FRUITAS Holdings, Inc. recorded net losses of P48 million last year as a result of the lower consolidated sales resulting from temporary shutdown of some of their stores in the context of the 2019 coronavirus pandemic (COVID-19).

The listed food and drink kiosk operator announced Thursday in a stock exchange release that combined sales fell from P1.95 billion earlier last year by 54 per cent to P892 million in 2020.

In 2019, the net loss of last year is the reverse of the net revenue of P122 million.

“2020 was a difficult year for all Philippines with personal difficulties. In the company there was a major impact on the food service market. Like several others we were able to respond rapidly by widening service networks to serve our workers and to help our nation’s economy,” said Lester C. Yu, Chief Executive Officer of Fruitas.

Fruitas recorded a net loss of P11 million in the fourth quarter of 2020, which was less than the net loss of P19 million in the last quarter.

Its October–December combined sales amounted to P263 million and its revenues before interest, excise, depreciation and amortization (EBITDA) were up by 58 percent, up from P167 million in the third quarter, while earnings were down by P19 million.

Operating costs of the Business grew 39 percent to P139 million in the fourth quarter as opposed to the previous quarter’s P100 million.

The company’s good capacity to raise earnings as the turnover rose significantly, “However, the rise in operational costs was far below the comparative 58 percent increase in sales,” he added.

Fruitas said it reopened 819 stores by the end of 2020, noting that more than 150 stores will be operated after the quarantine limits have been removed. These shops have been closed as started by the teachers, many in classrooms, office complexes, food courts and in the vicinity of movie theaters.

Thirty neighborhood stores were also launched at the end of 2020 under its labels Babot Farm and Soy & Bean, and 50 stores are scheduled to build by the end of April this year.

“Community stores already contribute over 10% to sales, which is going to further increase, as previously divulged. Fruitas is on the path to raising the number of its local shops to 100 by 2021.”

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