Philippine sugar and ethanol producer Roxas Holdings Inc in August reported a reduced loss for the nine months through June, a period marked by the eruption of the Taal Volcano in Batangas and the coronavirus pandemic.
Currently, the company has two ethanol plants and describes itself as the biggest ethanol producer in the country. It cut its nine-month net loss to PHP 434 million from PHP 652 million a year ago, but losses from the ethanol business still countered increased sales of raw sugar.
The ethanol division suffered from high costs of the feedstock — molasses, and low demand for ethanol due to lockdowns.
Roxas hopes to soon complete the sale of its sugar mill and ethanol facility in La Carlota City in a bid to lower debt.
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