Metro Retail profit down on higher expenses 

METRO Retail Stores Group, Inc. recorded a third-quarter net income of P117.7 million, lower by 35.3% than the P181.8 million profit last year due to higher expenses.

The company recorded a three-month top line of P9.64 billion, 4.8% higher than the P9.2 billion posted in the same period last year.

Metro Retail saw its gross expense climb 5.5% to P9.41 billion from P8.92 billion a year earlier.

For nine months to September, the company recorded a net income of P254.6 million, down by 36.5% from the P400.7 million last year on higher operating expenses.

The company reported 0.19% higher revenues to P26.77 billion from P26.72 billion a year ago.

“Our last three quarterly results showed an improving trend quarter on quarter. Before the year concludes, we anticipate a lift in our performance as the holiday season draws in more robust consumer spending,” Metro Retail President and Chief Operating Officer Manuel C. Alberto said in a media release on Tuesday.

At the local bourse on Tuesday, shares in the company closed unchanged at P1.21 each. — Ashley Erika O. Jose