LOWER revenues dragged Macay Holdings Inc.’s net income to P253.04 million in the first six months of the year.
In a disclosure on Tuesday, the listed food and beverage company said the amount was a 33.66-percent decrease from P381.42 million in the same period last year.
Consolidated gross revenues slid by 3.13 percent to P5.72 billion in the first half from P5.9 billion year-on-year.
Gross profits reached P1.17 billion in the January-to-June period, down 5.94 percent from P1.24 billion the previous year.
Other income jumped by 6.51 percent to P48.44 million from the year-earlier P45.48 million.
Operating expenses rose by 16.09 percent to P872.77 billion in the six months ending June from P751.81 billion a year ago due to increasing selling, marketing and distribution costs; and general and administrative expenses.
Cost of goods sold dipped by 2.38 percent to P4.55 billion from 2018’s P4.66 billion.
As of end-June, total assets, liabilities and equity stood at P10.22 billion, P2.32 billion and P7.9 billion, respectively.
Macay shares dipped by 7 centavos or 0.84 percent to close at P8.28 apiece on Tuesday.