Metro Retail Stores Group Inc. reported a net income of P400.7 million in the first nine months, a reversal of the P306.4-million net loss it incurred in the same period last year on the back of pent-up domestic demand and full economic reopening.
MRSGI said in a disclosure to the stock exchange Friday nine-month revenues went up by 24.8 percent to P26.7 billion from P21.4 billion in 2021 despite the global headwinds such as soaring inflation, rising interest rates and weakening peso,
Third-quarter net income hit P181.7 million, a turnaround from a net loss of P124.5 million a year ago. Net sales posted a 21.5-percent increase to P9.1 billion as store traffic continued to pick up.
“The sustained strong performance of Metro Retail supports our aim to achieve full recovery in 2022 and lay the foundation for sustainable growth in the coming years,” MRSGI president and chief operating officer Manuel Alberto said.
The company said that with the recovery in discretionary spending of consumers, its general merchandise business improved over the nine-month period by 58.6 percent from the same months last year, while food retail increased 15.9 percent. Jenniffer B. Austria