November 1, 2019
Vitarich incurs US$2.09 million loss to date in 2019 amid depressed Philippine poultry market conditions
Vitarich Corp. suffered a net loss in the first nine months of 2019 amid a depressed poultry industry in the Philippines, Philstar Global reported.
In a regulatory filing, the company said it incurred a net loss of P105.6 million (US$2.09 million; P1 = US$0.02) in January to September, compared to the P56 million it earned in the same period last year. Consolidated sale of goods dropped 2% to P5.96 billion due to weak chicken prices.
The local poultry industry has been weak since late last year due to the significant fall in chicken prices due to excessive imports, Philstar said.
Vitarich said 67% of its revenues come from its poultry business while the remainder come from animal and aqua feeds.
For its feeds business, Vitarich said it would continue to deliver superior products through continuing improvements in its formulations and production processes as it aims to reposition its feed lines.
For food and farms, the company will grow its poultry business by raising its breeder capacity, as well as its food market base by expanding its distribution channels by penetrating hotel and restaurant accounts, and tapping selected supermarkets for fresh dressed chicken.