Robinsons Retail Holdings Inc. on Thursday reported net income in the first half falling 34 percent to P1.79 billion from last year’s P2.73 billion.
It attributed the reduction to foreign exchange losses and to the equitized losses of its associates.
The interest expense from financing the acquisition of Bank of the Philippine Islands shares earlier this year was fully offset by dividend income from the BPI shares, the company said.
Net sales for the period grew 10 percent to P90.97 billion from the previous year’s P82.36 billion.
“We are encouraged by our first half results as we were able to grow despite the high base last year. We owe this to our expanding multi-format retail portfolio that continues to offer relevant products and services to consumers. 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,” Robina Gokongwei-Pe, president and CEO, said.
In the second quarter alone, attributable income fell 19 percent to P1.26 billion from last year’s P1.55 billion.
Net sales grew 8 percent to P46.38 billion from P42.94 billion. In the first half, the business reported steady store sales growth of 6.3 percent.
Its supermarkets, drugstores and department store segments continued to post double-digit revenue growth owing to sustained demand from the broad middle market.
Core net earnings for the period totaled P2.4 billion, 10 percent higher year-on-year that made up for the forex adjustment, interest income from bonds, equity earnings from associates, financing interest expense related to the BPI acquisition, BPI cash dividends, and others.
