Roxas Holdings posts 30% income hike

MANILA, Philippines -  Listed sugar miller Roxas Holdings, Inc. on Tuesday reported a 30 percent increase in its net income after tax for its fiscal year ending in September 2014 on higher sales of ethanol.

The company reported a net income after tax of P615 million at the close of its cash year, up from P473 million in the same period last year.

RHI chairman Pedro E. Roxas said the group’s ethanol sales rose to P1.5 billion on higher production of 32 million liters compared to a production of 14 million liters in the previous cash year.

Through its subsidiary Roxol Bioenergy Corp. — that has a plant in La Carlota, Negros Occidental — RHI is gradually increasing the production of bioethanol to increase its contribution to company revenues from the current level of about 15- to 20-percent.

RHI sells ethanol for gasoline blending requirements of oil companies Shell, Seaoil, and Petron.

The company’s revenues for the period rose by 37 percent to P8.3 billion from P6 billion last year. Its earnings before interest, taxes, depreciation, and amortization (EBITDA), however, fell 5.31 percent to P1.69 billion.

RHI has been making major investments since last year to improve its facilities and ensure better sugar recovery.

The company’s board also approved last Dec. 5 the second tranche of the group’s annual 35 percent dividend payment amounting to P0.12 per share on Jan. 15, 2015 for shareholders on record as of Dec. 22, 2014.

RHI is an integrated sugar milling business exercising full management of Central Azucarera Don Pedro, Inc., in Nasugbu, Batangas, as well as Central Azucarera de la Carlota, Inc., and Roxol Bionergy Corp. in La Carlota, Negros Occidental.

It also holds a 45-percent interest in sugar miller Hawaiian-Philippine Co.in Negros Occidental.