7-Eleven operator says 9-month profit up 24.8 pct

ABS-CBN News

Posted at Nov 10 2016 11:45 AM

MANILA - The Philippine operator of 7-Eleven convenience stores said Thursday net income in the first nine months of the year surged 24.8 percent on the back of strong sales.

Philippine Seven Corporation (PSC) told the stock exchange that its net income in the January to September period grew to P643.4 million from P515.5 million during the same period last year.

Retail sales of all stores grew 24.4 percent to P23 billion, driven by the higher number of operating stores, the company said.

"The company aims to widen its lead over competition by continuing its expansion program in existing and new markets," it added.

PSC said it increased its capital expenditures budget to P3.5 billion this year to support its expansion strategy. As of September, the company operated 1,840 7-Eleven stores nationwide.

Philippine Seven shares were unchanged in noon trading.