RRHI core earnings up 4.3% in H1
The first-semester net income of Robinsons Retail Holdings Inc. (RRHI) dove by 67 percent to P2.25 billion due to a one-time gain associated with the merger of Robinsons Bank with Bank of the Philippine Islands last year.
Excluding this, RRHI’s core earnings rose by 4.3 percent to P2.76 billion, driven by its food, drugstore and department store units, the Gokongwei-led company said in a regulatory filing on Tuesday.
Its top line ended 5.1 percent higher at P98.48 billion as slower inflation boosted consumers’ spending power.
Spending related to election and school opening also allowed RRHI to exceed its full-year sales target, according to company president and CEO Stanley Co.
“We intend to build on this momentum by further expanding our store network and driving operational efficiencies in the coming months,” Co said in their disclosure.
Operating income likewise grew by 5.2 percent to P4.3 billion during the period, thanks to “prudent cost management,” along with improved inventory management, RRHI noted.
The company ended the first half with 2,471 stores and 2,116 franchised stores of The Generics Pharmacy.
Apart from its portfolio of food, drugstores, specialty and department stores, RRHI is also entering the motorcycle retailing segment.
On Monday, RRHI announced that its subsidiary, Robinsons Supermarket Corp., had acquired Premiumbikes Corp. from tycoon Lance Gokongwei for P146.47 million.
While this is still subject to the approval of the Philippine Competition Commission, RRHI said its takeover would help diversify its revenue stream and allow it to enter a “growing and profitable” business.
Premiumbikes is the local distributor of Yamaha, Honda and Suzuki motorcycles, among other brands.
