By Inquirer.Net
The Gokongwei Group’s supermarket and specialty retailer Robinsons Retail Holdings Inc. saw lower earnings in the first half of 2023 as foreign exchange losses hurt the bottom line.
Net income from January to June this year fell 34.3 percent to P1.8 billion, a stock exchange filing on Friday showed. The company cited higher foreign exchange losses and equitized losses from associates.
Core earnings, which removes the impact of non-recurring items, grew 10.6 percent to P2.4 billion, which the company attributed to “resilient” business prospects.
“This is notwithstanding the challenging base in the second quarter, as the second quarter of 2022 saw the company’s businesses benefit from economic reopening and election-related spending,” Robinsons Retail said.
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