LISTED Roxas Holdings, Inc. (RHI) saw its net profit soar 133% for the nine-month period ending June, driven by the strong performance of its sugar business unit amid challenging market conditions.
In a statement, the sugar miller said its consolidated net income after tax stood at P175 million for the nine-month period, compared to the P75 million recorded during the previous year.
RHI’s sugar business milled 3.461 million metric tons of cane (TCM) for the period, 21% higher than last year’s 2.748 million TCM.
This translated into some 6.497 million 50-kg (LKg) bags of sugar for the period, higher than last year’s production of 5.102 million LKg.
However, RHI said improved production volume was partly negated by the lower sugar prices.
On the other hand, its ethanol business unit’s production slowed during the nine-month period due to repairs.
RHI Chairman Pedro E. Roxas said the company expects to see the ethanol business unit pick up again in the fourth quarter.
“With the concerns at our ethanol plants already addressed, we hope to see better results by yearend,” Mr. Roxas was quoted as saying in the statement.
RHI’s earnings before interest, taxes, depreciation and amortization went up 22% to P1.21 billion for the nine months ended June 30, nearing its P1.6-billion target for the year. —Janina C. Lim