Roxas Holdings Inc. (RHI) registered a P727- million loss for its nine- month fiscal year ending September, down from last year’s P876 million loss.
“While there was an increase in the volume of sugar canes milled across sugar-producing regions, the industry had to contend with the pernicious effects of a prolonged La Nina phenomenon affecting the country. Heavy rainfall caused delays in harvesting and extended the milling period,” said Pedro Roxas, Roxas Holdings chairman.
“We are also seeing a decline in the yield from sugarcanes, partly because of more water content diluting the sweetness of the canes,” Roxas added.
The company has seen marked improvements in its ethanol unit, as a result of strategic and opportunistic shifts and flexibility in feedstock, to address production costs which have increased in recent years.
