on Tuesday reported "strong sales" in the first three months despite initial disruptions caused by the coronavirus pandemic, although second quarter earnings will likely bleed as the impact of the outbreak becomes more pronounced. In a disclosure to the local bourse,
"We experienced strong sales growth in the first quarter of 2020, although it was cut short by the quarantine,"
That said, the second quarter report is likely toreveal the full impact of the pandemic on the company's balance sheet. The government only started easing movement restrictions in several parts of Luzon in June.
"The second quarter has been more difficult for us, but we look forward to reopening more stores, so the combined strength of our traditional channels and new revenue streams from delivery and partnerships can provide even better returns for our shareholders," Yu said. According to
But the decline in revenue was compensated by 15% decrease in operating expenses to
As liabilities decrease, interest payments likewise fell, which "contributed to better profitability," the company explained. "(T)he cost containment measures we had earlier implemented, as well as our flexible cost structure, allowed us to cut costs to deliver higher net income in the first quarter of 2020 compared to 2019," Yu said.
On Tuesday, shares in
68% uptrend of the main index.
© Pakistan Press International, source