LISTED sugar miller Central Azucarera de Tarlac, Inc. incurred a P62.11-million net loss in the July to September period, the first quarter of its fiscal year, despite posting higher revenues during these months.
In a disclosure to the stock exchange, the sugar company said its loss in the first quarter is slightly lower than the P62.41-million net loss it posted in the same period a year ago.
“The first quarter of fiscal year 2020-2021 was focused on managing resources while faced with challenges on all fronts. The first quarter was aimed at cash generation by converting inventory,” the disclosure said.
Central Azucarera de Tarlac said its revenues during the period rose by 57% to P219.03 million from P139.51 million last year.
The sugar company added that it capitalized on its alcohol sales as its sugar inventory has yet to increase as the milling season starts in the second quarter.
“The company has no beginning sugar inventory to sell compared to last year’s roughly 30,000 sugar bags or P46.5 million sales. This reduction was off-set by the alcohol and molasses revenues, both posting favorable price and quantity variances,” the disclosure said.
Revenues of the company’s alcohol and molasses products during the period reached P190.21 million and P17.50 million, respectively.
Meanwhile, Central Azucarera de Tarlac’s operating expenses increased by 1.2% to P24.75 million against P24.45 million last year.
The company said its depreciation and amortization expenses rose to P2.2 million, compared to P1 million a year ago, due to capital expenditures in non-factory facilities over the past years.
“Professional fees increased to P5.4 million from P4.9 million due to one-time engagements of various professionals in the last reporting period,” the disclosure said.
“The ill effects of the coronavirus disease 2019 (COVID-19) pandemic pushed the company forward in solidifying its commitment to strengthen its operations by exploring diversity and upholding sustainability and in all its business models,” it added. — Revin Mikhael D. Ochave