Company of Binay’s alleged dummy posts 14% revenue growth

MANILA, Philippines - AgriNurture Inc. (ANI), the company of controversial businessman Antonio Tiu, recorded a 14-percent growth in the second quarter of the year despite alleged corruption issues involving the family of Vice President Jejomar Binay.

In a statement, Tiu, who took over the helm of the company in late May, credited the remarkable showing to strong fundamentals of ANI.

“We are upbeat and we remain out of the political limelight and for that we continue to grow. There is a very positive turnout. It is clear that the fundamentals are strong and no matter how we are besmirched, ANI will prevail,” said Tiu.

Records from the Philippine Stock Exchange website indicated that the agribusiness firm posted a consolidated revenue of nearly P800 million in the second quarter of the year, up from P702 million during the first quarter.

This meant that from continuous net losses in the previous quarters, amounting to P41.7 million, ANI has recovered with a P3-million net income.

According to Tiu, ANI continues to aggressively expand its network and take in investors here and abroad.

ANI is a listed fruit and vegetable company whose two key officials resigned last May. Tiu took over as president and chief executive officer while Kenneth Tan was named chief financial officer.

Tiu was allegedly the dummy owner of Binay’s 350-hectare estate in Rosario, Batangas where Tiu’s Sunchamp Agri-Tourism Park is also located.

While Tiu has repeatedly denied being the dummy of the Vice President, he admitted that Greenergy Holdings Inc., another of his companies, owns Sunchamp.

“They are all lies and the facts have unfolded,” he said of allegations dragging him into corruption issues hurled against the Binays.

Tiu said they did a number of cost-cutting measures, including divestment of the company’s non-performing assets.

 The company’s operations are divided into exports, local distribution, retail and franchising, banana farming and others. It exports bananas, coconut water, mangoes and pineapples to China, Hong Kong, Middle East, North America and Europe.

Its foreign operations consist mostly of fruits and vegetable trading in Hong Kong, China and Australia.

ANI also commercially distributes fresh fruits and vegetables to retail establishments, hotels, restaurants, public wet markets and catering companies through its subsidiaries: First Class Agriculture, Fresh and Green and Lucky Fruit and Vegetables.

The firm also manufactures fruit beverages through its subsidiaries M2000 Imex in Bulacan, Hansung Agro in FTI Taguig and Fruitilicious in Cagayan de Oro.