MANILA, Philippines — Listed sugar and bio-energy company Roxas Holdings Inc. (RHI) has widened its net loss for the first quarter of the current crop year due to lower sugar prices. In a disclosure to the local bourse, RHI said net loss for the September to November 2018 period reached P197 million or a more than six-fold increase from the P30 million loss reported during the previous crop year. The company incurred higher losses even as consolidated revenues more than doubled to P2.27 billion due to an increase in raw sugar sales. “Sugar prices dropped significantly in reaction to the increasing clamor of food firms for the government to allow them to import sugar,” RHI president and chief executive officer Hubert Tubio said. The company’s ethanol businesses Roxol Bioenergy Corp. and San Carlos Bioenergy Corp. Inc. are the country’s biggest ethanol producers with a combined capacity of 285,000 liters per day.

Source: Philippine Star February 15, 2019 00:00 UTC