ANI profits triple on export sales

Published November 17, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

The ANI Group of businessman Antonio Tiu almost tripled its consolidated attributable net income to ₱58.16 million in the first nine months of 2019 from ₱21.37 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it generated a consolidated sale of goods and services of ₱3.42 billion for the first nine months of 2019, 120.90 percent increase over the ₱1.55 billion posted in the same period last year.

ANI said this is due to the increase in export sales, retail and distribution, as well as the consolidation of its Chinese trading subsidiary Fucang’s operations from sale of commodities and real estate properties.

Export sales surged 413 percent to ₱1.49 billion from ₱0.29 billion due to increase in sales volume of banana in the Chinese market and increased volume in shipments for mango and beverage products such as canned coconut water.

Local distribution sales posted an increase of 7.11 percent to ₱102.44 million mainly due to improvement in operations. The Group has already started its rice distribution to local customers last June while its distribution channel continues to gain profits from distribution of vegetables in supermarkets.

Meanwhile, Tiu’s Greenergy Holdings, Inc. reported that its revenues from Agri-tourism and rental income dropped to ₱1.43 million in the first nine months of the year from ₱2.92 million in the same period of 2018 due to lower tourist arrivals.

Other charges during this year include loss on revaluation of financial assets at fair value through other comprehensive income amounting to ₱182.30 million since there is a slight decrease in the market price of stocks.

As a result, the company had a consolidated operating loss of ₱208.80 million for the nine-month period.

Greenergy said its revenue and gross profit margin will improve in 2020 when returns on the company’s investments become visible especially on the increase in service income for agri-tourism and sale of harvests from greenhouse projects in one of its subsidiaries.