May 13, 2016
1H2016 NET INCOME at PhP66 MILLION
1H2016 NET INCOME at PhP66 MILLION,
TURNAROUND FROM 1Q2016 NET LOSS
· REVENUES UP 114% AT PhP7.4 BILLION
· TONS CANE MILLED FOR CROP YEAR 2015-2016 UP BY 8% AT 2.4 MILLION METRIC TONS
· ETHANOL PRODUCED HIGHER BY 69% AT 33.4 MILLION LITERS
· EBITDA HIGHER BY 4% AT PhP714 MILLION
MANILA, Philippines, 12 May 2016 – Roxas Holdings, Inc. (RHI) (PSEi: ROX; RHI) today announced its unaudited financial and operating results for the first half of crop year 2015-2016 with Consolidated Net Income at PhP66 million, following good performance during 2Q2016 at PhP191 million net income from PhP125 million net loss for 1Q2016 and PhP129 million net income for 2Q2015.
Consolidated revenues for the period were up by 114% at PhP7.4 billion due to higher sales volume and prices of sugar and alcohol. Included in the 1H2016 consolidated revenues were PhP1.1 billion gross revenues of newly-acquired subsidiary, San Carlos Bioethanol, Inc. (SCBI).
SCBI marks this month its first year under the management of RHI. SCBI produced 19 million liters of ethanol during the period. In a statement, Chairman Pedro Roxas said that “we expect that the near completion of the upgrading of equipment at our ethanol plants will result to higher levels of ethanol production in the coming quarters.”
Combined tons cane milled (TCM) for Batangas and Negros plant went up to 2.4 million tons, an 8% improvement from same period last year. RHI PCEO Hubert D. Tubio said that “our sugar business in Batangas and Negros Occidental are faring better than in previous quarters. Despite the impact of El Niño and the challenge in sourcing sugar canes, our sugar operations have recorded better results. Central Azucarera Don Pedro, Inc. (CADPI) in Batangas recorded 0.957 millions TCM for 1H2016 from 0.853 million TCM for the same period last year. The TCM of Central Azucarera de la Carlota, Inc. (CACI) in Negros Occidental reached 1.487 million TCM for the period, 2.98% higher than the 1.444 million TCM for the same period last year. CACI was able to maintain its TCM amid the El Niño crisis while other mills experience significant drop in the TCMs.”
EBITDA for the period was at PhP714 million, 4% higher compared to same period last year. EBITDA continued to be affected by higher cost of canes and molasses.
Chief Finance Officer/EVP-Finance Celso T. Dimarucut said “the Group allocated capital expenditures budget of about PhP1.4 billion this crop year for the improvements of all our four (4) plants. Our guidance is to achieve a Consolidated Core Net Income of about PhP200 million for the current crop year, compared with PhP177 million last crop year.”
RHI is listed in the Philippine Stock Exchange (PSEi: ROX). Further information can be obtained by visiting the web at www.roxasholdings.com.ph