Wilcon Profit Drops in Q1

Home improvement and finishing construction supply retailer Wilcon Depot Inc. expects to bounce back strongly in the latter part of the year after its earnings fell by 27.5 percent to P536 million in the first quarter due to lower gross profit and higher operating expenses.

- By Richmond Mercurio

The company's net sales from January to March, however, improved by 1.2 percent year-on-year to P8.41 billion, buoyed by sales from new stores.

Despite the drop in net earnings in the first quarter, Wilcon president Lorraine Belo-Cincochan said that the company is expecting a turnaround, especially in the second half, given the encouraging average daily sales right before and after the long Easter holidays in April.