MACAY HOLDINGS, Inc. recorded a P51.49-million net loss for the first quarter despite posting higher revenues, the listed company said in a stock exchange disclosure on Monday.

Its net loss for the quarter is more than double the P23.97-million losses it suffered in the same January-to-March period a year ago.

Revenues of Macay Holdings for the quarter increased 5.7% to P2.24 billion from P2.12 billion in 2020.

“This increase is mainly attributable to food concessionaire Artemisplus Express, Inc.’s (AEI) operations. Revenues from AEI’s operations amounted to P272.29 million,” the company said.

Macay Holdings said its cost of sales and services for the quarter amounted to P1.759 billion, down 0.3% from P1.765 billion last year.

“This was due mainly to lower volume of sales of ARC Refreshments Corp.,” the company said.

Meanwhile, Macay Holdings said its expenses for the period reached P533.53 million, 31.2% higher than the P406.58 million it had in 2020.

From the total, selling and marketing expenses amounted to P320.83 million while general and administrative expenses reached P212.70 million.

“The general and administrative expenses of the group increased significantly by 119.43% or P115.77 million. Out of the total increase in general and administrative expenses, P110.25 million was attributable to AEI’s operations,” the company said.

According to its website, Macay Holdings is an investment holding company that is the parent company of ARC, which has business interests in the bottling, distribution, marketing, and sales of RC Cola and other carbonated drinks such as Juicy Lemon and Fruit Soda Orange.

On Monday, shares of Macay Holdings at the stock exchange ended unchanged at P7.65 apiece. — Revin Mikhael D. Ochave