Metro Retail Stores Group Inc. said it registered a net income of P401 million in the first half, up 53 percent from P262 million in the same period last year, as revenues grew faster than expenses.
Metro Retail said in a financial statement with the Philippine Stock Exchange the six-month net sales rose 3.3 percent to P16.4 billion from P15.9 billion in the same period last year, boosted by the opening of three new stores.
Metro Retail said in the second quarter alone, net profit surged 45.9 percent to P305.19 million, as net sales increased 2.2 percent to P8.52 billion. The company had a total of 52 stores as of June 30.
Same-store sales growth was 1 percent in the first half, slower than the 5-percent increase in 2016.
Rental income increased 7.8 percent to P149.4 million in the first half, also due to the opening of three stores, which led to an increase in net leasable space. Share price of Metro Retail rose 3.9 percent to P4 Wednesday.