Fruitas swings to profit despite no seasonal uptick
FRUITAS Holdings, Inc. reported on Monday that its first-quarter earnings reached P6 million, improving from a net loss of P16 million in the same period the year before.
Net sales were up by 26% to P330 million from P261 million in 2021.
“This was achieved despite the lack of seasonal uptick from the Christmas season, including lechon sales, in the first quarter of 2022 and the Level 3 restrictions imposed in January 2022,” the company said in a disclosure.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also improved to P53 million from P15 million.
In 2021, the company trimmed its net loss to P16 million from a loss of P48 million in 2020.
In February, the registration statement for the initial public offering (IPO) of Balai ni Fruitas, Inc., a wholly owned subsidiary of Fruitas, was formally received by Securities and Exchange Commission (SEC).
It is targeting to list on the small, medium and emerging board of the Philippine Stock Exchange (PSE), subject to compliance with SEC and PSE requirements.
“We are fully committed to deliver value to our shareholders by improving operations and profitability. The potential IPO of Balai ni Fruitas will be an important exercise for us, which we expect to complete in first half of 2022,” Fruitas President and Chief Executive Lester C. Yu said.
At the stock exchange on Monday, Fruitas shares closed higher by 0.91% or P0.01 at P1.11 apiece. — Luisa Maria Jacinta C. Jocson
