Fruitas Q1 bottom line down 207%

Food and beverage kiosk operator Fruitas Holdings Inc. on Tuesday reported a 207% year-on-year decline in its first-quarter bottom line, as the COVID-19 pandemic continued to impact business.

In an emailed statement, Fruitas reported a net loss of P16 million in the first three months of the year versus a net income of P15 million the same period in 2020.

The company had over 810 operational stores in March 2021, prior to the remiposition of the strictest restrictions under the enhanced community quarantine (ECQ) in the second half of the month.

"In these trying times, we believe it is important to continue to invest in our future," Fruitas president and chief executive officer Lester Yu said.

"As the economy reopens, we want to be well-positioned to take advantage of renewed consumer interest and we believe our efforts to grow and diversify our business will pay off," he added.

Revenues fell 30% to P261 million from last year's P374 million, while earnings before income tax, depreciation, and amortization slipped 73% to P15 million from P54 million.

The company said it continued to provide concessions on franchise fees to kiosk franchisees, and lease charges to third-party tenants in its two foodparks.

Fruitas ended 2020 with 1,000 stores across the country under its 25 brands— Fruitas Fresh from Babot's Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Frieds, The Mango Farm, 7,107 Halo Halo Islands, Tea Rex, Kuxina, SHOU La Mien Hand-Pulled Noodles, and Sabroso Lechon.

Shares in Fruitas closed Tuesday up by a centavo or 0.69% at P1.45 apiece from Monday's finish of P1.44.—AOL, GMA News