AgriNurture Q1 net loss: P28-M (down 1381%)

AgriNurture [ANI 0.71 unch; 91% avgVol] [link] reported a Q1/24 net loss attributable of P27.8 million, down 1381% from its Q1/23 net income attributable of P2.2 million, and up 83% from its Q4/23 net loss of attributable of P161.6 million. ANI’s total revenue for the quarter was P570 million (down 47% y/y), with the largest drop coming from its “Export” business segment which saw its associated revenue fall 98% to just P6 million. ANI blamed this result to the “reduced volumes of China export clients” for its banana export business. The second-largest drop came from ANI’s “Local Distribution and Others” segment, which saw its associated revenue fall 41% to P80 million. ANI blamed this result on the “rationalization of operations pertaining to the fresh produce and commodities markets”. 

MB bottom-line: Helpfully, ANI said that its massive drop in profitability was due to a “significant decrease in revenue.” This is a frustratingly bare quarterly report from a company that barely beat its extended filing deadline to avoid suspension, only to post such a massive L. Their banana business has been an up-and-down affair, with previous downs in FY22 explained away by logistics problems in China due to COVID. This time, the underperformance comes with no explanation or reason from Antonio Tiu’s broad-yet-shallow company. The stock is down 90% over the past 12 months, down 89% from its COVID-crash low, and down 96% from its pre-COVID levels. 

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