MANILA, Philippines - Agri product exporter and processing firm AgriNurture Inc (ANI) recovered in the third quarter as it booked a P9-million income during the period, a turnaround from the P3.5-million loss in the same period a year ago.
In a statement, ANI said while revenues slipped slightly due to the closure of non-performing units and the drop in banana export prices, its operating income rose for the second consecutive quarter to P22.6 million after founder Antonio Tiu took back control of the company.
At the same time, administrative expenses went down to P147.6 million in the third quarter from a high of P244 million a year earlier due to management’s continuous cost-cutting measures.
As a result, current liabilities had been trimmed by P500 million, resulting in lower interest expense and better current ratio.
ANI started in 1997 as a post-harvest manufacturer and trader and is now the country’s top exporter of mango, banana and pineapple, and a pioneer in coconut water processing.
ANI exports bananas, coco-water/juice, carabao mangoes, and pineapple to customers in Mainland China, Hong Kong, the Middle East, North America, and to different European regions.
The company is a joint venture partner of Bei Da Huang, China’s biggest agricultural firm, for its rice business.
Meanwhile, its retail fruit juice chain Big Chill is growing fast through franchising in Manila and Hong Kong, as management focuses on its core business in Asia.