Inquirer
Robinsons Retail Q1 net jumps 45%
RRHI's net profit surged by 45% to P923 million in the first quarter, primarily due to panic-buying at its supermarkets during the enhanced community quarantine (ECQ) in Luzon.
The company's earnings were also boosted by a 40-basis point increase in operating income margin, significantly influenced by the strong performance of the recently acquired Rustan grocery chain.
Core net earnings, excluding certain financial items, rose by 32.7% to P784 million.
Despite temporary closures of non-essential stores starting March 17 due to the ECQ, consolidated net sales grew by 7.3% to P40.1 billion.
Essential retail formats like supermarkets, drugstores, and convenience stores, which accounted for 77% of RRHI's sales, were permitted to operate during the lockdown.
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Robinsons Retail Holdings Inc. (RRHI) reported a 45% jump in attributable net income to P923 million in the first quarter of 2020, driven by strong performance in its premium grocery shop operator, Rustan Supercenters, Inc.
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Universal Robina Corporation (URC) reported a net income of ₱2.137 billion for the first quarter of 2020, a 31.6 percent decrease from the previous year.
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Rizal Commercial Banking Corporation (RCBC) reported a 77% year-on-year increase in net profit, reaching ₱2.3 billion in the first quarter of 2020, driven by strong core business performance and substantial trading gains.
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