By: Business Mirror
Cebu-based Metro Retail Stores Group Inc. reported that its income last year fell by a fifth to P776 million, from the previous year’s P965.37 million, mainly as a result of the Philippine Financial Reporting Standard 16, which took effect in January 2019.
The new accounting standard aims to provide a basis to assess the effect of leasing activities on the entity’s balance sheet, income statement and cash flows.
Without the new accounting standard, the company said its income would have increased by an annualized 18 percent. Sales rose about 9 percent to P36.8 billion in 2019, from the previous year’s P33.28 billion.
The company said it is increasing its store network to serve emerging cities and municipalities in Visayas, Central Luzon and the Bicol region.
Metro also said that it remains resolute in heeding the call of government to serve the interests of its customers, employees and the general public amidst the challenges posed by the current national health situation.
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