Roxas Holdings reduced first-quarter net loss on higher sales and lower expenses

Roxas Holdings Inc. (RHI) narrowed its fiscal first-quarter net loss to 196 million pesos, attributing it to off-season gains and lower operating expenses.

The integrated sugar and ethanol producer reported a net loss of 240 million pesos in the same period a year ago, which was also exacerbated by the pandemic. The company begins a fiscal year in October.

“Despite the challenges inherent in the industry with the significant decrease in sugar cane supply in Batangas and the increase in fuel costs over the years, the group managed to reduce its net loss in the first quarter due lower operating expenses caused by the implementation of rights – scaling initiatives and completing the maturity of the group’s short-term debts after paying off previous long-term debts,” said the President and Chief Executive Officer. the management of RHI, Celso Dimarucut.

Consolidated revenue reached 716 million pesos during the reporting period, more than double the 352 million pesos recorded previously.

Dimarucut said the company recorded higher revenues because it was able to sell ethanol produced when San Carlos Bioenergy, Inc. began operations, as well as its residual inventory of refined sugar.

According to RHI President Pedro Roxas, the company’s operations in the first quarter usually end in a loss since there are very few transactions during the period.

“While San Carlos Bioenergy, Inc. distillery operations began operating in mid-October 2021, Central Azucarera Don Pedro, Inc. (Cadpi) commenced off-season repair and maintenance activities in the first quarter . The Cadpi plant and refinery started operating in January 2022, in line with the availability of sugar cane in the region,” Roxas said.

RHI expects its operations to improve further in the following periods as sugarcane deliveries increase and the boiler conversion project for Cadpi’s refining operations is fully implemented.

Read more

Don’t miss the latest news and information.

To subscribe to MORE APPLICANT to access The Philippine Daily Inquirer and over 70 titles, share up to 5 gadgets, listen to news, download as early as 4am and share articles on social media. Call 896 6000.

For comments, complaints or inquiries, Contact us.

Ann J. Cox