Victorias Milling earns 15% higher

MANILA, Philippines — Listed sugar miller Victorias Milling Co. Inc. (VMC) saw its net income increase by 15 percent to P371 million for the first semester of the current crop year despite lower revenues.

Based on its filing with the Philippine Stock Exchange, VMC revenues declined 21 percent to P2.8 billion.

“Decrease in consolidated revenue was largely attributed to the decline in raw sugar sales volume and tolling volume resulting from changes in market demand and overall decline in production,” VMC said.

VMC’s sugar milling business went down 28 percent to P2.3 billion due to lower sugar net production despite early start of refinery operations.

Power generation revenues also fell nine percent to P23.9 million.

Sales of molasses decreased by 63 percent to P37 million.  Distillery operations, on the other hand, went up 40 percent to P436 million.

The company’s distillery commenced operations only in January last year after completion of its expansion and dehydrator projects.

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.

Among its operating subsidiaries are Victorias Food Corp., Victorias Agricultural Land Corp., Canetown Development Corp., and Victorias Golf and Country Club Inc.