Expansion and acquisitions grow Puregold's net income 46.5% to P2.64B in Jan-Sept.

Supermarket operator Puregold Price Club Inc. on Friday reported net income grew 46.5

percent to P2.64 billion in the first nine months of the year from P1.8 billion a year earlier, lifted by acquisitions and expansion. 

 

Net sales went up 31.6 percent to P51.49 billion from P39.13 billion, the company noted in a financial statement submitted to the Philippine Stock Exchange.

 

“New stores put up in 2012, which were fully operating in 2013, increased consolidated net sales for the nine-month period ended September 2013,” the disclosure read.

 

Puregold acquired 100 percent interest in Company E Corp., a supermarket operator with 15 stores, early this year.

 

As part of its expansion and acquisition plan, Puregold folded into its operations all stores under the Gant Group and Puregold Jr. Supermarket.

 

Gross profit rose by 42.3 percent to P8.91 billion from P6.26 billion, fueled by by sales and support by suppliers' rebates and conditional discounts.

 

In the third quarter, net income was up 13 percent to P869 million from P769 million, and net sales were up 16.4 percent to P18.4 billion from P15.861 billion.

 

Banking on the seasonal spending during the Christmas and New Year holidays, the company is looking at still higher sales during the fourth quarter. – VS, GMA News