The Victorias Milling Corp. said in a press release yesterday that it had achieved a consolidated net income of P556 million in 2012, up from P400M in 2011 and P310 million in 2010
The firm's management continued its efforts on machinery and equipment upgrade and modernization, intended to improve factory efficiencies and product quality, the press release said.
There is also a significant improvement in the company's capital structure, posting a net equity of P1.8 billion this year, from a net capital deficiency of P1.8 billion in 2005.
The company attributed this to the conversion of its certain convertible notes into equity, as well as the significant reduction of the company's deficit.
On the manufacturing side, raw sugar production increased by 12 percent due to improved efficiencies and better cane quality, the press release said.
Refined sugar production increased by 37 percent as a result of the company's upgrading of machineries to improve processes and efficiencies in its refinery, it added.
This resulted in higher revenues by 11 percent this year, at lower raw sugar prices, the press release said.
VMC's shares of stock are listed in the Philippine Stock Exchange and are now trading after the PSE and the Securities and Exchange Commission lifted the order of suspension, it said.
Trading resumed on May 21, 2012, the press release also said.*