Axelum Resources Corp., an exporter of premium coconut products, returned to profitability as it posted a net income of P106 million in the first quarter of 2024, a reversal from the P69.23-million net loss it incurred in the same period last year.
Axelum said in a disclosure to the stock exchange Monday its first-quarter sales reached P1.6 billion, up 16 percent from the same period last year, driven by the double-digit volume growth across core product segments including desiccated coconut, coconut water and sweetened coconut.
Gross profit reached P392 million, up by 60 percent from the first quarter 2023, on increased contribution of high-margin products.
“The results are within expectations of us resuming our growth trajectory this year,” said Axelum president and chief operating officer Henry Raperoga.