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 from foreign operations,' the firm said.Export sales dipped 98 percent to P15 million from P721.
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.
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