VICTORIAS MILLING CO., INC. (VMC) reported a 2.33% increase in attributable net income to P511.46 million for the three months ended February, as lower costs of sales and services offset a decline in revenue.
In a regulatory filing on Tuesday, the listed sugar miller said net income rose from P499.82 million a year earlier.
Total revenue declined 20.13% to P3.38 billion from P4.23 billion in the same period last year.
Revenue from sales fell 9.61% to P3.15 billion from P3.48 billion, while revenue from services dropped 69.08% to P231.28 million from P748.07 million.
Other income, which includes storage and handling fees, interest income, and investments, declined 29.45% to P49.76 million from P70.53 million.
VMC’s cost of sales and services decreased 25.4% to P2.71 billion from P3.63 billion in the same period last year.
Operating expenses declined 8.28% to P165.44 million from P180.38 million a year earlier.
Finance costs also fell 11.78% to P8.08 million from P9.16 million.
For the six months ended February, attributable net income reached P673.75 million, down 22.61% from P870.57 million in the same period last year, driven by a dip in revenue due to “continuing industry challenges and evolving market conditions.”
At the local bourse, VMC shares last traded at P1.94 each on April 13. — Vonn Andrei E. Villamiel
