Listed sugar milling company Victorias Milling Company, Inc. (VMC) reported a 56.23% decline in attributable net income to P162.28 million for the three months ended November as rising operating costs outweighed revenue gains.
In a regulatory filing on Thursday, the company said its net income fell to P370.75 million from a year earlier.
Total revenue for the period increased by 28.82% to P3.24 billion from P2.51 billion in the same period last year.
Revenue from sales increased 61.34% to P3.1 billion from P1.92 billion, while revenue from services fell 76.43% to P139.69 million from P592.74 million a year earlier.
Other income, which includes storage and handling charges, interest income and investments, declined 28.21% to P96.7 million from P134.68 million.
Meanwhile, VMC's cost of sales and services increased 40.06% to P2.93 billion from P2.09 billion due to higher inventory utilized.
The figure also includes a provision of P222.14 million for inventory write-downs due to low market prices of molasses and raw sugar.
Operating expenses increased 16.91% to P218.64 million from P187.02 million, reflecting increases in both general and administrative expenses and selling expenses.
On Thursday, VMC shares fell 3 centavos or 1.4% to close at P2.12. – Von Andrei E. Villamiel