Fruitas Holdings, Inc. (FRUIT) managed to halve its net loss to P16 million in the first nine months of 2021 from the net loss of P32 million incurred in the same period last year despite the challenging situation.

In a disclosure to the Philippine Stock Exchange, the firm said it continued to introduce new product offerings and rationalize its operations, including permanent closure of unprofitable kiosks.

Fruitas reported that revenues rose 23 percent to P772 million in the first nine months of 2021. “While revenue has not reverted to pre-pandemic level, FRUIT continues to improve its efficiency and control its expenses,” it said.

Monthly revenue contribution from community stores already reached 20 percent. FRUIT 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 November 15, 2021.

The group has already exceeded the initial target of 100 community stores by end-2021.

“The foodservice industry has been challenged throughout the year due to the extended restrictions imposed during the pandemic,” said Fruitas President Lester Yu.

He noted that, “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. We continue to innovate our business through our community stores and online channels.”