Food and beverage firm Fruitas Holdings, Inc. (FRUIT) reported that it has returned to profitability in the second quarter of 2021 as it registered a net income of P7 million versus a net loss of P27 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said revenue further increased to P263 million in the second quarter of 2021 from P261 million in the first quarter this year and P88 million in the second quarter of 2020.

Sales contribution from community stores in the second quarter of 2021 already reached 15 percent—in line with continued network expansion even as certain kiosks remained temporarily closed.

FRUIT’s network included 67 community stores as of June 30, 2021, which has grown to 80 as of August 15, 2021. This includes franchised Balai Pandesal stores, which came with the acquisition in June 2021, and new Balai Pandesal stores which were subsequently opened.

“As we record our first quarterly net income since the pandemic, we will continue to ‘quarantine-proof’ our business,” said Fruitas Holdings President and Chief Executive Officer Lester Yu.

He added that, “Our community stores remained resilient and have been instrumental in our push to generate more demand for our products online.”

Yu also noted that, “Our wider network now allows easier access to and faster delivery of Fruitas products. It also makes us an attractive partner for other companies which want to target the same consumer base.”

For the first half of 2021, revenue reached P524 million, 13 percent higher than the P462 million generated in the same period last year, but still 44 percent lower than the P941 million in first half of 2019.

Despite the significant drop in total revenue versus pre-pandemic levels of 2019, FRUIT said its average daily sales per store has already recovered to about 70 percent of pre-pandemic level.

Positive contribution from the second quarter of 2021 allowed FRUIT to reduce net loss for the first half of 2021 to P9 million from losses of P12 million in the first semester of 2020.

FRUIT’s results were also boosted by recognition of fair value gain on investment property that it acquired last year, on which it utilized part of its IPO proceeds.