Central Azucarera de Tarlac net income up 22%
Central Azucarera de Tarlac reported a 22-percent jump in its net income for its fiscal year 2016 that it attributed to focused initiatives to sustain the progress units financial performance despite the challenges of the year.
In a disclosure to the stock exchange, Central Azucarera de Tarlac said the El Niño affected the cane supply in Central Luzon but higher sugar prices allowed players to maintain revenue levels.
Central Azucarera de Tarlac said it also optimized the sale of auxiliary products such as alcohol and carbon dioxide that brought in an additional P168.5 million in revenues.
The company said its operating expenses dropped by 15 percent as it implemented strategies to improve plant productivity and efficiencies.