Axelum swings back to profitability

Tycoon Manuel Pangilinan-backed coconut product maker Axelum Resources Corp. swung back to profitability in the first nine months of the year as demand from its export markets drove growth.

Axelum said in a statement on Thursday that it had booked P339 million in net income in the January to September period, a turnaround from a net loss of P428 million last year.

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Sales surged by 20 percent to P5.1 billion on the back of volume growth in its core product segments such as desiccated coconut, coconut water and coconut milk powder. Combined, these accounted for 75 percent of total revenues.

“Rising demand in key export markets continue to fuel our growth momentum,” Axelum president and chief operating officer Henry Raperoga said, adding that they were banking on more optimistic macroeconomic indicators to continue the profit boost.

Axelum’s major investors include Pangilinan’s Metro Pacific Agro Ventures Inc., which acquired a 34.76-percent stake for more than P5 billion last year.

In April, Axelum renewed its multiyear supply deal with international coconut water brand Vita Coco as both companies placed their bets on global demand growth to drive profits. INQ