EARNINGS of Metro Retail Stores Group, Inc. (MRSGI) surged by 54% in the second quarter of 2019, thanks to the opening of new stores and the re-opening of its flagship store in Cebu following a fire last year.
In a regulatory filing, the Cebu-based supermarket operator said net income reached P390.72 million in the three months ending June, against P254.19 million in the same period a year ago. This followed an 11% increase in revenues to P8.93 billion.
MRSGI’s net income then jumped 57% to P539.48 million in the first half, after an 11% uptick in revenues to P16.72 billion.
The listed firm attributed the positive performance to same-store sales growth of 3%. It also recognized P372 million in insurance claims and reimbursement of losses from its Cebu store razed by a fire last year.
The company also benefited from higher rental fees due to “escalation clauses in our existing lease agreements.”
The company currently has 56 operating stores, and has started construction for a new one in Bacolod, Negros Occidental. Its network covers key cities in Central and South Luzon, as well as Central, Western, and Eastern Visayas.
Shares in MRSGI were up 5.26% or 13 centavos to close at P2.60 each. — Arra B. Francia
