ROXAS Holdings, Inc. reported on Monday that it trimmed its net loss to P100.24 million in its third quarter ending June.
In its unaudited financial statement, the firm said that its third-quarter net loss attributable to parent firm equity holders narrowed from P159.43 million a year ago.
Meanwhile, revenues from contracts with customers increased by 48% to P2.82 billion from P1.9 billion in 2021.
“Roxas Holdings remain focused on unlocking profit and addressing the various factors causing volatility and higher costs in the group, including its ethanol plant in Negros,” the company said in a disclosure.
“Previous manpower right-sizing and terming-out of loans have resulted in decreases in operating expenses and interest expenses, and these are constantly being reviewed,” it added.
The listed sugar and ethanol producer also announced that it completed its stand-alone refinery project at Central Azucarera Don Pedro, Inc. (CADP) plant in Batangas.
“Out of 12 refineries in the Philippines operating this crop year, CADP is now the lone refinery continuously producing refined sugar for the industrial and consumer markets beyond the sugarcane harvest season that ended in May,” Roxas Holdings Chairman Pedro E. Roxas said in a statement.
“This shows that refining can be achieved year-round to add value to raw sugar produced by the millers and farmers across the Philippines. The fundamentals to recovery have been set, and gains brought from this pivotal project on the refinery will be more significantly realized in the near term, with the expected increase in refined sugar production and in tolling agreements with customers,” he added.
The firm earlier announced that CADP was planning on maximizing its refinery production through expanding its fuel sources, decoupling from its milling operations and the limited availability of mill-generated bagasse used as fuel.
Due to the decline in sugar production amid unfavorable weather conditions, planters and millers planned to begin operations in August rather than September to tighten sugar supply.
Roxas Holdings President and Chief Executive Celso T. Dimarucut said that with a projected earlier start of milling for the other mills, CADP can ensure an ample supply of raw sugar for its sustained refinery operations.
“This emboldened step towards a stand-alone refinery will also be beneficial for the other stakeholders, as Roxas Holdings plays its role in helping the government ensure sustainable supply of quality refined sugar and decrease our country’s refined sugar importation,” the firm said.
“We shall continue to leverage on this leader advantage as well as the strategic location of CADP enabling it to service most of the industrial customers in the key manufacturing hubs in Southern Luzon and Metro Manila,” Mr. Dimarucut added.
At the stock exchange on Monday, Roxas Holdings shares remained unchanged at P1.18 apiece. — Luisa Maria Jacinta C. Jocson