Roxas and Company Inc. (RCI) registered PhP500 million consolidated revenue in the first six months of 2022 driven mainly by the sales performance of its real estate and luxury hospitality units, partly offset by the budget hotel segment. Roxaco Land Corporation (RLC) sold PhP221 million from raw lands as well as Palmstrip and SAMG projects. Revenue from its high-end hotel development Anya Resort Tagaytay (ART) grew 190% compared to 2021 and 47% above target due to strong room occupancy and return of corporate and social events. Anya Hotel Group (AHG) topline also jumped by 45% vs. 2021 and 35% over target on better than expected performance of managed properties.
Anya Resort Tagaytay has been nominated for the 2022 World Luxury Hotel Awards in the following categories: Luxury Boutique Resort, Luxury Hideaway Resort and Luxury Lifestyle Resort as it celebrates its 5th year anniversary this year. The World Luxury Hotel Awards is an esteemed global organization that recognizes luxury hotels for their world-class facilities and service excellence provided to guests. Moreover, ART received the Agoda 2022 Customer Review Award for its services and the signature “Anya Experience.” It was also accorded a “Safe Travels Stamp” from the World Travel and Tourism Council and the Department of Tourism.
After two years, Roxaco Asia Hospitality Corp. (RAHC) transitioned to regular rooms after converting its four Go Hotels to quarantine facilities. Occupancy and average room rates dipped but are steadily rising as the industry reconsolidates in anticipation of the rebound of international and local travel. Exports of coconut products was flat vs. 2021 despite robust international demand as high nut purchase price required higher working capital and delayed repairs resulted to plant downtime.
RCI operating expense was 20% lower compared to last year from cost management and improving business cost-efficiency.
Share in equity loss for the 1st half of 2022 in Roxas Holdings Inc. (RHI) was PhP92 million, 936% below target. The higher loss was due mainly to 17% lower production levels from declining yield, unfavorable weather, and higher costs.
RCI booked a net loss of PhP194 million for the 1st half of 2022, PhP96 million higher than the same period in 2021 from operational delays in its turn-around projects.