LISTEDcompany Bogo-Medellin Milling Co., Inc. (Bomedco) announced on Wednesday that it will have no milling operations for the coming crop year due to the lack of sugarcane supply.
“Due to the insufficient supply of canes, Bogo-Medellin Milling Co., Inc. has no milling operations for this Crop Year starting January 2023 until present,” the company told the stock exchange.
“In effect, the company declared a temporary shutdown until further notice,” it added.
Sugar Regulatory Administration Acting Administrator Pablo Luis S. Azcona said in a Viber message that Bomedco has not operated since the last milling in crop year 2022–2023 due to “dwindling cane supply.”
“It is true that it is the oldest [mill] in Cebu. They suspended operations in August 2022 and their farmers crossed over Negros via Roro Vessel to have their cane milled,” he said.
Incorporated in 1928, the company is primarily involved in the milling and manufacturing of centrifugal raw sugar with molasses as its by-product.
Based on its profile on the Philippine Stock Exchange, Bomedco mills have the capacity to accommodate 3,000 tons of cane per day.
In the second quarter of last year, the company’s attributable income stood at P12.81 million, an increase of 0.23% from the P12.78 million recorded a year earlier, citing higher sugar prices and lower operating costs.
During the same period, the volume of sugar produced reached 166.7 million 50-kilogram (kg) bags of raw sugar, which was lower by 41.91% from the 287.09-million 50 kg posted in 2021. — Sheldeen Joy Talavera