Robinsons Retail records 19% fall in Q2 income
ROBINSONS Retail Holdings, Inc. saw a 19% decline in attributable net income for the second quarter, amounting to P1.26 billion compared to P1.56 billion the previous year, despite higher revenues.
In a regulatory filing on Thursday, the company’s top line during the quarter increased by 8% to P46.39 billion from P42.94 billion.
The company’s first-half attributable net income also dropped by 34.3% to P1.8 billion from P2.74 billion the prior year due to higher forex losses and equitized losses from associates.
“The interest expense from the acquisition financing of the Bank of the Philippine Islands (BPI) shares which were acquired earlier this year was fully offset by the dividend income from the BPI shares,” the company said.
Its sales for the six-month period rose by 10.5% to P90.98 billion from P82.37 billion the previous year.
“Topline sales were supported by blended same store sales growth (SSSG) of 6.3% and contributions from newly opened stores,” the company said.
It added that its supermarkets, drugstores, and department store segments continued to post double-digit revenue growth “owing to sustained demand from the broad middle market.”
“As we navigate the evolving economic landscape, we remain committed to prudent financial management, strategic decision-making, and sustainability in order to capitalize on opportunities to drive success and create shared value for our customers and stakeholders,” Robinsons Retail President Robina Gokongwei-Pe said.
On Thursday, shares for RRHI slipped by 0.8% to P55.55 apiece. — Adrian H. Halili
