Fruitas Q1 Profits Rise 41%

Fruitas Holdings Inc. (FHI) grew first quarter net profits by 41% to ₱14.6 million from ₱10.3 million in the same period in 2019.

Lester Yu, Fruitas president and chief executive officer made the following statement on Tuesday, “We experienced strong sales growth in the first quarter of 2020, although it was cut short by the quarantine. However, the cost containment measures we had earlier implemented, as well as our flexible cost structure, allowed us to cut costs to deliver higher net income in the first quarter of 2020 compared to 2019.”

The good news comes along an economically difficult time, as the company reports a 12% loss in revenue from ₱422.9 million to ₱374.1 million, resulting in gross profit down 9% from ₱245.2 million to ₱224.3 million.

Yu added that “the second quarter has been more difficult for us, but we look forward to reopening more stores, so the combined strength of our traditional channels and new revenue streams from delivery and partnerships can provide even better returns for our shareholders.”