Roxas Holdings reports 48.5% profit growth
Roxas Holdings Inc. today reported a 48.5-percent jump in its net income to P190.9 million for the three-month period ending March 2016 with the substantial growth in revenues complementing the significant reduction in expenses.
In a statement, Roxas Holdings CFO and executive vice president Celso Dimarucut said the group is looking at a core net income of about P200 million this crop year from just P177 million in the year prior.
Roxas Holdings has earmarked P1.4 billion in capital expenditure this year to improve production efficiencies in all its plants.
The company has Central Azucarera Don Pedro Inc. in Nasugbu, Batangas which produces sugar for traders and industrial customers in Luzon, Central Azucarera de la Carlota Inc. in Negros Occidental that focuses on the requirements in the Visayas and its sugar exports, and the Hawaiian-Philippine Company which operates from Silay, Negros Occidental.
Roxas Holdings chair Pedro Roxas said “we expect that the near completion of the upgrading of equipment at our ethanol plants will result to [in] higher levels of ethanol production in the coming quarters.”
Roxas Holdings acquired San Carlos Bioethanol Inc. last year. Since taking over its management, San Carlos Bioethanol has produced 19 million liters of ethanol.
The amount of sugar cane milled in its Batangas and Negros plants have also gone up. Lower production because of El Nino was a boon to the company as higher sugar prices further boosted its results. (By: Eileen A. Mencias)