Sugar miller posts Q1 loss

MANILA, Philippines - Listed sugar miller Bogo-Medellin Milling Co., Inc.  registered higher losses in the first quarter of its fiscal year on lower sugar production and sales after its plantations were affected by Typhoon Yolanda.

In a regulatory filing, the company reported net losses of P14.605 million for the quarter ending on Dec. 1, 2013, higher than the losses of P6.459 million incurred in the same period the previous year.

The firm had lower sugar production during the period, having only started milling on Dec. 2, 2013, three weeks after the devastation caused by Super Typhoon Yolanda.

“Lower production for this crop year is also expected due to agricultural damages caused by the typhoon,” said the company.

The firm produced 41, 224 50-kilogram bags of raw sugar in the first three months of its fiscal year against 131, 092 50- kilogram bags in the comparative period.

Total sales during the period fell to P13.810 million from P43.916 million in the same period last year. 

The company has its principal office and mill site at Barangay Lu-ya in the municipality of Medellin, Cebu.

Bogo-Medellin is engaged in the manufacture of centrifugal raw sugar with molasses as its by product. It sources its sugar cane from 445 planters in the municipality.

The company’s wholly-owned subsidiary, BOMEDCO Agricultural Corp. (BAC) develops and cultivates sugarcane plantations. BAC started commercial operations on Oct. 1, 2000.