Sugar miller Central Azucarera de Tarlac reported an increase in net income by 8%. The rise has been observed in the past nine months, ending in March, as higher sugar prices offset a drop in the production of sugarcanes due to El Niño. As revealed in a regulatory filing, Central Azucarera de Tarlac revealed the total revenue to be P124.8 million.
“While the refinery operations dropped in output production, increments posted in both sales volume and average selling price for sugar and alcohol boosted sales for the period in review” according to the company. The cost of goods sold also increased by 46% to P415.7 million for the nine-month period.
