Roxas Hldgs Q1 net swings to P125-M loss

SUGAR refiner Roxas Holdings Inc. (RHI) swung to a net loss of P124.83 million in its first fiscal quarter ending December 31, 2015 from a net profit of P8.8 million a year earlier due to insufficient cane supply and defective sugar plants.

In a disclosure to the Philippine Stock Exchange Friday, the sugar group said that the poor performance in the quarter was mainly caused by the combined impact of insufficient cane supply, delay in the start-up of its Batangas plant, and temporary shutdown for needed operational improvements of its newly acquired plant.