Balai ni Fruitas' H1 profits soar 68%

MANILA, Philippines — Earnings of Balai ni Fruitas Inc. posted double digit growth in the first half as its expansion plans pay off.

In a regulatory filing on Wednesday, the unit of listed kiosk operator Fruitas Holdings Inc. said its net income jumped 68% year-on-year to P25 million in the January to June period.

Financial results showed Balai’s six-month topline jumped 72% year-on-year to P249 million.

The company’s EBITDA, another gauge of financial performance, hit 46 million in the first half, higher than P29 million recorded in the same period last year.

“The company's greatly improved financial performance has been facilitated by the expansion of Balai Pandesal and the seasonally strong demand for the products of the company’s other brands,” Balai said.

Balai said it added 17 new stores during the first half, bringing its total number of stores to 115.

As of June this year, there were 64 Balai Pandesal outlets with the balance comprising Buko ni Fruitas and Fruitas House of Desserts outlets.

Through the network of FRUIT, customers can find Balai Pandesal items in over 20 additional community stores.

Shares in Balai finished Wednesday’s trading up 3.77%.