MANILA, Philippines — Listed sugar miller Victorias Milling Co. Inc. (VMC) saw its net income decline 61 percent in the first quarter of the current crop year due to lower prices.
In a regulatory filing, the company said its profit fell to P46 million in September to November 2017 from P119 million the previous year.
VMC milled 960,000 tons of cane, up 40 percent from the year ago due to the early start of the milling period.
Raw sugar production increased to 1.7 million 50-kilogram bags (LKG) from 1.2 million LKG, driven by higher productivity and quality of canes milled.
Milling recovery rate was also up at 1.82 50-kilogram bags per ton cane (LKG/TC) milled from 1.75 50-LKG/TC.
Raw sugar sales went down 2.5 percent to P477 million due to lower local sugar prices.
Alcohol sales plunged 64 percent to P51 million while power generation revenues also declined to P5.8 million.
VMC is engaged in integrated raw and refined sugar manufacturing with plant facilities in Negros Occidental. It operates mill and refinery facilities for sugar and allied products, and engineering services.
Its operating subsidiaries include Victorias Food Corp., Victorias Agricultural Land Corp., Canetown Development Corp., and Victorias Golf and Country Club Inc.