Roxas Holdings swings to profit in Sept-Dec 2012
MANILA, Philippines - Roxas Holdings, Inc. reported a turnaround to profit as it recorded a net income of P34 million in the quarter ending in December 2012 from a net loss of P32 million in the previous year.
This was due to lower operating and financing expenses during the period, considered as the first quarter of the company's financial year, Pedro E. Roxas, chairman at Roxas Holdings, said in a statement.
Roxas noted the first quarter is usually a "slow period" for the sugar industry as cane deliveries and sugar recovery are only starting to increase.
But Renato C. Valencia, president and chief executive officer at Roxas Holdings, said the company is expecting revenues to pick up in the second and third quarters.