Victorias Milling Co. Inc. (VMC) saw its net income increase by 13.6% in its first fiscal quarter, reaching P368 million, despite a 13% drop in consolidated revenues. The company attributed the revenue decline to a delayed milling season, but noted that increased revenue share from ethanol and power generation, along with higher sugar and ethanol prices, partially offset the decrease.
Victorias Milling Co. Inc. ( VMC ) reported a 13.6 percent surge in net income for its fiscal first quarter ending November 30, 2024, reaching P368 million compared to P323.8 million in the same period last year. Despite this positive performance, the company experienced a 13 percent decline in consolidated revenues to P2.51 billion from P2.89 billion a year earlier. VMC attributed this revenue drop to the delayed start of the milling season, which resulted in a lower quantity of sugar sold.
However, the company noted that the decrease in revenue was partially offset by an increase in revenue share from ethanol and power generation, along with a slight increase in sugar and ethanol prices compared to the previous year. VMC highlighted that the increase in other income was primarily driven by factors such as power feed-in tariff rate differentials, storage, handling, and insurance fees generated from the previous crop year's production, and foreign currency gains.Breaking down the performance by segment, net income from sugar milling operations decreased by 14.96 percent to P182.96 million from P210.3 million, while revenues dropped 25.3 percent to P1.82 billion from P2.44 billion. Net income from distillery operations also fell to P102.04 million from P134.98 million a year earlier. Conversely, VMC's power generation segment reported a swing to a net income of P113.19 million, reversing the net loss of P1.94 million the previous year. Other income also turned positive with a profit of P65.75 million compared to a net loss of P23.13 million in the same period last year. VMC attributed the positive performance in the quarter to sales of raw sugar, ethanol, power, and molasses. Raw sugar sales reached P1.17 billion from P1.21 billion, while ethanol sales rose to P498.34 million from P439.56 million. Power sales surged to P170.94 million from P81,000 a year earlier. However, this was offset by a significant drop in refined sugar sales to P49.26 million from P326.3 million. Sales of molasses and other products contributed P2.65 million and P23.25 million, respectively. Services income slumped to P170.94 million from P900.79 million. VMC shares last traded at P2.00 each on Tuesday
VMC Victorias Milling Co. Inc. Net Income Revenue Sugar Ethanol Power Generation Philippines
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