April 24, 2008

Swift Foods reports 6.18 percent rise in 2007 profit

Swift Foods Inc. in the Philippines reported a net income of PHP85.49 million last year, up 6.18 percent from PHP80.51 million in 2006.

In a financial report to the Philippine Stock Exchange, Swift said revenues reached PHP3.02 billion or 19.03 percent lower than the previous year's PHP3.73 billion due to rising cost of raw materials.

Prices of corn and soy have been surging which also propelled the increase of feed raw materials by 15 percent.

Swift said the three feed raw materials account for over 80 percent of feed formulation for poultry.

Cost of goods sold amounted to PHP2.82 billion from PHP3.38 billion a year earlier.

Swift said it has been able to further reduce its liabilities to PHP597.46 million from PHP634.24 million in 2006.

As of end 2007, Swift had total assets of PHP2.62 billion compared with only PHP1.87 billion the previous level. 

Swift's agribusiness division produces and sells poultry products such as live and dressed or processed chicken.

Swift produces feeds for the internal requirements of its poultry business. It uses feeds in its farms and supplies feeds to its contact growers nationwide.