Fruitas cuts net loss to P8M
FRUITAS Holdings, Inc. trimmed its net loss by 60% in the third quarter to P8 million on the back of higher revenues, the listed food and beverage store operator said in a stock exchange disclosure on Monday.
Its third-quarter net loss is an improvement compared with the P19-million net loss it had in the same period last year.
The company’s revenue for the quarter rose 49% to P248 million while its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 497% to P24 million.
For the nine-month period, Fruitas reduced its net loss by 49% to P16 million.
“The company continued to introduce new product offerings and rationalize its operations, including permanent closure of unprofitable kiosks,” it said.
Revenue for the January-to-September period amounted to P772 million, higher by 23% compared with P629 million in 2020.
The company’s EBITDA also increased 103% to P93 million, while the monthly revenue contribution from its community stores reached 20%.
“Fruitas continued to expand its community store network, operating under the Babot’s Farm, Soy & Bean, and Balai Pandesal brands, and had 107 community stores as of Nov. 15, 2021. The group has already exceeded the initial target of 100 community stores by end-2021,” the company said.
Lester C. Yu, Fruitas president and chief executive officer, said the company continues to innovate through its community stores and online channels amid the coronavirus disease 2019 (COVID-19) pandemic.
“The food service industry has been challenged throughout the year due to the extended restrictions imposed during the pandemic,” Mr. Yu said.
“In the last quarter of the year, we are optimistic on the upcoming holiday season, the lifting of mobility restrictions, the declining number of COVID-19 cases, and the progress of the country’s vaccination program,” he added.
On Monday, shares of Fruitas at the stock exchange declined 3.79% or five centavos to end at P1.27 per share. — Revin Mikhael D. Ochave