VICTORIAS MILLING Co, Inc. reported a 27.4% drop year on year to its attributable net income at P213.25 million in the second quarter of its fiscal year that began in September last year.
The listed sugar miller said in a regulatory filing that its attributable net income is lower than the P293.66 million recorded in the similar period a year earlier due to higher operating expenses.
Its revenues for the December-to-February period rose 51.4% year on year to P2.21 billion from the P1.46 billion posted the previous year, while its operating expenses increased 47.5% to P186.66 million from P126.55 million.
For the September-February period, Victorias Milling said its attributable net income dropped 17.9% year on year to P304.66 million from P371.12 million on the back of higher operating expenses.
Its six-month revenues improved 43.7% year on year to P4.08 billion, while its operating expenses also rose 29.2% to P341.08 million.
“The group’s revenue increased mainly due to increase in raw sugar sales and the recognition of the milling service revenue of P770 million which was a result of adoption of the revenue recognition guidance for sugar millers that became effective on Sept. 1, 2019,” the disclosure said.
“Operating expenses increased by P77 million during the period, but was offset by the increase in other income of P76 million brought by the increase in income from storage, handling and insurance fees,” it added.
Moving forward, the company said its balance sheet remains strong despite the continuing effects of the coronavirus disease 2019 (COVID-19) pandemic.
“The group’s current ratio continues to be strong at 4.32 while debt to equity ratio remains low at 0.22. Protecting the group’s liquidity remains to be a top priority with the continued uncertainty brought by the pandemic,” the disclosure said. — Revin Mikhael D. Ochave
