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May 10, 2017

RHI's 1st Half Net Income Increased by 15% to PhP76M EBITDA Increased to PhP725M from PhP714M

MANILA, PHILIPPINES — Integrated sugar and ethanol producer Roxas Holdings, Inc. (RHI) (PSEI: ROX) today reported a 15% rise in Consolidated Net Income After Tax (NIAT), to PhP76 million for the six (6) months ended  31 March 2017 from PhP66 million for the same period last year, as a result of improved factory and cost efficiencies. 
Despite lower sugar prices resulting in lower revenues during the current half year compared to the corresponding period last year, RHI’s sugar unit recorded an increased gross profit rate of 19% from 13% in 2016 due to the increased level of production output and the resulting reduction in production unit cost.   
Central Azucarera de la Carlota, Inc. (CACI) is poised to hit a new high of above two million tonnes cane milled this Crop Year, or more than 40% higher than last Crop Year. Total raw sugar produced during the first six months totaled 4.926 million LKg bags (50-Kg bags), up from 4.513 million LKg for the same period last year. 
Consolidated Revenues decreased to PhP4.963 billion, from PhP7.413 billion for the same period last year due to a reduction in raw sugar sales by almost PhP1.664 billion as the Group opted to preserve its raw sugar mill share for later refining and sales to achieve higher profitability.  
Ethanol production slightly increased to 35.1 million liters, from 33.4 million liters last year.   
Group Chairman Pedro E. Roxas said that both sugar and alcohol units had improved significantly in the second quarter, boosting first half results. “The increase in our first half net income reflects the impact of the efficiencies brought about by RHI’s continuing investment across all our plants,” Mr. Roxas said. 
RHI President and CEO Hubert D. Tubio said that the Group’s businesses have responded well to the current industry challenges in recent months. 
“Our sugar and ethanol units were able to overcome the impact of lower sugar prices and the increase in ethanol inventory during the period. The current peak in sugar production, higher importation level of high fructose corn syrup (HFCS) and the previous year’s sugar importation caused significant volatility in raw sugar prices while the alcohol unit’s volume slowed down due to the industry’s increased inventory levels,” commented Mr. Tubio. 
CFO and EVP for Finance Celso T. Dimarucut said that despite the challenges brought about by the lower sugar prices and softer sale of alcohol, the completion of the enhancements to both the sugar and ethanol plants will help RHI to meet its full-year financial and operational targets. 

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