Connect with us

Hi, what are you looking for?


Cost-cutting measures help boost Victorias Milling’s profit

LISTED sugar miller Victorias Milling Co., Inc. (VMC) posted a 2.8% rise in attributable net income to P840.03 million for its fiscal year that ended on Aug. 31, 2020, carried by higher revenues and lower operating expenses.

“Efforts were focused in attaining target production efficiencies, which delivered optimum results as well as in adopting cost reduction measures that helped protect profit margins and lowered operating expenses considerably,” the company said in a stock exchange disclosure on Tuesday.

In the previous year, the company’s attributable income was at P817.49 million.

For its 2020 fiscal year, revenues rose 24.7% year-on-year to P6.96 billion, against P5.58 billion in 2019, due to higher milling service income at P2.21 billion.

VMC said sugar sales dropped, but this was offset by its distillery segment results. Refined sugar and raw sugar sales went down 23.1% and 7.1% to P1.86 billion and P1.56 billion, respectively.

However, ethanol sales climbed 18.7% to P705.11 million, from P594.26 million in 2019, while alcohol sales jumped to P118.37 million. 

“Ethanol volume sold increased by 10% and price was favorable compared to last year. The group also introduced a rubbing alcohol brand V-Protect to the market due to necessity and increased demand during the height of the pandemic,” the disclosure said.

Meanwhile, VMC’s operating expenses fell 30.1% to P594.25 million against P850.11 million last year.

“The level of operating expenses significantly decreased compared last year due to lower professional fees and contracted services, representation, taxes and licenses, among others,” the disclosure said.

Located in Negros Occidental, VMC has business interests in integrated raw and refined sugar production, food, power, distillery, and recreation.

The company’s subsidiaries include Victorias Foods Corp., Canetown Development Corp., Victoria’s Golf & Country Club, Inc., Victorias Agricultural Land Corp., and Victorias Green Energy Corp.

On Tuesday, shares in VMC at the stock exchange remained at P2.50 per piece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Unemployment rate steadied in June, while job quality improved to its best in over a year, the Philippine Statistics Authority reported on Monday. Preliminary...


Follow us on Spotify BusinessWorld B-Side By Patricia B. Mirasol, Reporter speaking to Bernardo M. Villegas WITH EVERY CHANGE of administration comes the question of...


Click to enlarge. Click to enlarge.   Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience...


As the Aboitiz Group embarks on a Great Transformation towards becoming the first “techglomerate” in the country by 2025, the company’s power arm is...


Security Bank Corporation (PSE: SECB), one of the Philippines’ leading universal banks, has been serving retail, corporate, institutional, and MSME clients since it opened...


By Lourdes O. Pilar, Researcher THE Philippine economy likely grew at a slower pace in the second quarter as surging inflation may have affected...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.