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MANILA - The country's biggest sugar miller said earnings in the first nine months of its fiscal year grew by nearly a tenth on higher revenues.
In a regulatory filing, Victorias Milling Corp. said its net income increased to P343.86 million in the September to May period, from P312.98 million in the same nine-month period last year.
Consolidated revenues rose 16 percent to P3.595 billion from P3.087 billion a year ago after tolling revenues nearly doubled and raw sugar revenues inched up by 2 percent on higher volumes sold.
The Lucio Tan-controlled firm said its production performance – milling tonnage, raw sugar production, milling recovery and refined sugar production – improved during the period.
Victorias Milling said weather conditions were favorable to cane productivity and quality resulting in higher output, lesser breakdowns of equipment, and improved marketing strategies.
The company has earmarked P288 million for the fiscal year to replace defective machineries and equipment and upgrade facilities to improve operational performance and efficiencies.
The company also raised its budget for the ongoing rehabilitation of the distillery plant to P181 million from the earlier P120 million.
The plant will boost its revenues by using its by-product molasses for the production and sale of alcohol.
Funds will be sourced from cash generated from operations, the company said.
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