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RHI trims losses to ₱92 million

By James A. Loyola

Integrated sugar and bioethanol producer Roxas Holdings, Inc. reported a lower net loss of ₱92 million for the six-month period ended March 31, 2020 compared with a net loss of ₱364 million in the same period last year despite continuing industry and market challenges.

“RHI’s sugar operations were significantly affected by the drop in cane supply due to unfavorable weather conditions, the eruption of Taal Volcano in January and increased cane competition in the Batangas area said RHI Chairman Pedro E. Roxas in a statement.

On the other hand, the Group’s milling operations in Negros fared better with a 7 percent increase in raw sugar production compared to the previous year.

RHI President and CEO Hubert D. Tubio noted that the firm is focused on crafting a roadmap for interventions that would increase the annual output for the sweetener.

Meanwhile, Tubio said the profit of RHI’s bioethanol segment decreased as feedstock costs soared during the first half of the crop year.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/20/rhi-trims-losses-to-%e2%82%b192-million/)

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