Food and beverage kiosk operator Fruitas Holdings Inc. said it incurred a net loss of P48 million in 2020 from the previous year’s income of P121.52 million as its revenues were cut in half.
Revenues fell 54 percent to P892 million for the full year from P1.94 billion in the previous year.
For the fourth quarter alone, revenues reached P263 million, which was higher than the previous quarter’s figure but was also down by more than half compared with 2019 figures due to continued mobility restrictions.
It also booked a fourth quarter loss of P11 million. The company said it also booked a non-recurring allowance for doubtful accounts on its receivables of P5 million in the fourth quarter due to the uncertainties affecting some franchisees in the current environment.
“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. Our customers were able to benefit from our in-house delivery service. We invested in building a community store network.
These initiatives will contribute to our recovery this year and strong growth in the coming years,” Lester Yu, the company’s president and CEO, said.
As of end-2020, the company re-opened 819 stores. More than 150 stores remained temporarily closed largely on the initiation of the lessors, including those located in certain schools, office buildings, food courts and near cinemas. The company said it will re-open these stores as restrictions are lifted.
The company also has opened 30 community stores, under the Babot’s Farm and Soy and Bean brands by the end of 2020. By April, it targets to have 50 of these stores by the end of April. Community stores are now contributing approximately 10 percent of revenues, which will further expand. The company is on track to increase the number of its community stores to 100 this year.
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