MANILA, Philippines — Listed sugar miller Victorias Milling Co. Inc. (VMC) reported a 54.6 percent jump in its net income in the three months of its current crop year, driven by the high demand for ethanol and refined sugar.
In a financial report filed with the Philippine Stock Exchange, VMC said net income grew to P141.3 million from P91.4 million in the same period a year ago. Gross profit jumped to P243.4 million.
“The overall gross profit rate of the group slightly increased from 11 percent to 12 percent or by P31 million due to favorable sugar prices compared to last year despite the increase in cane hauling costs and planter incentives,” the company said.
Consolidated revenues increased by 10 percent to P2.04 billion, largely due to high demand for ethanol and refined sugar.
Cost of sales and services also increased by 8.9 percent to P1.8 billion.
“Despite the continued impact of the pandemic, the group remains to be resilient and maintains a strong balance sheet, further strengthened by the growth in stockholder’s equity during the first quarter of CY 2021-2022,”VMC said.
Total assets rose three percent to P10.68 billion, driven by increased cash and equivalents and investment in unit investment trust fund.
“The increase is partially offset by the decline in the inventories due to high sales volume during the quarter and decline in trade and other receivables due to increased collection efforts,”VMC said.
VMC is primarily engaged in integrated raw and refined sugar manufacturing with facilities in Negros Occidental.
It also has businesses in food processing, leisure, real estate, and energy generation.