Swift Foods continues to ‘wait-and-see’
The Concepcion family-controlled Swift Foods Inc. is keeping its wait-and-see attitude, maintaining only its Puerto Princesa operations without any concrete expansion plan.
Swift Foods, a listed company, generated sales of P11.3 million in the first quarter of the year, a mere 4.6-percent growth from the same period last year.
The growth in the company’s revenues were below the 7.77-percent average growth in farm gate prices of poultry reported during the period. Poultry production dipped by 0.29 percent in the first quarter, constricting supply and pushing prices up.
“The Management continues to wait for better business opportunities and carefully evaluates various business plans.
There are no definite plans of raising additional funds from external source in the next twelve (12) months,” the company said in a disclosure to the stock exchange today.
“The Company is neither conducting any product research & development nor expecting to purchase plants and equipments within the next twelve (12) months. Only the Palawan branch shall remain to be the only company-operated facility to produce quality Sariwanok chicken,” it added.
However, Swift Foods also said “plans are underway to increase production within the next twelve (12) months.”
The company increased its loss to P1.23 million during the period from just P860,000 in the same period last year.
“Being in the livestock or commodity business, the uncertainties come from the erratic volatility of both prices of the produce and the costs of the raw materials. The prices and costs have become even more unpredictable in recent years with the aggressive growth of commercial players and the influx of imports of leg quarters into the domestic market,” the company said. (Eileen A. Mencias)