SUGAR producer Victorias Milling Co. Inc. reported a lower consolidated net income of P1.55 billion for its fiscal year ended Aug. 31, 2024, down 1.4 percent from the previous year's P1.57 billion, due to a double-digit drop in revenues as sugar milling and power generation declined.
SUGAR producer Victorias Milling Co. Inc. reported a lower consolidated net income of P1.55 billion for its fiscal year ended Aug. 31, 2024, down 1.4 percent from the previous year's P1.57 billion, due to a double-digit drop in revenues as sugar milling and power generation declined.Consolidated revenue was P11.38 billion, nearly 27 percent lower than last year's P15.55 billion, the company said in an annual report filed with the Philippine Stock Exchange this week.
'While the sugar price is trending downwards, the production costs continue to rise due to increased costs of labor and materials,' it added.Distillery operations, meanwhile, rose to P3.2 billion for the year compared to P2.38 billion previously, while other revenue streams slightly grew to P138.5 million from P135.7 million.For crop year 2023-2024, Victorias milled 2.46 million tons of sugarcane, taking in a 21 percent provincial market share, and produced 4.
Milling Nets P1.55B In Fiscal Year
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