LISTED sugar miller Central Azucarera de Tarlac reported a higher net income in the third quarter of its fiscal year ending March.

In a disclosure to the stock exchange on Wednesday, the company said its net income for the third quarter rose 123% to P162.14 million, from P72.69 million the company had in the same period in 2019.

However, during a nine-month period, the company’s net income fell 25% to P47.69 million, from P63.31 million during the same period the previous year.

Central Azucarera de Tarlac’s revenue for the third quarter rose 49.59% to P655.62 million, from P438.29 million.

During the nine-month period ending March, the company’s revenue went up 11.4% to P907.71 million, compared to P814.87 million it earned in the similar period last year.

“This was primarily driven by the combination of the increase in sugar sales volume by 70%, increase by sugar price by 5%, and increase in alcohol price by 18%,” the disclosure said.

The company’s operating expenses for the third quarter went down 14.1% to P28.73 million.

Meanwhile, during the nine-month period, Central Azucarera de Tarlac’s operating expenses climbed 3% to P100.79 million, with reported increases in the company’s spending on taxes, licenses, and professional fees.

“Taxes and licenses increased by P2.9M or 19% as a result of higher local government taxes remitted, while professional fees grew by P1.6M or 9% due to one-time engagements of various professionals,” the disclosure said.

The sugar company said that it has yet to assess the depth and the effects of the economic crisis from the coronavirus disease 2019 (COVID-19) pandemic on the entirety of its business.

“CAT envisions more challenging times ahead and is using this opportunistic period to strategically manage inventory, minimize operating costs and re-evaluate capital expenditure,” the disclosure said. — Revin Mikhael D. Ochave