MANILA, Philippines — Balai Ni Fruitas Inc., businessman Lester Yu’s listed bakery chain, booked a 38-percent growth in earnings in the first three months of the year to P13.2 million, buoyed by stronger sales.
In a stock exchange filing on Tuesday, Balai, the bakery arm of Fruitas Holdings Inc., said revenues during the quarter reached P145 million, a 27-percent surge.
Earnings before interest, taxes, depreciation, and amortization swelled by 48 percent to P28.8 million.
“With the robust performance we have achieved in the first quarter of 2024, we continue to strengthen our position in the market,” Yu, Balai president and CEO, said in a statement.
READ: Balai Ni Fruitas ripe for further growth
Balai, which also operates Balai Pandesal, saw its gross profit expand by 30 percent to P74 million.
Gross profit margin was at 51 percent versus 50 percent in the first quarter of last year.
Balai currently has 121 stores spanning different brands nationwide.
The company completed its acquisition of legacy cake brand Sugarhouse on May 7 to further broaden its product portfolio.
READ: Balai Ni Fruitas acquires Sugarhouse
“As we continue to implement our strategic initiatives in the coming quarters, Balai remains poised to sustain its growth,” Yu said.
Sugarhouse currently has two branches in the Philippines, both in Metro Manila. Balai plans to boost its online presence through Balai Pandesal’s e-commerce platform, and later offer Sugarhouse products in the stores of other brands, such as noodle house Ling Nam.
Yu previously said they wanted to launch the 40-year-old cake maker in Cebu City by next year.