Metro Retail Philippines has reported a 1.2 per cent decline in net income for last year.

The Gaisano family business takings took a fall from 2017’s PHP977 million (US$18.6 million) to PHP965.4 ($18.35 million) last year, attributed to a hypermarket closure and a temporary supermarket closure following a fire, amongst other factors. Net sales were also hit with a drop from PHP35 billion ($665.2 million) to PHP33 billion ($627.2 million) last year.

More favourably, the group’s cost of sales fell 6.5 per cent to PHP25.65 million ($487,452) following a gross margin improvement.

“The margin improvement was driven by a well-executed enhancement plan that included among others, negotiation with suppliers and rationalisation of unprofitable sales to resellers,” said a spokesperson for the firm.

Metro had 53 department stores, hypermarkets and supermarkets throughout the Philippines at the end of last year.