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Manila Bulletin devider Business devider MRSGI posts P85M loss in H1

MRSGI posts P85M loss in H1

Published Aug 18, 2020 04:43 pm

Cebu-based retailer Metro Retail Stores Group, Inc. (MRSGI) reported a net loss of P84.7 million for the first half of 2020, a 77.5 percent fall from the P376 million profit earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said “The reversal in bottom line was driven mainly by an 8.4 percent decrease in revenue due to the disruption in operations caused by the COVID-19 outbreak, as well as the changes brought about by new accounting standards on leases.”

“Without the additional charges arising from PFRS-16, the bottom line would have amounted to a profit of P41.9 million. EBITDA (earnings before interest, taxes, and depreciation & amortization) for the first half amounted to P1.025 billion,” MRSGI noted.

For the six-month period ending June 30, 2020, the company registered sales of P15.23 billion, a decrease of 8.2 percent compared to P16.60 billion for the same period in the previous year despite the opening of two new supermarket stores the second half of 2019.

 Pandemic-related closures of department stores and reduced customer traffic resulted in a 46.5 percent drop in total general merchandise sales, said MRSGI President and Chief Operating Officer Manuel C. Alberto.

He noted though the increase in food retail business, which is up by 11.3 percent, “due to buoyed up demand and sustained supermarket operations.”

Blended same stores sales contracted by 13.6 percent from last year, indicative of the nationwide contraction in consumption expenditures for the second quarter. Metro thus trimmed its operating expenses by 8.9 percent.

To better serve its customers during the period of limited mobility, MRSGI served its customers through its e-commerce and mobile commerce services. This service has been launched in selected stores, and will be rolled out to the entire network in the coming months.

Metro counts on a stronger digital presence, solid supermarket sales and a robust liquidity position to enhance its performance in the post-COVID era. “With the company’s efforts to explore opportunities to continuously innovate and remain flexible to the needs of our consumers, we remain optimistic that MRSGI will overcome challenges and gain business momentum.“ Alberto said.(

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