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February 12, 2014

RHI's Q1 Net Income up 163% to PhP90M

Higher sales volume across all products pushed the first quarter net income  of RoxasHoldings, Inc. (PSEi: ROX) to PhP90 million, 163% higher than previous year’s PhP34 million.
“We were able to sell carry-over inventory of 500,000 50-kg bags of refined sugar which boosted our sales by about PhP1 billion,” RHI Chairman Pedro E. Roxas said.
RHI President & CEO Renato C. Valencia noted that sugar remained the main net income contributor, with net income of PhP67 million from previous year’s PhP66 million.
“Ethanol’s net income for the quarter is now positive, albeit small compared to previous year’s losses of PhP41 million,” Mr. Valencia said. He added 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.

Both executives stressed that the first quarter is typically a slow period for the industry as cane deliveries and sugar recovery are just starting to scale up. They added that the first quarter performance bodes well for the rest of the year.

Roxas Holdings, Inc. (RHI), a bio-sugar and bio-energy company, is the largest integrated sugar business in the Philippines. It manages sugar miller/refiner Central Azucarera Don Pedro, Inc. in Nasugbu, Batangas; San Carlos Bioenergy, Inc. in San Carlos, Negros Occidental; and RHI Agri-business Development Corporation.

RHI is listed in the Philippine Stock Exchange (PSEi: ROX). Further information can be obtained by visiting the web at