LISTED holding firm Roxas and Company Inc. (RCI) posted a consolidated net loss of P77.9 million for its fiscal year ending September 30, 2016, reversing the consolidated net income of P135.1 million in the previous year, due to higher expenses from subsidiaries and lower real estate sales.
In an annual report to the Philippine Stock Exchange (PSE) on Monday, RCI said its consolidated sales declined by 23 percent to P193.9 million, mainly on lower real estate sales from Phase 2 of Anya Resort and Residences under RCI’s tourism subsidiary Roxaco Land Corp. (RLC).
It said full-year operating expenses surged 57 percent to P185.2 million due to higher pre-operating expenses of its hotels, power, and agriculture-related subsidiaries and the increase in compensation and benefits from additional hiring.
RCI’s units are expected to launch four main projects this year: the hotel operations and Phase 3 of Anya Resorts; the 30-megawatt solar power plant of Roxas Green Energy Corp. (RGEC); the completion of two Go Hotels and full operations of its total five Go Hotels units; and the coconut processing facility of Roxas Sigma Agriventures Inc. (RSAI).
The coconut processing facility is expected to produce 300 tons per day of coconut products such as coconut milk, coconut cream, virgin coconut oil and coconut water concentrate, primarily for export.
RCI holds the firms under the Roxas Group of Companies, which is engaged in hotels and tourism (Roxaco Land Corp., Anya Resorts, etc.), agriculture (RSAI, Nasugbu Feeds Corp.), clean energy (RCEP), and sugar milling (Roxas Holdings Inc.).