VMC profit higher at P292M for fiscal year ending Nov.

Victoria’s Milling Co. (VMC) reported consolidated profit of P292 million for the final quarter of its fiscal year that ended November 30.

This was an improvement from P266 million realized in the same period in 2014. Net income margin, or net income as a percentage of revenue, increased from 20 percent in 2014 to 21 percent for last year.

Consolidated revenues stood at P1.38 billion from P1.35 billion a year ago. Earnings before income tax, depreciation and amortization (Ebitda) reached P506.4 million or a four percent growth from P486.5 million in 2014 reflecting a four percent decline.

Return on assets (ROA) ratio was recorded at three percent for the three months ending November 30 compared to a three percent ROA a year ago.

VMC’s total assets stood at P8.557 billion as of November 30, 2015 against P8.322 billion a year ago.Earnings per share was reported at P0.11 in November 2015 and P0.11 in November 2014.

Revenue from raw sugar increased by 25 percent for the period due primarily to increases in volume and price by seven percent and 16 percent, respectively.

Tolling fees from refining services also fell by 68 percent for the period compared to 2014 due to a decrease in volume by 68 percent, cushioned by a 0.2 percent increase in price.

Refined sugar revenue represents direct sales of 37,800 50-kilogram bags (lkg) at an average price of P2,033.

Molasses revenue increased by 19 percent due to an increase in price by 25 percent despite a four percent volume decline. Revenues from distillery operations increased by 17 percent.

VMC said the parent company’s revenue accounted for 99 percent of the group’s consolidated revenue from raw sugar, refining service, direct sale of refined sugar and molasses and distillery operations which increased by two percent from a year ago.

VMC subsidiaries are Victorias Foods Corp. (VFC), Victorias Agricultural Land Corp. (Valco),Victorias Green Energy Corp. (VGEC), Canetown Development Corp. (CDC), Victorias Golf and Country Club Inc. (VGCCI), Victorias Quality Packaging Company, Inc. (VQPC), and associate company Victorias Industrial Gases Corp. (Vigasco). RIZA LOZADA