Roxas property unit 2015 income drops to P135M

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Listed property firm Roxas and Co. Inc. said its net income substantially fell during its fiscal year 2015 ending September, sans the one-time gain it had in 2014, when it sold majority of its sugar assets.

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“Consolidated net income for the fiscal year amounted to P135.1 million, or a decrease of 94 percent from last year’s net income of P2,289.2 million,” the company reported to the Philippine Stock Exchange on Friday.

The decline was traced to the recognition in the comparative 2014 period of gain on the sale of its investment in sugar-based Roxas Holdings Inc. amounting P2.04 billion, it said.

The company gained about P2.03 billion in 2014, when the Roxas family sold a big chunk of its interest in Roxas Holdings to Hong Kong-based First Pacific Ltd., headed by businessman Manuel Pangilinan.

But consolidated sales for the fiscal year amounted to P250.4 million, 25 percent higher than the previous year’s P199.8 million.

The company attributed this to the higher real estate sales of the second phase of its boutique development, Anya Resort and Residences, in Tagaytay.

“Gross profit for the fiscal year amounted to P97.3 million or 39 percent of sales. The gross profit rate is lower than last year’s 47 percent due to higher gross profit rate of Peninsula de Punta Fuego project,” the firm reported.

The company expects to complete the second phase development of Anya Resorts this year, while its attached Anya Hotel is scheduled to operate within the first quarter.

The company also reported P3.8 million in equitized earnings out of Roxas Holdings, representing its remaining 31 percent interest in the sugar and ethanol firm, its share of losses from the investment in Roxaco-Vanguard Hotels Corp., 30-percent share in losses from investments in Fuego Development Corp. and Fuego Land Corp., and its 25-percent share in earnings from investment in Club Punta Fuego Inc.

Roxas Co. initially sold to First Pacific 31 percent of Roxas Holdings late in 2014. Months later in 2015, First Agri Holdings Corp., a unit of First Pacific, acquired additional shares, after the sugar firm sold 241.8 million in treasury shares.

At present, First Pacific owns majority shares (51 percent) of Roxas Holdings.

Last year, the company incorporated Roxas Green Energy Corp. to go into solar power generation and made a strategic investment in a joint venture with Sigma Xynergies Inc. to construct an integrated coconut processing plant in Tupi, South Cotabato.

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