CENTRAL Azucarera de Tarlac, Inc. reported a 4.6% increase in net income to P169.67 million for the third quarter of its fiscal year that will end in June despite posting lower revenues.

Its revenues for the January-to-March period fell 14.3% to P561.63 million compared with the P655.62 million it had the year earlier, the listed sugar company said in a stock exchange disclosure on Monday.

For the nine-month period, Central Azucarera said its net income declined by 22.4% to P37 million against P47.69 million a year earlier on the back of higher operating expenses and lower revenues.

Revenues for the July-to-March period dropped 1.6% to P893.29 million from P907.71 million as a result of low demand and prices.

“A controlled inventory management was implemented to optimize margins since demand and sugar prices remain low during the period. Revenues are expected to rise soonest quarantine restrictions ease in the succeeding months,” the company said in the disclosure.

Sugar sales, which had the highest share of the revenues, dropped 15% to P319.4 million from P376.7 million as a result of unsold remaining inventory at the end of the quarter and lower sugar prices.

Some of the company’s other revenue sources include alcohol sales at P282.8 million, molasses at P121.5 million, and industrial services at P31.4 million.

On Monday, shares of Central Azucarera at the stock exchange fell 0.46% or six centavos to end at P12.96 apiece. — Revin Mikhael D. Ochave