ROXAS Holdings, Inc. (RHI) reported its attributable net income dropped 60% in 2018, as gross income fell and interest expenses increased.
In a regulatory filing, RHI said its net income attributable to the parent stood at P47.66 million for its fiscal year ending Sept. 30, 2018, lower than the P119.77 million in the prior year.
Consolidated gross income slipped 11% to P1.25 billion, which the company attributed to “sugar operations higher manufacturing costs resulting from decreased production volume due to decreased ton canes milled and factory breakdowns.”
RHI saw an 8% rise in consolidated revenues to P11.81 billion for the full year, due to higher average selling prices and sales volume of refined sugar.
Sugar operations contributed P8.56 billion or 73% of total revenues. The 30% rise in refined sugar sales volume offset a 3% dip in raw sugar sales volume in 2018.
Revenues from alcohol operations fell by 10% to P3.24 billion, amid a drop in volume sold and average selling prices.
RHI said its interest expense rose 13% to P502.1 million as the company availed of short-term loans amid higher interest rates in 2018.
At the same time, RHI said the proposed sale of its sugar milling and refining operations in Batangas to Universal Robina Corp. (URC) has yet to be completed, since the deal is under review by the Philippine Competition Commission (PCC).
Last July, Gokongwei-led URC said it will acquire all buildings, improvements, machineries and equipment, and laboratory equipment, owned by RHI and its subsidiary Central Azucarera Don Pedro, Inc. (CADPI), as well as the land on which these assets are located.
RHI, which is described as the largest integrated sugar business in the country, manages sugar miller Central Azucarera de la Carlota, Inc., ethanol producers Roxol Bioenergy Corp. and San Carlos Bioenergy; and RHI Agri-business Development Corp.

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