Liberty Flour Mills eyes debt-free status by end-2025 – BusinessWorld Online
LISTED Liberty Flour Mills, Inc. (LFM) expects to be debt-free by end-2025, with proceeds from its property sale projected to be realized in the coming months.
“Proceeds from the sale of the Angono property to Haus Talk are expected in the coming month, and LFM anticipates being debt-free by December 2025,” the company said in the minutes of its stockholders’ meeting filed with the stock exchange on Tuesday.
LFM said the proceeds will allow the company to settle some letters of credit within 30 days.
Last year, the company signed a memorandum of agreement for the sale of its properties to Haus Talk, Inc. for P1 billion.
LFM also said it holds about P300 million in preferred shares that are available for sale if needed.
For the second quarter, LFM posted a net income after tax of P9.6 million, down 63.8% from P26.53 million a year earlier on lower revenues.
Revenues fell by 13.37% to P263.98 million from P304.72 million previously.
Incorporated in 1958, LFM is engaged in flour manufacturing, utilization of its by-products, and the distribution and sale of its produce. It has two subsidiaries: Liberty Property Corp., a real estate company, and Liberty Engineering Corp., which sells equipment and machinery.
At the local bourse on Wednesday, shares in LFM closed 15 centavos lower, or 0.59%, at P25.30 apiece. — Ashley Erika O. Jose