Vitarich Corp. reports turn around in 2015 with P8.6-M net profit
The Sarmiento family-controlled Vitarich Corp. turned around its operations in 2015 to rake in P8.6 million in net income from a loss of 577.8 million in 2014.
Vitarich’s performance can be largely attributed to the performance of its food segment that focuses on the growing and distribution of live and dressed chicken to wet markets and supermarkets, its 2015 annual report show.
In its disclosure today, Vitarich said operating profit from its food segment amounted to P164 million, with sales amounting to P1.2 billion and expenses for the unit running to P1.06 million.
Vitarich’s feed business generated P2.06 billion in sales last year but expenses for the segment amounted to P2.02 billion for an operating profit of only P36 million.
The company’s feed segment caters to poultry growers but it also manufactures and distributes animal feeds and feeds for aquaculture as well as feed supplements.
Vitarich also has a farms’ segment that focuses on sales of young hen and day old chicks to farmers. Its farms segment generated P164 million in revenues and P148 million in expenses for an operating profit of P16 million.
Vitarich disposed of non-core property plant and equipment in 2015 and 2014 that included its major feed mill and the land where it stands in Marilao, Bulacan. Proceeds of the sale were used to reduce the company’s debts and also used for working capital. (By: Eileen A. Mencias)