Fruitas Holdings, Inc. (FRUIT) registered a net loss of P16 million in the first quarter of 2021, in line with the fourth quarter 2020 level, but a reversal from a net profit of P15 million in the first quarter last year.
In a disclosure to the Philippine Stock Exchange, the firm noted that it maintained its sales momentum in the first quarter of 2021.
Net sales, comprising sales of company-owned kiosks and stores and commissary sales to franchisees, for the first three months of 2021 increased by 1 percent to P259 million compared to P256 million in the fourth quarter of 2020.
This was achieved despite the lack of seasonal uptick from the Christmas season, including lechon sales, in the first quarter of 2021.
Sales contribution from additional community stores in the first quarter of 2021 compensated for continued softness in the sales from kiosks in certain parts of the country.
In light of the ongoing pandemic, FRUIT continued to provide some concessions on franchise fees charged to kiosk franchisees and lease charges to third-party tenants in its two foodparks.
As such, total revenues was marginally down by 1 percent to P261 million in the first quarter of 2021 from P263 million in the last quarter of 2020 and 30 percent lower than the P374 million in the same quarter of 2020.
Fruitas said this is a significant improvement from the 54 percent revenue decline for the full year of 2020 compared to 2019.
“In these trying times, we believe it is important to continue to invest in our future. As the economy re-opens, 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,” said Fruitas President and CEO Lester Yu.
FRUIT had more than 810 operational stores in its network in March 2021 prior to the re-imposition of stricter movement restrictions in the second half of March 2021.
Its network included 41 community stores as of March 31, 2021, which has grown to 52 as of May 31, 2021.
With the recently announced acquisition of certain assets of Balai Pandesal, FRUIT 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.