Roxas Holdings posts P198-M first quarter loss

SUGAR and ethanol producer Roxas Holdings Inc. (RHI) reported a core net loss of P198.25 MILLION FOR THE fiRST QUARTER OF ITS fiSCAL YEAR, widening from the P195.95 million recorded in THE SAME PERIOD A YEAR EARLIER.

Revenues improved during its first quarter to P4.18 billion, up by 484.23 percent from P715.65 million in 2022.

“The firm usually shows a loss at the start of the fiscal year as there are very limited transactions for the period. While San Carlos

Bioenergy Inc.’s (SCBI) distillery operations started to stabilize in this quarter, Central Azucarera Don Pedro Inc.’s (Cadpi) refinery undertook its annual repairs and maintenance activities in November after completing a short extended run to service its customers for the period,” RHI Chairman Pedro Roxas said.

RHI President and Chief Executive Officer Celso Dimarucut said the company’s first-quarter core net loss was flat and that gross profit had improved to P31.68 million from P10.93 million in 2022.

“This was brought about by the higher production and sale of ethanol produced from the early start of SCBI’s operations and its more efficient operations, as well as an increase in the sale of refined sugar by Cadpi,” Dimarucut added.

He also highlighted efforts that RHI had undertaken to improve its bottom line and to be more resilient to changing market conditions.

“Despite the inherent challenges in the industry with the significant decrease in cane supply in Batangas and increased fuel costs over the years, the firm managed to de-risk the business as it completed its pivot to sugar refinery as a standalone business model in Batangas,” Dimarucut said. “RHI expects that improvements in the bottom line shall be reported in succeeding periods as Cadpi’s refinery is poised to restart operations in the second quarter.”