Victorias Milling posts 39% hike in net profit

 Economy
Jan 312013
 
Victorias Milling posts 39% hike in net profit

MANILA, Philippines – Listed sugar miller Victorias Milling Co. (VMC) registered a 39-percent growth in net income to P556 million for the financial year ending in August 2012 despite lower milling tonnage. Production data  showed that ending Aug. 31,2012 the company milled 3.100 million tons of cane (TC), down from 3.116 million tons in 2011. Despite this, the company’s raw sugar production rose to 6.500 million 50-kilogram bags (LKG) in 2012 from 5.709 LKG in 2011. Refined sugar production rose to 6.032 million LKG in 2011 from 4.382 million LKG in 2011. The milling recovery rate rose to 2.06 50-kilogram bag per ton of cane milled (LKG/TC) from 1.83 (LKG/TC) in 2011. “The slight reduction of milling tonnage this year by 0.5 percent against the previous year did not adversely affect raw sugar production volume because of the improvement in sugar recovery,” the financial report said. The company noted that refined sugar production rose by 37 percent in 2012 because of major upgrades made in the refinery’s machineries. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Revenues for 2012 reached P4.6 billion, surpassing 2011 revenues by 11 percent because of higher tolling revenues. The company’s core business which comprises the production of raw and refined sugar accounts for 98 percent of the revenues for 2012. Raw sugar revenues fell by 0.42 percent year-on-year despite a 48-percent increase in volume sold as average selling price fell by 33 percent from P1, 908.90 per LKG in 2011 to P1, 283.35 per Read More …

‘El Niño won’t harm palay output’

 Economy
Jan 272013
 
‘El Niño won’t harm palay output’

MANILA, Philippines – The Department of Agriculture (DA) expects palay production to reach 7.90 million metric tons (MT) in the first six months of 2013, a flat growth rate from the 7.89 million MT recorded in the same period in 2012. DA said palay production in the first half of the year would likely be spared from the adverse effects of the El Niño phenomenon in the summer at irrigation facilities have already been put in place and the transfer of the bulk of palay cultivation in the early part of the year. In a report, DA’s Bureau of Agricultural Statistics (BAS) said the total harvest area may increase by 0.1 percent to 2.038 million hectares in the January to June this year from 2.036 million hectares in 2012. Yield per hectare, however, may remain at 2012 level of 3.88 MT. Based on standing crop, palay production in the first quarter of the year is forecast to reach 4.27 million MT, up by 7.1 percent from the output of 3.99 million MT in 2012. Based on farmers’ planting intentions, April to June forecasts indicate reductions in production, harvest area and yield by 6.9 percent, 4.1 percent and three percent respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The expected drop in production during the second quarter was because most farmers opted to concentrate the bulk of palay production in the early part of the year. “This time, we are more prepared. As long as we have sufficient irrigation, Read More …

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