MANILA — Continued reopening of the economy helped boost Robinsons Retail Holdings’ net income in the third quarter of the year to PHP1.85 billion, up 64 percent year-on-year.
In a report to the Philippine Stock Exchange (PSE) on Wednesday, the listed firm said net income attributable to equity holders of the parent company rose by 60.8 percent to PHP1.67 billion from year-ago’s PHP1.04 billion.
Net income as of end-September this year increased by 66.1 percent to PHP4.81 billion while net income attributable to equity holders of the parent company rose by 62.7 percent to PHP4.41 billion.
Core net earnings from July to September this year jumped by 91.4 percent to PHP1.45 billion, while the end-September level rose by 72.6 percent to PHP3.53 billion.
The company said net sales rose by 19.3 percent to PHP44.7 billion in the third quarter alone with the 15.1-percent expansion in same store sales growth (SSSG) due to the resumption of face-to-face classes and work as well as increased travel and tourism.
The government has given the go-signal for the return of face-to-face classes starting in the kindergarten level for school year 2022-2023. It was initially implemented on a partial basis but full face-to-face classes, at least for public schools, are mandated starting Nov. 2.
Robinsons Retail Holdings Inc. president and chief executive officer (CEO) Robina Gokongwei Pe said their third quarter performance “validates our view that the retail climate in the Philippines remains healthy notwithstanding rising inflation.”
She said “sustained reopening trends have translated to higher volumes and operating leverage.”
“We continue to invest in our multi-format categories — be it in the offline channels — as we remain steadfast in our commitment to provide quality products and services,” she added. (PNA)
