Published May 24, 2021, 3:33 PM Coconut products exporter Axelum Resources Corporation reported a 21 percent growth in net income to P146 million in the first quarter of 2021 from the P121 million earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said sales rose 22 percent to P1.47 billion driven by the strong performance across all core product segments. In terms of volume, desiccated coconut grew 19 percent while sweetened coconut, coconut milk powder and coconut water, increased 19 percent, 15 percent and 10 percent, respectively. Recently, Axelum was granted a fresh four-year tax holiday for its new agglomerated spray-dryer which started commercial production in April 2021. This is set to double production capacity of its lucrative coconut milk powder business.