Press Releases
May 14, 2014
Roxas Holdings' H1 net income hits PhP318M, up 55%
Listed sugar leader Roxas Holdings, Inc. (PSEi: ROX) today reported consolidated net income after tax of PhP318 million, 55% higher than previous year’s PhP205 million.
“Increased sales of refined sugar, premium sugar and alcohol drove RHI’s net income for the first semester and accounted for the bulk of the PhP4.2 billion revenues during the period,” Roxas Holdings Chairman Pedro E. Roxas said.
The Group’s first half revenues were up 48% from the PhP2.9 billion for the same period last year.
Roxas Holdings President/CEO Renato C. Valencia said: “Ethanol contributed significantly to the Group’s net income for the first six months after a long period of on-and-off operations due to plant repairs. Meanwhile, sugar remained the major net income contributor.”
The Group’s EBITDA was slightly higher at PhP898 million from previous year’s PhP883 million.
Both executives are confident that even with the implementation of the tariff reduction on sugar to 5% in 2015 from 48% in 2010, Roxas Holdings, like other local sugar producers, will be able to withstand the challenge, and emerge as a competitive player in the ASEAN economic community.
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 www.roxasholdings.com.ph
RHI is listed in the Philippine Stock Exchange (PSEi: ROX). Further information can be obtained by visiting the web at www.roxasholdings.com.ph