Swift Foods halves losses in 2015, eyes production increase
The Concepcion family’s Swift Food Inc. halved its losses in 2015 after slashing expenses by trimming its operations but is now planning to increase production.
In its annual report, Swift Foods said “plans are underway to increase its production within the next twelve months. The company is in the process of improving the performance of its contract growers to sustain financial viability.”
Swift slashed its losses in 2015 to P3.7 million from P6.2 million in 2014. The company cut the cost of goods sold by a third to P42.7 million but its revenues declined by over a fifth to P47.9 million from P60.6 million.
“The Company continues to wait for better business opportunities and carefully evaluates various business plans,” Swifts Foods said.
Once a robust manufacturer and distributor of processed and canned meat, Swifts Foods has diminished in size. It was forced to close its Cabuyao plant in 2001 after a strike in 2001 prompting it to transfer the marketing, selling, and distribution of its meats division to RFM Corp. In 2009, it shut down all branch operations except for the one in Palawan and by 2011, its general headquarters operations ceased operations because of severe losses.
Only its agribusiness division that produces and sells poultry products remains.