Fruitas incurs P16-M loss in ‘trying times’

FRUITAS HOLDINGS, Inc. recorded a P16-million net loss in the first quarter on the back of lower revenues, reversing its P15-million income a year ago, it said in a regulatory filing on Tuesday.

Its total revenues for the period went down by 30% to P261 million from P374 million in the same period in 2020.

“Sales contribution from additional community stores in the first quarter compensated for continued softness in the sales from kiosks in certain parts of the country,” the company said.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter dropped 73% to P15 million from P54 million previously.

As of March, Fruitas said the operational stores in its network numbered 810 before the reimplementation of stricter quarantine measures during the tailend of the quarter.

The company added that its network also includes community stores, which increased to 52 as of end-May from the 41 logged as of end-March.

“With the recently announced acquisition of certain assets of Balai Pandesal, Fruitas is targeting to have 120 stores in local communities, comprising 100 community stores carrying the Soy & Bean or Babot’s Farm brand and 20 Balai Pandesal bakeshops, by the end of 2021,” the company said.

On May 27, Fruitas announced that it was set to acquire the trademark, recipes, and some equipment and inventory of Balai Pandesal. The company aims to put up 100 Balai Pandesal stores in the near term as part of its plan to accelerate expansion into the bakery sector.

“In these trying times, we believe it is important to continue to invest in our future. As the economy reopens, we want to be well-positioned to take advantage of renewed consumer interest and we believe our efforts to grow and diversify our business will pay off,” Fruitas President and Chief Executive Officer Lester C. Yu said.

On Tuesday, shares of Fruitas at the stock exchange improved 0.69% or one centavo to end at P1.45 apiece. — Revin Mikhael D. Ochave