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Swift's Slips from Profit to Loss for Half-Year

by 5m Editor
22 August 2011, at 7:59am

PHILIPPINES - Swift Foods has reported another quarterly loss.

Swift Foods, Inc., has reported weaker second-quarter performance from year-ago levels as raw materials became either scarce or costlier during the period, according to disclosures filed with the local bourse.

Business World reports that Swift Foods saw its losses widen to 21.291 million pesos (PHP) for April to June versus the PHP18.346-million loss seen in the same period last year.

Net sales fell by 30 per cent to PHP94.77 million from PHP136.32 million "due to the poor performance of Tanay farm, which resulted in low production volume," according to Swift Foods' financial report read.

Last month, Swift Foods closed down its poultry farms in Rizal and Bulacan provinces due to an avian virus infection.

Cost of goods meanwhile fell 21 per cent to PHP103 million from PHP138 million in the same period last year. Expenses similarly dipped by three per cent to PHP15.344 million.

The second-quarter results brought first-half net loss to PHP4.172 million, a reversal of the PHP14.252-million net income Swift Foods posted in the same period last year.