Roxas Holdings’ net loss widens to P196 million as expenses rise
ROXAS HOLDINGS, Inc.’s attributable net loss inched up to P195.93 million in its October-December quarter from P194.92 million a year earlier, after incurring higher expenses.
During the period, the company booked P4.18 billion in gross revenues, up by almost six times from P715.68 million a year ago.
“[It is] primarily due to the extended refinery operations and early start of distillery operations, which brought about an increase in volume sold of ethanol and refined sugar,” the company said.
The bulk of the company’s revenues came from the sale of goods, with raw sugar and refined sugar sales contributing P2 billion and P1.31 billion, respectively.
In the three months that ended December 2022, Roxas Holdings’ cost of sales reached P4.15 billion, up by almost six times from the P704.74 million booked last year.
Most of the company’s incurred expenses were from the cost of direct materials used, which reached P3.84 billion during the quarter.
On. Feb 3, the company announced that it was changing its fiscal year to January-December of each year, from the previous one that starts in October and ends in September of the following year.
As a consequence, the company will also be changing the date of its annual stockholders’ meeting to every third Wednesday of June each year, from every second Wednesday of March each year.
Roxas Holdings is engaged in the operations of mill and refinery facilities to manufacture sugar and allied products.
Its wholly owned subsidiaries include Central Azucarera Don Pedro, Inc., CADP Insurance Agency, Inc., CADP Port Services, Inc., RHI Pacific Commercial Corp., and Northeastern Port Storage Corp.
On the stock market on Wednesday, shares in Roxas Holdings closed unchanged at 80 centavos apiece. — Justine Irish D. Tabile