BALAI ni Fruitas Inc., listed on the Philippine Stock Exchange under the symbol "BALAI" and a leading Philippine counter service bakery operator, maintained its sales momentum in the first quarter of 2023 by registering P114 million of revenue, 88 percent higher than the revenue in the same period in 2022. Net income for 1Q2023 was P9.6 million, a 62 percent increase from P6 million in 1Q2022.
Despite the lack of a seasonal upswing from the Christmas holidays, revenue performance in the first quarter of 2023 was 7 percent higher than in the last quarter of 2022. Balai's expansion of its retail network from 98 as of the end of 2022 to 110 as of the end of the 1Q2023, together with continued same-store sales growth, helped Balai achieve higher sales quarter-over-quarter. Balai continues to expand its physical community store locations, promote its delivery channels, and partner with other food retailers to further broaden its distribution channels. Balai's baked goods are also made available through the store network of the Fruitas group, such as Soy and Bean and Babot's Farm, apart from Balai Pandesal outlets.
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