Swift Foods, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2020
July 02, 2020 at 09:12 am IST
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Swift Foods, Inc. announced earnings results for the first quarter ended March 31, 2020. For the first quarter, the company announced sales was PHP 13.206 million compared to PHP 11.896 million a year ago. Net income was PHP 651,000 compared to net loss of PHP 1.258 million a year ago. Basic earnings per share was PHP 0.0004 compared to basic loss per share of PHP 0.0007 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. 
