Roxas Holdings Inc. (RHI) posted P340.38 million in attributable net loss during the third quarter of its fiscal year, bigger by 18.4% from a year ago, after a substantial drop in its revenues during the period ending in June.

Revenues during the period fell by 61.9% to P696.12 million, the listed sugar and bioethanol producer’s financial disclosure to the stock exchange show.

For the three quarters ending in June, RHI was able to cut its losses attributable to equity holders of the parent company by 34.2% to P427.77 million, it said on Wednesday.

Revenues during the period, which started October 2019 up to June 2020, fell 23.8% to P4.52 billion compared with P5.93 billion a year earlier.

RHI Chairman Pedro E. Roxas said the company’s nine-month period was hampered by “unexpected consequences of unforeseen events.”

He added that despite the company’s gains from better raw sugar sales in its Central Azucarera de la Carlota, Inc., it was significantly hit by losses from its ethanol units.

“RHI experienced the twin impacts of the eruption of Taal Volcano in Batangas and the global pandemic resulting from the coronavirus disease 2019 (COVID19) but the group showed its resilience in facing these headwinds,” Mr. Roxas said.

Meanwhile, RHI President and Chief Executive Officer Hubert D. Tubio said that overall, the alcohol segment reeled from high feedstock cost, which resulted in a decline in gross profit, coupled by lower production as an effect of lower ethanol demand due to quarantine measures.

However, he said RHI and its subsidiaries cut their operating expenses by 6.5% to P532.63 million for the nine-month period, despite challenges from the COVID-19 pandemic.

RHI Executive Vice President and Chief Finance Officer Celso T. Dimarucut said the company’s efforts to reduce its debts were gaining ground.

“RHI earlier announced that Universal Robina Corp. is interested to acquire our assets in La Carlota City, Negros Occidental. We hope that this transaction for our sugar mill Central Azucarera de la Carlota, Inc. and ethanol facility Roxol Bioenergy Corp. will be completed at the soonest time,” he said.

Proceeds from the asset sale will be used to cut RHI’s debt levels, according to Mr. Dimarucut.

On Wednesday, RHI shares were unchanged at P1.59 each. — Revin Mikhael D. Ochave