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ANI earnings surge on fruit exports

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By James A. Loyola

Publicly-listed Agrinurture, Inc. (ANI) reported an 86 percent jump in consolidated gross profit for the first quarter of 2019 to P213.6 million from P114.9 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said attributable net income surged to P23.98 million in the first three months of 2019 from P1.02 million in the same period last year.

ANI said the first quarter results reflected the strong performance of both its local and foreign businesses.

“The increase was due to the increase in sales in exports, retail and distribution as well as the consolidation of Fucang’s operations from sale of commodities and real estate properties,” ANI said.

Zongshan Fucang Trade Co. Ltd. is one of the company’s subsidiaries. It acquired 70 percent ownership of Guangzhou Lexian Fruit Industry Co. Ltd., a Chinese company engaged in wholesale trade.

In all, the strong gross profit was buoyed by consolidated sales of P1.2 billion during the quarter, up 174.48 percent over the same period last year, ANI said.

“For the first three months of 2019, Philippine operations contributed 39 percent while sales from foreign operations accounted for 61 percent of consolidated sales,” it said.

“For the first three months of 2019, Philippine operations contributed 39 percent while sales from foreign operations accounted for 61 percent of consolidated sales,” it said.

Of the P1.2 billion, the group’s export sales reached P406.12 million, up 7,790.08 percent compared to the same period in 2018.

Exports got a boost from the stable selling prices of banana and coco juice in the international market, constant supply of raw materials and the increase in customers especially in China market.

Moving forward, ANI expects to continue increasing its sales volume of banana in the succeeding quarters, on top of increased volume in shipments for mango and beverage products such as canned coconut water.

Likewise, local distribution sales posted an increase of three percent to P32.4 million during the period from P31.6 million for the same period in 2018, mainly due to improvement in operations.

ANI was able to post strong gross profit for the quarter even prior to its participation in the rice importation.

The company intends to participate in the next round of rice importation since rice trading was temporarily halted since 2018 pending approval of the Rice Liberalization Law.

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