Sugar Miller Bogo-Medellin says Yolanda dented fiscal Q1 bottom line

Sugar miller Bogo-Medellin Milling Co. Inc. on Friday said losses went up in fiscal first quarter ending Dec. 1, 2013 on lower sales and output, citing the impact of killer Typhoon Yolanda on its plantations.

 

In a disclosure to the Philippine Stock Exchange, the miller said it registered a net loss of P14.605 million from a net loss of P6.459 million a year earlier. 

 

Because of low sugar production in the three months to Dec. 1, actual milling started only on Dec. 2. Typhoon Yolanda devastated parts of Central Philippines on Nov. 8. 

 

"Lower production for this crop year is also expected due to agricultural damages caused by the typhoon," Bogo-Medellin noted. 

 

Total sales in the fiscal first quarter plunged to P13.810 million from P43.916 million year-on-year.  

 

Output reached 41,224 50-kilogram bags of raw sugar from 131,092 in the same comparable period. 

 

Bogo-Medellin produces raw sugar and molasses as a by-product out of barangay Lu-ya in Medellin, Cebu. The company buys sugar cane from 445 planters in the municipality. – VS, GMA News