Roxas Holdings Inc. incurred a net loss of P240 million in its first quarter ending December 31 on account of limited operations during the period. In a disclosure dated February 4 but released on Friday, the listed sugar and ethanol producer said the amount was greater than the P36-million loss posted a year earlier after taking into consideration the P247 million nonrecurring gain from an investment sale.
Roxas Holdings Chairman Pedro Roxas pointed to his business’ seasonal nature for the reduced operations. “We started the distillery operations of our San Carlos Bioenergy Inc. in October 2020 while milling in Central Azucarera Don Pedro Inc. began in mid-December 2020 after completing the off-season repairs and maintenance activities of these plants.
This is the inherent seasonality in the group’s operations, which coincides with the availability of sugarcanes,” he said.
Despite the loss, Roxas Holdings President and Chief Executive Officer Celso Dimarucut said the company remained optimistic operations would perform better than last year despite the challenges, including the heavier-than-usual rain caused by the La Niña weather phenomenon. Roxas Holdings shares increased by 1 centavo or 0.62 percent to close at P1.61 each on Friday.
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Article and Photo originally posted by Manila Times last February 6, 2021 and written by Eireene Jairee Gomez.
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