LISTED sugar miller Central Azucarera de Tarlac, Inc. reported a P70.56-million net loss for the second quarter of its fiscal year that ends on June 30 despite higher revenues recorded during the period.
In a regulatory filing on Tuesday, the sugar company disclosed that its net loss during the October-to-December period expanded 35.6% from the P52.05-million net loss it incurred in the similar period a year ago.
“The second quarter of fiscal year 2021 focused on generating revenues despite the delay in the commencement of the milling season due to inclement weather conditions,” the disclosure said.
Central Azucarera de Tarlac said its revenues for the period rose 0.04% to P112.63 million from P112.58 million in 2019, while its operating expenses reached P55.68 million.
For the six-month period, the company’s net loss expanded 15.9% to P132.66 million compared with the P114.46-million net loss it had during the previous year.
Revenues during the July-to-September period rose 32% to P331.66 million from P252.09 million, on the back of stronger alcohol sales.
Alcohol sales improved 56.2% to P207.67 million from P132.92 million in 2019 due to higher demand for pharmaceutical-grade alcohol.
Other revenues of the company were sugar at P23.25 million, molasses at P79 million, and industrial services at P20.3 million.
Meanwhile, the company said its operating expenses for the six-month period reached P80.44 million, 11.6% higher than P72.06 million it had in 2019 due to higher taxes and licenses caused by more assessments in various tax obligations.
“Central Azucarera de Tarlac carried out optimum inventory management amidst the uncertain and uncontrollable economic climate affecting the industry,” the disclosure said.
On Tuesday, Central Azucarera de Tarlac shares at the stock exchange dropped 0.70% or ten centavos to finish at P14.20 apiece. — Revin Mikhael D. Ochave
