By The Financial District
Axelum Earns ₱244-M
Axelum Resources Corp. (PSE: AXLM), the country’s leading fully-integrated manufacturer, exporter, and retailer of globally in-demand consumer food essentials, primarily best-in-class premium coconut products, disclosed to the Philippine Stock Exchange its financial and operating results for the first quarter of 2023.
Photo Insert: The coconut water segment remains strong, posting 27% revenue growth year-on-year, supported by a robust growth outlook for the rest of 2023.
For the period, Axelum generated sales of ₱1.36 billion, leading to a gross profit of ₱244.6 million. The coconut water segment remains strong, posting 27% revenue growth year-on-year, supported by a robust growth outlook for the rest of 2023.
Axelum experienced softer demand for desiccated coconut, as key customers slowed down production due to higher-than-usual inventory. Food manufacturers beefed up inventory when shipping costs tempered late last year while pushing back initially scheduled orders for Q1 2023 to subsequent quarters.
As a result, Axelum’s order pipeline is busy, particularly for desiccated coconut in the second half of the year.
Axelum believes that weaker performance in Q1 2023 is a legacy of the pandemic-induced shipping crisis that impacted global supply chains. Excluding foreign exchange adjustments, which include valuations of dollar-denominated assets, core net loss stood at ₱39.6 million.
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