Robinsons Retail reported a drop in profits during its third quarter despite significant growth in net sales.

The firm booked PHP1.25 billion (US$24.7 million) net income compared to PHP1.39 billion ($27.4 million) during the same period last year.

The decline is thought to be due to changes in the Philippine Financial Reporting Standard 16, which had an impact on the firm’s method of presenting accounting results. 

At the same time the firm registered a 24.2-per-cent rise in net sales to PHP38.95 billion ($769 million). A statement from the firm attributed the sales jump to the opening of new stores over the past year as well as its addition of Rustan Supercenters, greatly enhancing the firm’s supermarket business.

Robinsons Retail operates 1918 outlets in the Philippines.