Puregold Price Club posted a dip in its net income for the 3rd quarter of 2020, as its rent collections went down amid the coronavirus pandemic.

In a regulatory filing on Wednesday, October 28, Puregold said its net income in the 3rd quarter went down by 4.6% to P1.65 billion from P1.73 billion in the same period last year.

This is a reversal from the 24% growth posted in the 2nd quarter.

“This is attributable to decrease in rent income due to considerations given to tenants affected by the pandemic,” Puregold said.

Full operation of most stores and opening of new ones during the period were able to partially offset the decline in rent collections.

Sales inched up by 1.3% to P39.2 billion, as consumers continued to buy essential goods and the government eased lockdown restrictions.

For the first 9 months of the year, Puregold’s bottom line went up by almost 11% from P4.6 billion to P5.1 billion.

“The full operation of new organic stores put up in 2019 boost the increase in consolidated net sales in addition to robust like-for-like stores sales growth and revenue contributions from new organic stores established during the 9 months of 2020,” the company said.

Shares of Puregold slightly went down by 0.5% on Wednesday. – Rappler.com