Fruitas Holdings incurs loss due to Covid lockdown

Fruitas Holdings, Inc. registered a net loss of P16 million (€270,000) in the first quarter of 2021, in line with the fourth quarter 2020 level, but a reversal from a net profit of P15 million (€255,000) in the first quarter last year. The firm has noted that it maintained its sales momentum in the first quarter of 2021.

Net sales, comprising sales of company-owned kiosks and stores and commissary sales to franchisees, for the first three months of 2021 increased by 1 percent to P259 million compared to P256 million in the fourth quarter of 2020. This was achieved despite the lack of seasonal uptick from the Christmas season, including lechon sales, in the first quarter of 2021.

Sales contribution from additional community stores in the first quarter of 2021 compensated for continued softness in the sales from kiosks in certain parts of the country.

In light of the ongoing pandemic, Fruitas continued to provide some concessions on franchise fees charged to kiosk franchisees and lease charges to third-party tenants in its two food parks. As such, total revenues was marginally down by 1 percent to P261 million in the first quarter of 2021 from P263 million in the last quarter of 2020 and 30 percent lower than the P374 million in the same quarter of 2020.

According to¸ Fruitas said this is a significant improvement from the 54 percent revenue decline for the full year of 2020 compared to 2019.

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