VMC income up 18% to P91.4 million

MANILA, Philippines — Listed sugar miller Victorias Milling Co. Inc. (VMC) saw its net income for the first quarter of the current crop year increase by 18 percent on high volume of sugar withdrawals.

In a regulatory filing, the company reported a net income of P91.4 million in September to November 2020 from the P77.5 million recorded in the comparative period in 2019.

This as revenues jumped by 36 percent to P1.87 billion last year from the P1.38 billion it earned in 2019.

“A significant portion of the increase in net income during the quarter is due to the increase in income generated from storage, handling and insurance fees due to high volume of sugar withdrawals during the first quarter,” VMC said.

VMC’s sugar milling business went down by 10 percent to P440 million from P488 million due to lower sugar net production despite early start of refinery operations.

Its distillery operations also went up to P26.3 million.

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

Sales of molasses jumped to P100 million last year from just P1.12 million in the previous year.

Power generation revenues, however, declined by 23 percent to P5.3 million.

VMC is engaged in integrated raw and refined sugar manufacturing with 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.