MANILA, Philippines - Listed sugar conglomerate Roxas Holdings Inc. (RHI) has reversed its loses in the first quarter of its fiscal year 2013 because of lower operating and financing expenses.
In a statement issued yesterday, the company announced that it has posted a net income of P34 million for the first quarter ending Dec. 31, 2012 against a net loss of P32 million for the same period last year.
RHI chairman Pedro E. Roxas attributed the turnaround to lower operating and financing expenses during the period.
“Revenues were much higher for the same period last year at P1.9 billion because we had to export our raw sugar inventory at cost to pay down our short- term loans,†he said.
Roxas noted that the first quarter of the crop year is typically a slow period for the industry as cane deliveries and sugar recovery are just starting to pick up.
RHI president & CEO Renato C. Valencia said the group is confident that revenues would pick up in the second and third quarters of the crop year.
He noted that as of the end of January, revenues picked up to P1.5 billion from P644 million in the same period the previous fiscal year.