Lack of bananas sends ANI’s export sales on downward spiral
The lack of supply of bananas coupled with the low prices in the international market and high purchase prices dragged down Agrinurture Inc.’s export sales by 77 percent in the first quarter.
As a result, ANI’s consolidated sales fell by 71 percent in the first quarter from a year ago, the company’s quarterly report show.
ANI’s exports from its Philippine operations dropped to P20.5 million from P88.9 million a year ago and revenues from its Hong Kong and China operations were slashed by about three quarters to P113.6 million from P402.8 million.
ANI’s Australia and Europe operations did not generate any revenue during the period. In the same period last year, revenues from Australia and Europe totalled P149.1 million in the same period last year.
Only ANI’s local distribution in the Philippines showed revenue growth.
Even revenues from local retail and franchising fell by some 10 percent.
ANI, however, turned around its operations to yield a net profit of P4.8 million for the quarter from a loss of P41.7 million in the same period last year.
The drastic fall in revenues was accompanied by a significant decline in expenses, with the company trimming its general and administrative expenses by two thirds to P50.2 million from P153.7 million in the same period last year. (Eileen A. Mencias)