VMC profit rises 14% to P370.7M

Earnings of Victorias Milling Co. Inc. (VMC) rose by 14 percent on an annual basis in the first quarter of crop year ending November after its costs declined by about the same rate.

- By JASPER EMMANUEL ARCALAS

VMC said its net income during the September to November period last year reached P370.75 million, about P46.3 million higher than the P324.407 million it recorded in the same period in 2023.

The sugar miller reported a 15-percent year-on-year decline in the cost of its sales and services during the first quarter. The company's cost of sales and services reached P2.09 billion compared to P2.46 billion in the same period in 2023.

Meanwhile, the firm's revenues dropped by 13 percent on an annual basis to P2.51 billion from P2.89 billion.