Fruitas suffers P48-M net loss in 2020
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Food and beverage kiosk chain operator Fruitas Holdings Inc. sustained a financial beating in 2020, a challenging year for most businesses due to the COVID-19 pandemic.
In a disclosure to the Philippine Stock Exchange on Thursday, Fruitas reported a full-year net loss of P48 million in 2020 on the back of 54% decline in revenues.
The company’s consolidated revenues stood at P892 million, down 54% from P1.945 billion in 2020.
“[Year] 2020 was a challenging year of personal hardship for all Filipinos. In business, the food service sector was significantly affected. Like many others in support of our employees and our nation’s economy, we adapted quickly by expanding service channels and adding products,” said Lester Yu, Fruitas president and chief executive officer.
“Our customers were able to benefit from our in-house delivery service. We invested in building a community store network. Our Soy & Bean products, premium dairy-based ice cream and premium soy-based ice cream have become an integral part of our product suite. These initiatives will contribute to our recovery this year and strong growth in the coming years,” Yu said.
Nonetheless, the company said it saw a recovery in the fourth quarter of 2020 as its consolidated revenues in the last three months of last year increased by 53% to P263 million from P167 million in the third quarter.
As of end-2020, Fruitas said it reopened 819 stores.
More than 150 stores remain temporarily closed largely on the initiation of the lessors such those located in certain schools, office buildings, food courts and near cinemas.
The company said it is prepared to reopen stores as restrictions are lifted. — RSJ, GMA News
This article Fruitas suffers P48-M net loss in 2020 was originally published in GMA News Online.