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MANILA - The Philippines’ biggest sugar producer reversed last year's losses in the first nine months of its fiscal year as higher margins, lower overhead costs and reduced financing charges offset a dip in revenues.
In a statement, Roxas Holdings Inc. said it earned P751 million for the nine-month period ending June, a turnaround from the P305 million loss a year ago.
“We have also made some progress in de-leveraging with a P900-million reduction in our debts for the first nine months of operations,” RHI chairman Pedro Roxas said.
Consolidated revenues dropped 12 percent to P5.8 billion from P6.6 billion last year on lower sugar prices. Raw sugar prices averaged P1,403 per bag, or 34 percent lower than last year’s P2,112, while the average selling price of refined sugar went down by 15 percent to P2,006 per bag from P2,361 in the previous year.
Despite the lower sugar prices and volumes, the company’s gross profit margin jumped to P1.6 billion from last year’s P591 million, after its energy costs fell by 45 percent with the shift from bunker to more cost efficient, eco-friendly and renewable fuel sources.
The company reported a 2-percent increase in consolidated raw output at 2.5 million bags, despite a 6-percent decline in national production.
RHI expects to unload its sugar stocks by the end of the fiscal year next month on the heels of increased sugar consumption.
The company said its ethanol business under unit Roxol Bioenergy Corp. contributed P457 million to this year’s revenues, up from P39 million last year.
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