RHI chairman Pedro Roxas in a disclosure to the stock exchange the first-quarter operations of other business units of the group incurred a loss due to limited transactions given the seasonal nature of the business.
“We started the distillery operations of our San Carlos Bioenergy Inc. in October 2020, while milling in Central Azucarera Don Pedro Inc. began in mid-December 2020, after completing the off-season repairs and maintenance activities of these plants,” Roxas said.
“This is the inherent seasonality in the group’s operations which coincides with the availability of sugarcane,” he said.
Despite the company’s weak first-quarter performance, RHI president and chief executive Celso Dimarucut said the group was optimistic operations of the remaining businesses of the group would perform better than the previous year.
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