MANILA,Philippines — Listed Vitarich Corp., one of the country’s pioneers in poultry and feeds manufacturing, swung to a net loss in the first nine months of the year amid a depressed poultry industry.
In a regulatory filing, the company said it incurred a net loss of P105.6 million in January to September, a reversal of the P56 million it earned in the same period last year.
This as consolidated sale of goods declined by two percent to P5.96 billion due to unfavorable chicken prices.
The local poultry industry has been weak since late last year due to the significant decrease in selling prices of chicken in the market due to massive importation of the commodity.
The aggregate revenue comprised sales of feeds, day old chicks, chicken, animal health products, and dory fish.
Vitarich said 67 percent of its revenues comes from its poultry business while the remaining 33 percent comes from commercial feeds including animal and aqua feeds.
For the first half, consolidated operating expenses is at P416.1 million, down three percent.
For its feeds business, Vitarich said it would continue to deliver superior products through continuing improvements in its formulations and production processes as it aims to reposition its animal feed lines.
For food and farms, the company will expand its poultry business by increasing its breeder capacity, as well as its food market base by expanding its distribution channels by penetrating hotel and restaurant institutions accounts, and tapping selected supermarkets for fresh dressed chicken.