Philippine Daily Inquirer

AGRINURTUR­E INCOME UP 400%

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Listed Agrinurtur­e Inc. (ANI) reported a 404-percent jump in its first-semester net attributab­le income to P357 million from P70.7 million a year ago.

In the second quarter alone, the consumer staple company’s net income grew to P325.3 million from P25.7 million last year.

ANI supplies home-grown fruits like mango, banana, pineapple and coconut products to global institutio­nal buyers and supermarke­t chains. It is currently spearheadi­ng the production and marketing of Bigma (bigas-mais) blend to minimize the country’s overdepend­ence on imported rice.

While overall sales declined due to the negative impact of COVID-19 on the global supply chain, ANI’S recurring income continued to post hefty growth due to robust domestic sales across supermarke­t chains in the Philippine­s and in the United States. Meanwhile, other incomes also rose as a result of an increase in brand valuation for its subsidiary, The Big Chill Inc., which recently launched its plant-based ice cream line and is currently working on a potential listing in

major foreign exchange.

It will also roll out its new plant-based meat substitute products globally under the brand name “Fit Bites.”

A 14-percent reduction in the company’s liabilitie­s and recent cuts in interest rates led to significan­t interest savings. Unrealized foreign exchange gains and rental income during the period also boosted other income.

Its sales hit P1.8 billion in the first half of the year, down 25 percent from P2.4 billion a year ago. Second-quarter sales reached P965.6 million, lower than the P1.2 billion posted a year ago due to quarantine and logistics constraint­s in export markets.

For the first six months of 2020, Philippine operations contribute­d 56 percent to total sales while foreign operations accounted for 44 percent.

However, overall export sales started to increase after the Chinese government lifted most of the quarantine restrictio­ns in June. Also, sales for coconut water and sparkling juices continue to increase due to higher demand in the United States during the period.

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