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August 08, 2013

Roxas Holdings' 9-mo. net income at P494M

Roxas Holdings, Inc. (RHI; PSEi: ROX) today announced that its nine-month net income before tax hit P494 million. 
Group Executive Chairman Pedro E. Roxas said that the sugar group’s net income before tax for the period was 86% or P229 million higher than last year’s P265 million mainly due to lower operating expenses, lower interest expense, and lower salaries and wages as a result of the redundancy program.
President and CEO Renato C. Valencia said sugar accounted for the bulk of the Group’s net income for the period at P496 million, while alcohol operations recorded net loss due to start-up problems. 
Meanwhile, the Group declared cash dividend of P0.06 per share as of record date of 
August 30, 2013 and payable on September 16, 2013, and also granted an Employee Stock Option Plan to its eligible employees – offering 35 million shares or about 2% of its authorized capital stock of 1.5 billion shares. 
“The stock plan will encourage employees to develop a sense of ownership and to share in the profits of the Company,” Mr. Roxas said.
Mr. Valencia added: “This provides eligible employees an opportunity to increase their financial/asset base over a period of time with a generous way of paying off the shares.”

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