METRO Retail Stores Group, Inc. trimmed its second-quarter net loss to P55.47 million from P92.64 million in the same period last year as revenues increased.
In a regulatory filing on Monday, the listed retailer reported a 2.7% rise in revenues to P6.93 billion from P6.75 billion year on year.
For the six-month period, the company’s net loss grew by 114.8% to P181.95 million from last year’s P84.66 million.
Revenues amounted to P13.88 billion, 9.4% lower than the P15.32 billion posted in the first six months of 2020.
The company’s supermarket and department store operations were temporarily closed due to the restrictions imposed amid the coronavirus disease 2019 (COVID-19) pandemic.
When these “gradually reopened,” the company said it still faced constraints on customer traffic as community quarantine measures were being implemented.
“Consumers prioritized the purchase of essential goods in general,” it added.
Metro Retail Store’s net sales for the period was lower by 9.4% at P13.80 billion from P15.23 billion year on year. The company’s food retail business went down by 11.3% as its general merchandise segment also inched down by 1.7%.
The company said its blended same store sales declined by 13.9% compared with the same period last year.
Meanwhile, its rental income for the first six months amounted to P80.43 million, 0.6% lower than P80.89 million year on year due to the temporary closure of nonessential tenants and the rental concessions granted to those that continued to operate.
On Monday, shares of Metro Retail Stores Group declined by 2.31 or three centavos to close at P1.27 each. — Keren Concepcion G. Valmonte