Supermarket chain operator Puregold Price Club Inc. said Wednesday consolidated net income amounted to P8.18 billion in 2021, up 1.4 percent from P8.07 billion in 2020 despite lower sales.
Puregold said in a disclosure to the stock exchange the 2021 net income was also 20.7-percent higher than the pre-pandemic 2019 consolidated net income of P6.77 billion.
It said the implementation of the reduced corporate income tax under the under the Corporate Recovery and Tax Incentives for Enterprises law contributed the company’s higher profit in 2021.
Net sales in 2021 went down by 2.7 percent to P163.12 billion. The company attributed this to the decline in customer visits as the government implemented strict health protocols last year to curb the spread of the COVID-19 virus.
“Also, the same base sales were also higher than usual in 2020, particularly in the first quarter, with people buying in panic due to the looming lockdown brought about the pandemic,” Puregold said.
