December 17, 2021
RHI Net Loss Down to PhP939Mn
MANILA, PHILIPPINES – Sugar and ethanol producer Roxas Holdings, Inc. (RHI; PSEi: ROX) today reported the results of operations and financial position for the fiscal year ended
30 September 2021.
RHI’s Net Loss for the year to 30 September 2021 dropped significantly to PhP939 million, from PhP2,357 million in the previous year, before the loss from discontinued South Negros operations.
Chairman Pedro E. Roxas emphasized that the sugar industry was fraught with challenges this Crop Year brought about by the prolonged La Nina phenomenon that caused a general decline in the yield of sugarcanes and likewise extended harvesting and milling operations. “Despite unfavorable weather conditions, the refinery operations of the Nasugbu plant reflected reduced losses as a result of the combined effect of higher refining yields and lower fuel cost specifically for the refinery,” he added.
Meanwhile, President and CEO Celso T. Dimarucut likewise noted the contribution of the San Carlos ethanol plant to the overall improved performance of the RHI Group. “We have recorded significant improvements in our ethanol unit, as a result of, a strategic shift in the sourcing of San Carlos Bionergy, Inc.’s primary raw material, with the increase in milling from sugarcane syrup, while still maintaining flexibility in the use of molasses, as opportunities arise”, he stated.
He also added that the RHI Group is keen on implementing capacity building plans for the sugar unit, starting with the expected completion of the boiler conversion project for the sugar refinery this year, in time for the start of refinery operations in January 2022. Mr. Dimarucut further explained that, “the project would allow the continuous operation of the refinery independent from the mill.”
He stated that, “we are also happy to report that the completion of the P800 million private placements in SCBI through convertible notes, as well as, the term-out of existing short-term facilities of the RHI Group is near completion. All these efforts are seen to further ensure sustainable operations for the RHI Group.”
RHI is listed in the Philippine Stock Exchange (PSEi: ROX). Further information can be obtained by visiting the web at www.roxasholdings.com.ph