SUGAR miller and ethanol producer Roxas Holdings Inc. (RHI) said consolidated net income for the first three quarters of the year increased 18 percent due to the strong performance of its core business.
RHI told the local bourse on Thursday its consolidated profit after tax reached P120 million versus the recorded P102 million in 2016.
The company said core net income surged 135 percent to P240 million, while consolidated EBITDA (earnings before interest, tax, depreciation and amortization) stood at P1.6 billion, up 23 percent from last year, excluding non-recurring expenses.
Consolidated revenues decreased 7 percent from P7.8 billion in 2016 to P7.3 billion this year due to lower average sugar prices.
The company, however, noted that the gross income of its sugar business grew 38 percent to P1.16 billion from last year’s P844 million.
It added the unit milled 3.46 million metric tons of cane (TCM) in the first nine months of 2017, which is 26 percent higher than the 2.75 million TCM posted in 2016.
“[T]he improved relationship we have with planters and the upgrades that we implemented for the equipment and processes at our plants have paid off,” said Hubert Tubio, RHI president and chief executive officer.
RHI produced 6.5 million 50-kilogram (LKg) bags of sugar for the period, higher than the 5.1 million LKg of last year.
The company said the operations of its ethanol business experienced delays early this year because of enhancement projects at its plants, but it got back on track at the end of the period following the completion of the unit’s plant repair and expansion works.
The said business unit saw its revenues drop 14 percent to P3.6 billion from P4.2 billion in 2016, but RHI noted its gross income grew 28 percent to P293 million from P229 million previously.