BOGO-MEDELLIN Milling Co., Inc. trimmed its net loss to P18.2 million during the first quarter of its fiscal year on the back of better sales, the listed company said in a stock exchange disclosure on Tuesday.
“The significant decrease in net loss for this quarter compared to the same period last year is mainly due to higher volume of sugar sold,” it said.
Improved sugar sales for the October-to-December quarter allowed the company to cut its losses by 52.2% from its P38.08-million net loss year on year.
Total sales during the quarter reached P17.42 million, a sharp increase from the P3.91 million it had the year earlier. Operating costs and expenses fell 15.1% to P35.67 million from the P42.01 million.
For its fiscal year that ended in September 2020, Bogo-Medellin incurred a net loss of P54.79 million, wider than the P20.33-million losses a year earlier as a result of lower sugar and molasses sales.
In a regulatory filing on April 30, the company said its total sales last year reached P177.63 million, a 19.6% drop from the P220.88 million it had in 2019.
Bogo-Medellin said the total cane milled last year was at 231,771.16 metric tons (MT), a 3.1% reduction compared with 239,187.59 MT in 2019.
Shares in Bogo-Medellin were last traded on Feb. 10 when it closed at P70.60 apiece, based on the Philippine Stock Exchange (PSE) website.
Trading of the company’s shares were temporarily suspended after its failure to file its annual report for the fiscal year that ended on Sept. 30, 2020 and quarterly report for the period that ended on Dec. 31, 2020.
In a separate announcement on Tuesday, the PSE said the trading of Bogo-Medellin shares will resume on May 5 after the company complied with the structured reportorial requirements. — Revin Mikhael D. Ochave
