Publicly-listed Roxas and Company, Inc. (RCI) reported that its net loss expanded 250 percent to P186.71 million in the first quarter of 2023 from the loss of P53.39 million incurred in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said net income includes the P87 million share in equity loss from its Roxas Holdings, Inc. (RHI) investment. First quarter consolidated revenues of P212 million was 42 percent lower than in the same period of 2022 mostly from the delayed sale of real estate. The resulting P64 million gross profit was lower compared to last year but operating expense decreased by 24 percent during the same period due to prudent spending. Anya Resort Tagaytay (ART), the luxury hotel of the group, grew first quarter revenue by 91 percent to P66 million compared to the same period last year on better than pre-pandemic occupancy and a 40 percent increase in corporate and social events. Roxaco-Asia Hospitality Corporation’s (RAHC) Go Hotels sales of P51 million was lower by 2 percent due to longer holidays and preference for destination resorts. Roxas Sigma Agriventures, Inc. (RSAI) exported P67 million of coconut products, up 19 percent versus first quarter 2022 on high coconut water concentrate orders. Roxaco Land Corporation’s (RLC) sales at P22 million was 90 percent below last year due to timing of 2023 raw land sales. RLC, RCI’s realty company, is set to launch Anya Phase 3 after its sold-out Phase 1 and 2. The new development offers an exclusive community of villas at the existing Anya enclave. Set in a lush, tropical, park-like setting with the understated elegance reminiscent of old Baguio, Anya villas target primary homes for end-users, family vacation retreats, and investment property assets. RCI’s consolidated full year top line dipped 18 percent to P786 million last year versus 2021 due to the transition of Go Hotels from quarantine to regular guests and fewer arrival of Chinese clients. Anya Tagaytay’s revenue rose 167 percent to P225 million on revenge travel after the lifting of travel and health restrictions. RSAI’s production and export sales were slowed by additional equipment repair and account rationalization, resulting in P298 million in asset impairment. Realty sold P237 million of raw land and restarted its house and lot projects after limited progress completion in 2020 and 2021. RCI’s partner banks approved P1.6 billion of debt restructuring in support of the Group’s post-Covid recovery plan. RCI booked P2.1 billion of unrealized fair value gains as the value of its Nasugbu, Batangas land bank continues to appreciate, driven largely by tollway and power infrastructure developments in the area. This offset the P184 million equity loss from its 23 percent interest in RHI. Consolidated net income rose by 162 percent to P623 million in 2022 compared to 2021.