Recent Posts

Breaking News

Vitarich bounces back to profitability in Q1

By James A. Loyola

Poultry firm Vitarich Corporation reported a net income of P132.99 million for the first quarter of 2020, a reversal from the net loss of P173.37 million incurred in the same period last year.

In a disclosure to the Philippine Stock Exchange, Vitarich President Ricardo Manuel Sarmiento said “2020 was supposed to be our year. Our strategy of focusing on efficiency and quality has been working despite the challenging chicken market.”

He added that, “Our shift towards hotel, restaurant and institutional clientele has been working well for us. Our profitability ratios increased. The boost in profitability in the last quarter of 2019, went well into January 2020, where we earned our recent all time high of P69.39 million and February 2020 where our income for the month was P46.43 million.”

“Unfortunately, COVID pandemic struck in mid-March 2020 causing our income to drop to positive P17.16 million for said month,” Sarmiento said.

He noted that, “Our first quarter performance provided a buffer for us to weather the adverse effect of the COVID-19 lockdown in the second quarter.”

Vitarich continued its lifetime professional partnership with business partners providing the necessary support in these difficult times.

“Our feeds sales stepped up by fulfilling requirements of customers whose previous supplier had to scale down or close. New sales channels for our products are being developed,” Sarmiento said.

He stressed that, “Vitarich is proud to report that its precautionary measures at its place of business and operations have been working because none of its employees have been diagnosed as COVID-19 positive as of date.”


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/30/vitarich-bounces-back-to-profitability-in-q1/)

No comments