HOME improvement and construction supply company Wilcon Depot Inc. on Wednesday said net income in the second quarter and the first six months of 2024 had fallen as operating expenses outpaced growth in net sales.
In a disclosure, Wilcon said that net income for the first six months was down 16.9 percent to P1.5 billion, from P1.8 billion a year ago, while profit for the second quarter also declined 10 percent, to P770 million from P886 million.The lower second-quarter result was attributed in part to 'one-off charges recognized this quarter of P98 million for inventory allowances and loss due to fire.'Operating expenses, including lease-related interest expense, rose 8.
9 billion, although comparable sales were still down 2 percent from a year ago.While sales in the second quarter were lower than last year's, this was still seen as an improvement from the 7.3 percent decline recorded in the previous quarter.'The improved second quarter performance was partly due to the timing of the long holidays, but we also rolled out programs focused on contractors and professionals and best deals promotions to increase turnover,' Belo-Cincochan said.
Depot Profit Falls 17% To P1.5B In Jan-June
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