February 03, 2022
RHI Trims Q1 Core Net Loss to PhP196M
MANILA, PHILIPPINES – Listed sugar and ethanol producer Roxas Holdings, Inc. (RHI; PSEi: ROX) today reported a Core Net Loss of PhP196 million for the first quarter, a reduction compared with its Core Net Loss of PhP240 million for the same period in 2021.
Chairman Pedro O. Roxas stated that the first quarter of operations for the Group usually show a loss considering that there are very limited transactions for the period. “While San Carlos Bioenergy, Inc.’s (SCBI) distillery operations started operating in the middle of October 2021, Central Azucarera Don Pedro, Inc. (CADPI) undertook its off-season repairs and maintenance activities in the first quarter. CADPI’s mill and refinery started operating in January 2022, aligned with the availability of sugarcanes in the region,” Mr. Roxas also said.
RHI President and CEO Celso T. Dimarucut said that the increase in revenue for the first quarter was brought about by the sale of ethanol produced from the early start of SCBI operations, as well as, the sale of residual refined sugar inventory. He also highlighted the efforts that the Group had undertaken in the past to improve its bottom line and to be more resilient to changing market conditions. “Despite the inherent challenges in the industry with the significant decrease in cane supply in Batangas and increased fuel costs over the years, the Group managed to trim its first quarter net loss as a result of decreases in operating expenses brought about by the implementation of right-sizing initiatives and completing the term-out of the Group’s short-term debts after paying off the previous long-term debts,” Mr. Dimarucut explained.
The Group expects that operations will further improve in the succeeding periods as cane deliveries increase and the boiler conversion project for CADPI’s refinery operations is fully implemented.?
This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and uncertainties that could affect RHI’s business and results of operations. Although RHI believes that expectations reflected in any forward-looking statements are reasonable, it cannot guarantee future performance, action or events.
RHI is listed in the Philippine Stock Exchange (PSEi: ROX). Further information can be obtained by visiting the web at www.roxasholdings.com.ph