Victorias Milling cuts profit by 55% in 9 months
Decline in supply dragged the earnings of listed sugar miller Victorias Milling Co. Inc. (VMC) during the first nine months of its fiscal year.
In the first nine months of the current crop year, which ended in May, VMC saw its income falling by 55 percent to P418 million, compared to the P934 million it posted in the same period last year.
“Decline in cane supply and sugar recovery in the current crop year negatively affected all stakeholders in the sugar industry, “ VMC told the stock exchange.
Likewise, the company’s revenues went down by 19 percent to P5.8 billion.
In particular, VMC’s sugar milling business dropped by 18 percent to P5.56 billion on the weight of lower sugar net production despite early start of refinery operations, while its alcohol sales plunged by 55 percent to P153 million.