Wilcon nets P887M in 9 months to Dec

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NEWLY listed home business and retail construction firm Wilcon Depot, Inc. (WDI) reported a net income of P887 million for the nine months of operations from April to December 2016.

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“We are pleased to announce that we finished the year strong, both in our top and bottom lines,” Wilcon Chief Financial Officer Mark Andrew Belo said in a disclosure to the Philippine Stock Exchange (PSE) on Wednesday.

Belo said WDI’s nine-month net sales reached P12.3 billion, 96.7 percent of which was generated by its depot format stores.

There are no comparative figures because WDI began operations on April 1 last year when the retail business and assets were completely transferred from parent company Wilcon Corporation (formerly Wilcon Builder’s Depot, Inc.). Prior to the transfer of the retail operations, Wilcon Corporation registered net sales of P3.7 billion and net income of P269 million for the three-month period ended March 31, 2016.

Wilcon Depot debuted on the local market on March 31 with the ticker symbol “WLCON.” It offered nearly 1.4 million primary shares, representing 34 percent of its total issued and outstanding shares, at P5.05 per share.

“Sales from our existing stores were augmented by the opening of two new stores in 2016, one in Molino, Cavite in April and another in Sta. Rosa, Laguna in September. These areas have seen remarkable growth in real estate development particularly in the horizontal housing segment, Wilcon’s natural market. These stores along with the existing ones in the same region are expected to contribute more to the company’s revenues in many years to come given the demographics of their locations,” Belo said.

Gross profit amounted to P3.3 billion for a gross margin of 26.8 percent while operating profit (or earnings before interest and tax) reached 1.04 billion for an operating margin of 8.5 percent.

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