MANILA, Philippines — The net loss of sugar and ethanol producer Roxas Holdings Inc. (RHI) more than tripled in its fiscal year 2023 as the group reeled from the closure of its milling operations.
In a disclosure to the Philippine Stock Exchange, RHI said its net loss attributable to equity holders of the parent company in fiscal year 2023 ending Sept. 30 reached P2.25 billion from P790 million in the previous fiscal year.
The company attributed the higher net loss to the “accumulated” losses incurred in previous years.
The listed company posted a P1.69-billion net loss from its continuing operations, more than double the P692.67 million recorded in fiscal year 2022.
Likewise, its net loss from discontinued operations ballooned to nearly P600 million from P104 million.
The company’s financial statement showed that it posted P785.65 million in gross loss in 2023, a reversal of the P29.62 million gross income it posted in fiscal year 2022.
The higher gross loss was a result of lower revenues compared to the firm’s total cost of sales and services.
The company’s revenues declined by a fifth to P4.21 billion from P5.26 billion, while its total cost of sales retreated by four percent to P5 billion from P5.23 billion.
RHI saw both its sugar and ethanol production decline last year by double digit rates.
The firm’s raw sugar output fell by 22 percent to 32.45 metric tons from 41.7 metric tons. The firm did not produce a single volume of refined sugar last year due to stoppage of operations of the refinery of its subsidiary the Central Azucarera Don Pedro Inc. (CADPI) in Batangas.