RHI officer-in-charge and EVP/chief financial officer Celso Dimarucut said overall growth of the company was significantly tempered by the losses from the ethanol business unit.
“The early shutdown of our alcohol plants due to the delays in lifting by oil companies and the steep rise in the cost of feedstock, tempered gains, which resulted in slim margins for the alcohol unit,” Dimarucut said.
“Our sugar operations in Batangas were likewise affected by the eruption of Taal Volcano last January coupled by the decline in available canes in the area, which also hampered production of refined sugar due to a limited supply of bagasse,” he added.
The refocusing of the business thrust of the group resulted to the recognition of non-recurring losses of P2.6 billion, mainly from the asset sale and goodwill impairment recognized at the end of the year.
The company’s net debt significantly dropped to P4.4 billion from P9.8 billion last year after the completion of the sale of its assets in La Carlota City.