Swift Foods, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
August 13, 2020 at 09:44 pm EDT
Share
Swift Foods, Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced sales was PHP 3.695 million compared to PHP 14.604 million a year ago. Net loss was PHP 1.676 million compared to net income of PHP 129,000 a year ago. Basic loss per share was PHP 0.0009 compared to basic earnings per share of PHP 0.0001 a year ago. For the half year, sales was PHP 16.901 million compared to PHP 26.499 million a year ago. Net loss was PHP 1.025 million compared to PHP 1.129 million a year ago. Basic loss per share was PHP 0.0006 compared to PHP 0.0006 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. 
