Fruitas net income rebounds to P14m in Q3 2022
This is a reversal of the P8m net loss last year.
Fruitas Holdings logged a P14m net income in the third quarter of 2022, reversing the P8m net loss in the same period last year.
In a statement, the company said its revenue rose 89% year-on-year (YoY) to P469m, despite the period being the usually-weakest quarter based on sales performance. This is also a 2.5% quarter-on-quarter increase.
For the first nine months of the year, its net income reached P43m, also rebounding from a P16m net loss in the same period in 2021. Its net come rose 62.7% to around P1.3b.
“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,” said Fruitas President and CEO Lester Yu.
“We also continue to pursue new product offerings and to expand our distribution channels to be easily accessed by our valued customers,” he added.
The company has around 750 stores as of 30 October. It is planning to add around 50 stores in the next few months.