December 18, 2020 | 12:06 am Font Size
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LISTED sugar and ethanol producer Roxas Holdings, Inc. (RHI) posted an attributable net loss of P3.81 billion for its 2020 fiscal year that ended on Sept. 30 despite cutting its net debt.
In a stock exchange disclosure on Thursday, the sugar company said its result for 2020 is worse than its 2019 losses of P1.88 billion.
Revenues of RHI dropped 41.1% to P4.8 billion against P8.15 billion in the previous year.
Further, the company said its net debt dropped 55.1% to P4.4 billion compared with P9.8 billion a year ago due to the completion of its asset sale.
RHI Chairman Pedro E. Roxas said funds from the sale of company assets such as its sugar mill and ethanol plant in La Carlota City, Negros Occidental, and investment properties like shares in Najalin Agri-Ventures, Inc. were used to pay all long-term loans.