Roxas Holdings recovers in Q1

Manila, Philippines — Listed sugar and bio-energy company Roxas Holdings Inc. (RHI) trimmed its net loss for the first quarter of its current crop year,  largely due to gains recognized from the sale of certain assets.

In a disclosure to the local bourse, RHI said net loss declined to P4 million in September to November 2019 from P197 million the previous year.

The company managed to reduce its loss even as revenues fell by 32 percent to P1.3 billion.

 RHI chairman Pedro Roxas said the performance of the mills mirrors the overall performance of the sugar industry based on national sugar production and tons cane milled, compared to the previous crop year.

For his part, RHI president and chief executive officer Hubert Tubio said the firm’s alcohol segment reeled from the high cost of feedstock.

“The average molasses cost in the first quarter was 32 percent higher than the average price in the past year. The increase in the feedstock cost dented the segment’s contribution for the period,” he said.

The company’s ethanol businesses,  Roxol Bioenergy Corp. and San Carlos Bioenergy Corp. Inc. , are the country’s biggest ethanol producers with a combined capacity of 285,000 liters per day.

RHI is the largest integrated sugar business in the Philippines which manages 100 percent of Central Azucarera Don Pedro, Inc. in Batangas, and Central Azucarera de la Carlota, Inc.