Metro Retail Stores Group, Inc. reported a 6% decline in net profit at P90 million for the first quarter of 2018, a result of a fire that hit Ayala Center Cebu in January which lasted more than two days.
The listed company’s net sales also dropped 12.0% at P6.968 billion, from P7.92 billion in the same period the previous year, according to a quarterly report submitted to regulators.
“While we have encountered difficulties as the year opened, we are committed to rebuilding and recovering, maximizing the opportunities brought about by the booming retail industry,” Metro Retail Chairman and Chief Executive Officer Frank S. Gaisano was quoted in a separate statement as saying.
But the company said it is working on rebuilding the ravaged parts of its properties. Its first phase is the opening of a 900-square meter Metro Supermarket in the city’s central business district.
“We remain focused on our plans on sales and margin improvement efficiencies, and we are seeing encouraging results in our retail sales as we continue to strengthen our wholesale business,” Metro Retail President and Chief Operating Officer Arthur Emmanuel was quoted as saying. — Denise A. Valdez