MANILA, Philippines - Roxas Holdings Inc. (RHI), the country's largest sugar producer, said it posted a P90 million net income in the fiscal first quarter October-December 2013, on the back of higher sales volume across all products.
This is 163% higher than the P34 million it posted during the same period in 2012.
"We were able to sell carry-over inventory of 500,000 50-kg bags of refined sugar which boosted our sales by about P1 billion," RHI Chairman Pedro E. Roxas said in a statement.
RHI President and CEO Renato C. Valencia said sugar was still the main contributor to the company's profits. Net income from sugar sales reached P67 million in the first quarter, from previous year's P66 million.
"Ethanol's net income for the quarter is now positive, albeit small compared to previous year's losses of P41 million," Valencia said.
He noted that Roxol Bioenergy Corporation sold 5 million liters of ethanol for the first quarter of crop year 2014 compared to only 668,000 liters for the same period last year.
RHI officials noted the first quarter is usually a slow period for the sugar industry, as cane deliveries and sugar recovery are starting to scale up.