Roxas Holdings Inc., a unit of Hong Kong-based First Pacific Co. Ltd., expects net income in 2016 to surge to P235.52 million from just P18.5 million a year ago on higher revenues from its sugar and ethanol businesses.
Roxas Holdings said in a filing with the Philippine Stock Exchange it saw revenues jumping 23 percent to P10.1 billion in 2016 from P8.2 billion in 2015.
“The projection assumes that the company’s ethanol business will continue to grow with the acquisition of San Carlos Bioethanol Inc. in May 2015. Expected ethanol production also increased due to planned higher capacity utilization. The sugar revenue will be maintained with minimal increase compared to prior years,” Roxas Holdings said.
The sugar and biothenol company is in the process of raising as much as P1.19 billion through a stock rights offering.
The company plans to issue 266.387 million shares to existing shareholders at the final price of P4.19 apiece.
Shareholders as of record date May 4, 2016 are entitled to subscribe to one right share for every 4.33 stocks owned.