RHI Q1 Net Loss at PhP240M

Listed sugar and ethanol producer Roxas Holdings, Inc. (RHI; PSEi: ROX) today reported a Net Loss of PhP240 million for the first quarter compared with a Net Loss of PhP36 million after taking into consideration the PhP247 million nonrecurring gain from the sale of an investment, in the same period last year.

RHI has recently re-organized its operations following the completion of the sale of its assets in La Carlota City in September 30, 2020.

Chairman Pedro E. Roxas said that the first quarter of operations for the remaining business units of the Group showed a loss as there were very limited transactions for the period given the seasonal nature of the business.

“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,” Mr. Roxas said.

RHI President and CEO Celso T. Dimarucut said that the Group remains optimistic that operations of the remaining businesses of the Group will perform better than last year despite the challenges facing the industry, including the higher than usual precipitation expected this year brought about by the La Niña phenomenon. Total ethanol production for the first quarter ended 31 December 2020 of 5.656 million liters was 75% higher than the 3.256 million liters produced during the same period last year.

The Group expects to complete next quarter the arrangments with major creditor banks to term out existing short-term loans, he added.



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.