COCONUT products exporter Axelum Resources Corp. (Axelum) has reported a first-half net income of P208.2 million, reversing from a P126-million net loss last year as market conditions improved.
Sales rose by 14 percent to P3.2 billion from P2.8 billion, driven by growth in the white meat business, including desiccated coconut, coconut milk powder and sweetened coconut.
“We continue to build on our recovery momentum from the previous quarter,” Axelum President and Chief Operating Officer Henry Raperoga said.
“We are also seeing rising demand for our products in other key growth markets, particularly in Europe and Asia,” he added.
Gross profit climbed 49.8 percent from P490.3 million to P734.8 million, resulting in a gross margin of 23 percent against elevated input costs and lower average selling prices.
Earnings before interest, taxes, depreciation and amortization were recorded at P385 million, up 7 percent from P360 million.
“For the second half, we are aiming to outperform the first six months as we cater to the summer peak in the United States and year-end customer stocking requirements,” Raperoga said.
Axelum’s share price rose by 6 centavos to close at P2.04 apiece on Monday.
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