Fruitas Holdings Inc., a leading food and beverage kiosk operator, said Tuesday net income reached P43.3 million in the first nine months, a reversal of the P16.4-million net loss it incurred in the same period last year on double-digit growth in sales.
Fruitas said in a disclosure to the stock exchange nine-month revenues grew 62.7 percent year-on-year to P1.25 billion from P772 million despite higher raw material prices.
It said that aside from raising prices, it continued to expand its supplier base and improve raw material sourcing to manage the raw material price hikes.
“We are seeing significantly improved results as the economy continues to recover from the pandemic. While we currently face the challenge of high inflation, we are committed to continue delivering value to our shareholders,” Fruitas president and chief executive Lester Yu said.
Net income in the third quarter totaled P14 million, a turnaround from a net loss of P8 million in the same quarter a year ago.
Third-quarter revenues nearly doubled to P469 million.
Yu said the company continued to pursue new product offerings and expand distribution channels to reach more customers.
Fruitas was operating about 750 stores as of end-October, after adding about 30 stores in the last three months.
“Fruitas is further ramping up expansion with about 50 stores to be opened in the next few months,” Yu said.