Food kiosk operator Fruitas Holdings Inc. returned to profitability with a net income of P6.4 million in the first quarter of the year, reversing a net loss of P16 million in the same period last year, as easing mobility restrictions resulted in double-digit growth in sales.
Fruitas said in a disclosure to the stock exchange Monday first quarter revenues rose 26.4 percent to P330.4 million from P261.3 million in the first quarter of 2020. The increase was driven by the opening and re-opening of store operations and stronger performances of the outlets.
The company as of end March 2022 had about 700 stores in its network. It added about 10 stores in 2022 as of May 23, 2022.
Cost of sales also climbed 21.6 percent year-on-year to P2.7 million, mainly due to the rise in revenues. Despite the increase in cost of sales, the company said it was still able to improve its gross profit margin, which registered at 62.2-percent increase in the first three months of 2022 from a 60.7-percent rise in the same period in 2021.