LISTED retailer Metro Retail Stores Group, Inc. reported a 1.4% decline in net income to P609.42 million in 2024, attributed to expansion-related non-cash charges.
“Due to non-cash charges driven by the company’s ongoing expansion program, net income for 2024 was flattish at P609.42 million compared to the prior year’s P618.02 million,” Metro Retail said in a regulatory filing on Wednesday.
Net sales rose by 3.5% to P39.62 billion from P38.27 billion in 2023, driven by continued expansion initiatives and a 4.9% increase in the food retail business.
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