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August 08, 2016

Revenues at PhP10.5 Billion, Up by 59% Due to Higher Volume and Favorable Prices

MANILA, PHILIPPINES — Roxas Holdings, Inc. (RHI) (PSEI: ROX) today announced its unaudited financial and operating results for the Nine Months Ended June 30, 2016 with Consolidated Revenues at PhP10.5 billion, 59% higher than the PhP6.6 billion reported in the same period last crop year due to higher sales volume and favorable prices of sugar and alcohol. Included in the Consolidated Revenues were gross revenues amounting to Php1.7 billion of San Carlos Bioethanol, Inc. (SCBI), a subsidiary acquired in May 2015. 
In a statement, Chairman Pedro E. Roxas said the Group was able to weather the impact of El Niño which hit the sugar industry. “RHI’s sugar subsidiaries were able to maintain their Tons Cane Milled (TCM), and to a certain extent, even posted rates that are a bit higher, while other mills experienced significant drops in their TCMs due to El Niño,” Mr. Roxas said. 
Combined TCM for Batangas and Negros plants went up to 2.7 million tons, 5% higher from same period last year. Likewise, combined ethanol production for Roxol Bioenergy Corporation (RBC) and San Carlos Bioenergy, Inc. (SCBI) rose to 54.8 million liters, a 49% increase from same period last year. SCBI produced 29 million liters of ethanol during the period. 
RHI President & CEO Hubert D. Tubio said the favorable price conditions of sugar boosted the Group’s revenues. “The average prices of raw and refined sugar hit five-year highs, particularly during the third quarter, which bodes well for RHI and the rest of the sugar industry,” he said. 
With the end of the milling season in Negros and Batangas last March 16, 2016 and May 14, 2016, respectively, the sugar operation is now focused on the off-season activities. 
Mr. Tubio added that the off-season repairs, which commenced in April this year, are nearing completion and that the mills will be ready when the milling season starts in October. “We expect to have efficient working equipment at our plants with the completion of the off-season repairs, which should contribute to improved profitability” he said. 
RHI had allocated about PhP1.4 billion for capital expenditures for its four plants this crop year. 
Consolidated Net Income for the period amounted to PhP76 million. Group Chief Finance Officer/EVP-Finance Celso T. Dimarucut said that “we are looking at achieving a Consolidated Net Income of about PhP100 million for Crop Year 2015-2016,” a significant improvement from the PhP18 million reported for Crop Year 2014-2015.

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