AgriNurture Inc. (ANI) and Greenery Holdings — two companies owned by businessman Antonio Tiu —showed dismal performance in the first nine months of the year due to a host of factors.
Listed agri trading firm ANI saw its net income plunge b 236 percent to P100.35 million due to recognition of revaluation increment on investment property.
Net sales fell 22 percent to P2.82 billion, largely due to a decline in export sales as a result of logistics challenges in China.
Local distribution sales also suffered a 57.4 percent drop to P208.97 million.
Philippine operations contributed 46 percent of ANI’s consolidated sale of goods and services while foreign operations accounted for 54 percent.
Meanwhile, Greenergy saw its net loss expand to P9.13 million from P8.3 million even as revenues rose to P42.42 million from P34.45 million last year.
Greenergy said it would continue to expand its core business and increase coverage in various investments in diversified industries such as, but not limited to, renewable energy, real estate, agriculture, waste management facility and information technology.
“The group has started an active campaign to gain new clients as well as to revive previous relationships through marketing and selling activities in the Philippines and overseas,” Greenergy said.
“With these investments, the management of the group assessed that the going concern assumption remains to be appropriate as the group continues to generate sufficient cash flows to sustain operations and complete its current and future plans,” it added.
