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Press Releases / News UpdatesPRESS RELEASE PUBLISHED BY MALAYA BUSINESS INSIGHT ON LINE ON JUNE 2, 2021RCI cautiously optimistic . Malaya Business Insight - on line June 2, 2021 Roxas & Co. Inc. (RCI) is cautiously optimistic of recovery in 2021 following the imposition of further restrictions in late March to April. Edgar Arcos, RCI chief financial officer, said the restrictions derailed the momentum built in the last quarter of last year and the first quarter of this year. In the first quarter, RCI revenues stood at P535 million, six times higher than the same period last year, mainly due to raw land sales and the recovery of hotel and coconut product sales. RCI’s full year loss in 2020 stood at P1.15 billion primarily due to the lockdowns that led to the temporary closure of Anya Resort Tagaytay and Go Hotels in Manila as well as the Roxas Sigma Agriventures Inc. coconut processing plant in Tupi, South Cotabato and its equity stake in RHI. Arcos said Anya was able to recover in the last quarter of 2020 and ended the year “strong” as guests from Metro Manila patronized its luxury rooms and food outlets. Go Hotels made a quick pivot as quarantine facilities for returning overseas Filipino workers starting in mid-April last year, with occupancy levels recovering up to 50 to 70 percent for the rest of 2020. While the coconut manufacturing plant was not spared from the impact of COVID-19, Arcos said the facility revisited process flows to maintain output efficiencies. RCI’s real estate unit consolidated its asset portfolio and continued to work with developers and joint venture partners to prepare for the rebound this year. In 2020, RCI also restructured some P2.6 billion of debt and availed of concessions under Bayanihan 1 and 2 to generate additional cash flows and sustain businesses during the recession and extended pandemic period. |