Puregold posts stronger sales
Puregold Price Club Inc. reported its first quarter profit hit P1.76 billion, up 16.8 percent growth from last year’s P1.51 billion. Net sales hit P40.95 billion, up 17.4 percent from 2019’s P34.88 billion.
The company said a little over three quarters of its topline came from its Puregold Stores network and the remaining 23 percent from its S&R Membership warehouse clubs and S&R New York Style Pizza stores.
“Puregold stores registered stronger than expected same store sales growth (SSSG) of 14.4 percent in the first quarter of 2020 while S&R registered a SSSG of 5.1 percent percent during the same period. Our SSSG in this period is driven by higher consumer spending and pantry loading prior to the Covid Quarantine as well as the low inflation environment in 2020,” the company said.
As of end-March, Puregold had a total of 443 stores nationwide – 384 Puregold stores, 20 S&R membership shopping warehouse, and 39 S&R New York Style QSR (quick service restaurant)– with a total net selling area of around 580,000 square meteres.
Belle profit plunges 31%
Belle Corp. said profit in r the first quarter of the year reached P577 million, down31 percent from P835 million last year. Revenues reached P1.42 billion, down 25 percent from P1.89 billion in 2019, attributed to the impact of the new coronavirus disease 2019 (COVID-19).
Belle’s primary growth driver, City of Dreams Manila, was shuttered since mid-March, pulling down revenues by 39 percent to P445 million in the first quarter from P725 million in the same period in 2019.
Belle’s real estate operations a posted topline of P754 million, down 8 percent from P822 million in 2019.
Of real estate revenues in 2020, P668 million came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp., which was essentially unchanged from 2019. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex which were affected by the Taal Volcano eruption in January 2020 contributed P86 million during 2020, 44 percent lower than in 2019,” it said.
Megawide Q1 down slightly
Megawide Construction Corp. said profit for the period was at P233 million, down 3 percent from P227 million last year. Revenues reached P5.06 billion, up 42 percent from P3.56 billion.
“In the first quarter of 2020, the construction business continued to rebound as revenues increased 52 percent year-on-year to P3.9 billion, despite the imposition of the enhanced community quarantine ( across Luzon in the second half of March,” the company said.
Megawide said its airport operations posted revenues of P803 million, down 10 percent, as a result of the global onset of new coronavirus disease 2019 (COVID-19), which affected both international and domestic travel early in the year with the imposition of travel restrictions. The airport operation recorded a total passenger volume of 2.4 million, down 21 percent.
Megawide said its Parañaque Integrated Transport Exchange recorded P287 million in revenues. PITX served as a public service convergence point for free transportation for healthcare workers and frontliners against COVID-19 around Metro Manila.
