ROXAS and Co., Inc. (RCI) reported a net income attributable to the parent equity holder of P22.54 million in the third quarter of 2021, a turnaround from its P841.05-million loss in the same quarter last year.
For the nine-month period, the company reported an attributable net loss of P54.64 million, down by 95% from its P1.18-billion loss in the same period last year.
“The strong topline growth was due to higher occupancy rate in its four GO Hotels, a surge in the volume of coconut cream sold, and the sale of real estate assets in Nasugbu, Batangas during the first quarter of the year,” the company said in a regulatory filing on the Philippine Stock exchange website on Monday.
Its after-tax income was also cut by 97% to 85.69 million from P1.21 billion a year ago “due to aggressive new business acquisition and organic growth of existing customers, cost containment and restructuring in COVID and recession-affected units, lower equity loss from an affiliated company, and the recognition of a P175 [million] one-time gain on transfer of a real estate asset.”
Its nine-month gross revenues grew by 150% to P789.96 million from P315.58 million in the same period last year.
One of the company’s accommodations that received more bookings due to eased quarantine restrictions is the Anya Resort in Tagaytay, while GO Hotels of the Roxaco Asia Hospitality Corp. has sustained occupancies for quarantine rooms.
RCI’s real estate projects are also picking up “with several outright sale and joint venture options for strategically located properties” of Roxaco Land Corp. and with the start of the development of the second and third phases of Anya Resort Residences.
The company also reported that its Roxas Sigma Agriventures, Inc. manufacturing plant had completed facility repairs and maintenance, and is set to resume full production on the third week of this month, which is also when the Development Bank of the Philippines will release the company’s second working capital loan worth P50 million.
On Monday, shares in RCI grew 2.86% or two centavos to close at P0.72 per share. — Bianca Angelica D. Añago