MANILA – Listed sugar and ethanol producer Roxas Holdings, Inc. (RHI) posted a consolidated net income of PHP120 million for the year ending Sept. 30, up 18 percent from PHP102 million in the same period last year.
RHI told the local bourse its core net income also increased by 135 percent to PHP240 million from PHP102.13 million.
Revenues from the sugar business, representing 67 percent of consolidated revenues, declined 7 percent to PHP7.8 billion on lower average sugar prices.
But gross income from the sugar business increased 38 percent to PHP1.164 billion from PHP844 million on improved production volume and efficiency at the plants.
RHI President and CEO Hubert Tubio said “the improved relationship we have with planters and the upgrades that we implemented for the equipment and processes at our plants have paid off”.
“We were able to reduce the overall costs of production, which also alleviated the impact of the soft prices of sugar,” he said.
Meanwhile, revenues of the Group’s ethanol business segment slid 14 percent to PHP3.6 billion from PHP4.2 billion as a result of lower average price of ethanol.
RHI said the operations of the ethanol business unit were adversely affected by delays due to prolonged periods of enhancement works at the plants in the early part of the year.
The ethanol unit, however, steered back to profitability toward the end of the period as plant repair and expansion works ended.
