MANILA, PHILIPPINES – Listed sugar and ethanol producer Roxas Holdings, Inc. (RHI; PSEi: ROX) today reported a Core Net Loss of PhP590Million for the first for the six months ended 31 March 2023, compared with its Core Net Loss of PhP496Million for the same period in 2022.

Chairman Pedro E. Roxas stated that “the significant challenges confronting the business and the sugar industry have dealt heavy blows to RHI specifically in the sugar refinery operations of Central Azucarera Don Pedro, Inc. (CADPI).  Amid the Government’s move in February this year to import 440,000MT (metric tons) of refined sugar, in addition to the150,000MT earlier imported this Crop Year 2022-2023, it has been difficult for local sugar refineries to compete given the high prices of raw sugar feedstock and of outside fuel costs which have increased significantly in recent years. These costs eroded the white premium margin to entice local refineries to process and refine raw sugar.”

He added that, on the other hand, the ethanol plant under San Carlos Bioenergy, Inc. (SCBI) has seen marked improvements in operating yields as it continuously adopts programs to increase efficiency.

Overall, the Group continues to explore means to operate the refinery viably and address its impending risks through partnerships with sugar mills and traders, and to implement programs across all units to significantly cut down on operating expenses.  It likewise continues to study options to potentially generate cash from its unutilized land and other assets.?