LISTED produce exporter Agrinurture Inc. swung to a net loss of P74 million in the first nine months of 2024 from a net profit of P22.13 million a year earlier, attributed to lower exports and a decline in its foreign operations.
In a quarterly report filed with the stock exchange last week, Agrinurture said that consolidated sales of goods and services reached P1.45 billion in the nine months ending September, down 45 percent from the P2.65 billion recorded a year earlier.
“Philippine operations contributed 13.13 percent while 86.87 percent [came] from foreign operations,” the firm said.
Export sales dipped 98 percent to P15 million from P721.1 million last year as the shipments of bananas and various goods shrank, mainly due to lower purchases by Chinese buyers.
Local distribution sales, meanwhile, slipped 58.3 percent, from P332.8 million to P138.7 million as the company closed nonprofitable stores and rechanneled resources to stores with higher foot traffic.
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Agrinurture also saw a 32.2-percent slide in retail and franchising sales to P37.25 million from P54.95 million a year ago as a result of the closure of nonprofitable stores.
Revenue from foreign operations in Hong Kong/China declined by 17.8 percent from P1.54 billion to P1.26 billion, it said.
On the other hand, cost of sales also declined by 42.5 percent from P2.33 billion to P1.34 billion.
Operating expenses decreased to P179 million due to the decline in foreign operations, while finance costs were trimmed to P12.2 million from P31.9 million recorded a year earlier.
Still, consolidated gross profit shrank 63.6 percent to P114.6 million from P314.6 million last year.
Agrinurture shares dropped 1.85 percent to P0.53 apiece on Tuesday.
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