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Swift Foods swings to loss in Q2

Swift Foods Inc. said its normalized net income for the second quarter was a loss of 206,880 pesos, compared with income of 1.0 million pesos in the prior-year period.

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

The normalized profit margin declined to negative 2.0% from 7.4% in the year-earlier period.

Total revenue fell 23.2% on an annual basis to 10.6 million pesos from 13.8 million pesos, and total operating expenses decreased 8.1% year over year to 11.3 million pesos from 12.3 million pesos.

Reported net income came to a loss of 331,000 pesos, or a loss of 0 centavos per share, compared to income of 1.6 million pesos, or 0 centavos per share, in the prior-year period.

As of Aug. 16, US$1 was equivalent to 46.26 Philippine pesos.