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AgriNurture swings to profit in Q1

AgriNurture Inc. said its normalized net income for the first quarter came to 767,840 pesos, compared with a loss of 25.1 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.4% from negative 3.6% in the year-earlier period.

Total revenue fell 70.8% on an annual basis to 200.7 million pesos from 688.2 million pesos, and total operating expenses fell 74.1% on an annual basis to 187.7 million pesos from 726.1 million pesos.

Reported net income totaled 2.5 million pesos, or 0 centavos per share, compared to a loss of 35.4 million pesos, or a loss of 6 centavos per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 46.47 Philippine pesos.