Robinsons profit up 15%

MANILA, Philippines—Robinsons Retail Holdings Inc. of the Gokongwei group on Thursday reported that its core profit in the first quarter rose 15.2 percent to P530 million as more stores opened.

Including equitized earnings of Robinsons Bank, which posted trading losses during the period, Robinsons Retail’s net income was 2.4 percent higher at P643 million, the company said in a regulatory filing.

The company’s core earnings were driven by a 16.1-percent increase in total sales to P17.4 billion.

Robinsons Retail added 222 stores to its network, now totaling 1,145 outlets. It represented an 18.8-percent increase in gross floor area to approximately 800,000 square meters.

The company said that operating profit was higher at 15.2 percent to P758 million, but it noted a margin decline to 4.3 percent from 4.4 percent due to carry-over “one-off expenses” brought on by Super Typhoon Yolanda last year.

It also cited higher freight costs arising from the truck ban imposed by the City of Manila.