Refinery woes inflate Roxas Holdings’ losses
Losses from the sugar refinery business heavily dented the net loss of sugar and ethanol producer Roxas Holdings Inc. (RHI) in the fiscal year that ended in September 2023.
In a disclosure on Wednesday, RHI said net loss for the period hit P2.3 billion, wider by 187.9 percent from P797.01 million in the year-ago period.
At the same time, revenues fell by 19.8 percent to P4.2 billion.
“[T]he group’s sugar refinery operation is on shutdown and will remain [so] in the next year while the operations of the group’s bioethanol plant is put on hold and the related assets are classified as held for sale,” the company said in a statement.
RHI said it is continuously coordinating with prospective buyers to complete the divestment of San Carlos Bioenergy Inc. and sell other idle assets to pay its maturing obligations. The listed firm, however, did not divulge with whom they are in discussions.“These conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern and, therefore, that the group may be unable to realize its assets and discharge its liabilities in the normal course of business,” it added.
Through Central Azucarera Don Pedro Inc., RHI is running a sugar milling, including its refinery in Batangas province. However, it was forced to permanently cease operations in the area due to business losses.
Capdi terminated all its employees following the cessation of business operations, effective March 29. INQ
