Business

Wilcon Depot posts slightly lower Q3 profit

Wicon Depot Inc. posted a net income of P533 million in the third quarter, 2.9% lower than the P549 million reported in the same period a year ago due to government-imposed lockdown measures to contain the coronavirus pandemic

In the nine months to September, earnings further plunged by 42.6% to P886 million as net sales fell 12.5% to P15.8 billion owing to the two-month closure of the company’s stores in Luzon.

Wilcon CEO Lorraine Belo-Cincochan is hopeful the company will post higher earnings in the fourth quarter following the 7.9% rise in sales in July to September.

The company opened another branch in Laguna last September, bringing to 61 its total number of stores.

She said Wilcon would continue its expansion program outside Metro Manila, noting that private construction is gradually picking up across the country.

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