / ILNEPRICE) as MYPCT

It's this line:
      MYPCT <= :DMARGIN

There are a couple of ways to resolve this.

1 - Change the offending line to:
      ((ILNEPRICE - ILNEUAVCST) / ILNEPRICE) <= :DMARGIN

2 - Create a User Defined Function to do this for you
http://faq.midrange.com/data/cache/185.html
Then you should be able to do
...
MYPCTUDF(ILNEPRICE, ILNEUAVCST) as MYPCT
FROM
      LOWMARGNLF
WHERE
      ILNINVDATE <= :DFDATE AND
      ILNINVDATE >= :DSDATE AND
      MYPCTUDF(ILNEPRICE, ILNEUAVCST) <= :DMARGIN
ORDER BY
      ILNINV#A

3 - Expand #2.  Create a view over the physical file.
create view myview
(ILNEPRICE, ILNEUAVCST, mypct, ...)
 AS SELECT ilneprice, ilneuavcst, mypctudf(ilneprice, ilneuavcst), ...
FROM mylib/mytable
Use this view in your RPG.

Rob Berendt

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