Due to a lack of transactions, RHI announced a net loss of P240.9 million during the first quarter of its fiscal year ending on Dec. 31, 2011.
In a regulatory filing on Friday, the firm reported that its net loss for the first quarter increased year over year from P33.89 million to P33.95 million despite accounting for non-recurring income of P247 million.
In the first year, its annual net sales were worth P352 million, which is 83.9% lower than what it reported in the same span of the prior year.
RHI Chairman Pedro E. Roxas reported the firm’s remaining business units suffered operational losses during the quarter because transactions were few during the time.
“San Carlos Biofuels Inc. started its distillery operations in October 2020, while Central Azucarera Don Pedro Inc. began its milling operations in December 2020, after finishing off-season repairs and maintenance activities.” This research discusses the seasonal dimensions of the Group’s activities while sugarcane is available,” Mr. Roxas clarified.
Likewise the CEO, Celso T. Dimarucut, stays confident regarding the company’s remaining companies and how they would fare in the current world.
He clarified that one of the problems posed in the near future is the wet condition in 2021 attributable to the La Niña phenomena.
“The overall volume of ethanol generated during the first three months of 2020 was 75 percent more than what was produced during the same time last year,” Mr. Dimarucut said.
The business plans to make deals with major borrower banks to expand the current debt and create new long-term debt.