By: Manila Bulletin
AllHome Corporation, the pioneering one-stop shop home store in the Philippines, reported a lower net income for the first nine months of 2020 but saw a surge in third quarter earnings from the previous three month period.
In a disclosure to the Philippine Stock Exchange, AllHome said net profit was at P588 million for the first nine months of 2020, down by 21.2 percent versus the same period last year due to the lockdown-affected low performance in the second quarter.
Comparatively, the net income generated in the third quarter of P312 million was much higher compared the P5 million net profit in the second quarter.
AllHome registered P3.47 billion sales for the third quarter of 2020, a 133 percent increase from the second quarter of the same year.
The firm said these improvements are brought by the opening up of the Philippine economy and easing of quarantine restrictions in the third quarter, generating a total of P8.33 billion in sales for the first nine months of 2020, an increase of about 2 percent from the same period last year.
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