Coconut product manufacturer Axelum Resources Corp. almost doubled its profit in the first three quarters, with its revenues even surpassing last year’s figures.
In a filing to the local bourse Tuesday, the firm said its net income reached P636 million, an 88-percent surge from P339 million a year ago.
Its sales also reported significant gains, hitting P7.6 billion, on the back of strong volume growth and higher average selling prices across its major products.
Sales of the group’s white meat segment-composed of desiccated coconut, sweetened coconut and coconut milk/cream-also posted high double-digit growth.
‘We managed to outperform in spite of formidable headwinds particularly tight local supply and broader tariff-related impacts in our largest export base,’ said Henry Raperoga, Axelum president and chief operating officer.
‘From a long-term view, we are positive about our growth prospects as we continue to invest in building capacity and upgrading technology to meet rising demand,’ the official said.