Wilcon announces ₱390.5M net income for the first quarter 2017
Posted May 15, 2017, 2:05 pm
Wilcon Depot, Inc. (Wilcon/WDI) today reported net earnings of P390.5 million from net sales of P4.182 billion for the first quarter ended March 31, 2017. “We delivered sales growth of 14.1% compared to the same period in 2016 which totaled P3.667 billion, when the retail operations was still under the parent company, Wilcon Corporation and prior to start of operations by WDI on April 2016,” said Mark Andrew Belo, the Chief Financial Officer of WDI. “Sales from our depot-format stores remained strong accounting for 96.7% or P4.045 billion of total sales. The three new depot-format stores which opened between April 2016 and January 2017 did their share, contributing 5.27% of the Company’s first quarter total sales.” Mr. Belo added, “WDI’s gross margin for the quarter was also higher at 30.2% compared to the same period of the prior year of 29.1% due mainly to the improved sales performance of higher margin products.”
“Our net income of P390.5 million included the tax and operating expense impact of the transaction costs of the initial public offering (IPO), but excluding all IPO-related costs and benefits, the Company’s regular net income is still a healthy P326.5 million. We will continue to strive/work towards improved results especially with the opening of more stores starting in June until the end of 2017.” Mr. Belo said in closing.
Wilcon Depot, Inc. with ticker symbol “WLCON” was listed on the Philippine Stock Exchange on March 31, 2017, offering 1,393,906,200 of its primary shares, representing 34% of its total issued and outstanding shares post-listing, at P5.05 per share.