AgriNurture trims net loss to P145 M in Q1
MANILA, Philippines - AgriNurture Inc. (ANI) trimmed its net loss by 70 percent to P145 million in 2016 despite lower sales.
ANI’s gross profit surged 167 percent to P91.2 million while consolidated sales of goods and services dipped 53 percent to P571 million.
Export sales declined 76 percent to P68 million due to decrease in volume and unstable selling price in the world market.
Foreign trading operations plummeted 67 percent to P177 million due to the decrease in mango sales for both Hong Kong and China.
Retail and franchising sales also went down nine percent to P75 million due to rationalization of backroom and store operations and closure of some outlets.
Local operations contributed almost 70 percent of the consolidated sales while foreign operations accounted for the remaining 30 percent.
ANI said it would continue to expand its core business and increase coverage in the distribution, retail and export sales channels while its retail arm is expanding the franchise network overseas.
“We have started an active campaign to gain new and recover clients through marketing and selling activities in the Philippines and overseas. Part of these activities includes looking for more opportunities in the greater China and Asian market,” the company said.
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