FRUITAS Holdings, Inc. on Tuesday reported that it swung to profitability in the April-to-June quarter, earning P6.9 million and reversing the P27.44-million loss incurred a year ago, as its community stores “remained resilient.”
“As we record our first quarterly net income since the pandemic, we will continue to ‘quarantine-proof’ our business,” Fruitas Holdings President and Chief Executive Officer Lester C. Yu said in a statement on Tuesday.
The company’s revenue surged three-fold to P262.62 million from P87.91 million in the same quarter last year. It also inched up from the P261 million generated in the first quarter.
Its community stores’ sales contribution reached 15% in the second quarter even if certain kiosks were temporarily closed. The company said it continues to expand its network.
“Our community stores remained resilient and have been instrumental in our push to generate more demand for our products online,” Mr. Yu said.
As of end-June, the company had 67 community stores under its belt. Its store network grew to 80 by Aug. 15, taking into account franchised Balai Pandesal stores following the company’s agreement forged with Balai Pandesal Corp. in June.
“Our wider network now allows easier access to and faster delivery of Fruitas products. It also makes us an attractive partner for other companies which want to target the same consumer base,” Mr. Yu said.
For the first half, Fruitas Holdings trimmed its loss by 30% to P8.63 million from P12.35 million as revenues grew by 13% to P524 million. However, this is still 44% lower than its topline pre-pandemic.
“Despite the significant drop in total revenue versus pre-pandemic levels of 2019, FRUIT’s average daily sales per store have already recovered to about 70% of pre-pandemic level,” Fruitas Holdings said, using its stock symbol.
On Tuesday, shares of Fruitas Holdings at the stock exchange went up by 0.85% or one centavo to close at P1.19 each. — Keren Concepcion G. Valmonte