Swift Foods, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 15, 2020 at 07:12 pm
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Swift Foods, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced sales was PHP 7.475 million compared to PHP 12.748 million a year ago. Net loss was PHP 1.914 million compared to PHP 417,000 a year ago. Basic loss per share from continuing operations was PHP 0.0011 compared to PHP 0.0002 a year ago. For the nine months, sales was PHP 24.376 million compared to PHP 39.247 million a year ago. Net loss was PHP 2.939 million compared to PHP 1.545 million a year ago. Basic loss per share from continuing operations was PHP 0.002 compared to PHP 0.001 a year ago.
Swift Foods, Inc. is engaged in the business of manufacturing, marketing, and distributing processed and canned meat products, poultry products and commercial feeds. The Company's agribusiness division produces and sells poultry products: live and dressed/ processed chicken. The Company's poultry production involves two processes: broiler growing operations and dressing/processing operations. Day-old chicks are bred in rented farms and contract growers' farms for about 32 days. Harvested broiler chickens are sent to the rented dressing plant for slaughtering/processing. The Company's contract growers provide services: housing for the birds that meet the Company's requirements and broiler specifications; labor for day-to-day operations of the farm; and overhead costs such as water, electricity, and fuel. The Company's poultry production facility consists of one broiler farm located in Tanay, Rizal.
SWIFT FOODS, INC. 