Higher costs dragged Axelum Resources Corp.’s net income by 47 percent to P202.94 million in the first semester from P385.76 million last year. Its revenues slipped by 9 percent to P2.39 billion from P2.61 billion year-on-year. The listed coconut product manufacturer and exporter said in a disclosure on Thursday that demand remained strong in the period, but quarantine measures reduced their access to coconuts. Despite this, the company said it remained on track to meet its volume commitment of at least 25 million liters of coconut water for 2020 and expected its business to improve in the second half onward. Axelum’s shares inched up by 2 centavos or 0.85 percent to finish at P2.37 each on Thursday.

Source: Manila Times August 13, 2020 16:48 UTC