Central Azucarera de Tarlac piles on losses
Central Azucarera de Tarlac failed to capitalize on high sugar prices and continued to haemorrhage, posting a net loss of P76.6 million in the first half of its fiscal year.
In a disclosure to the stock exchange, Central Azucarera de Tarlac reported revenues amounting to P201.4 million during the period, lower than the P231.4 million reported a year ago as it reported declines in revenues from sugar and alcohol.
Central Azucarera de Tarlac reported revenues amounting to P25.4 million from sugar, not even a third of the P77.9 million reported a year ago. Revenues from alcohol amounted to P117.3 million, slightly lower than the P120.5 million reported the year before.
The company, however, reported an increase in revenues from the tolling of refined sugar to P36.5 million from P14.4 million and revenues from industrial services increased slightly to P17.5 million from P16.3 million.
Adding to its woes was the increase in its operating expenses to P61.8 million from P46.1 million.