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CEBU, Philippines - Cebu-based retailer Metro Retail Stores posted a P789-million net income in 2016, up from P758 million in 2015.

In a regulatory filing to the Philippine Stock Exchange yesterday, the Gaisano-led retailer said net sales in the fourth quarter grew 7.4 percent to P10.67 billion compared to 2015.

"The inherent strength of the business was evident throughout the fourth quarter, with sales growth rising steadily from October to December," the listed firm said.

Overall net sales in 2016 hit P34.4 billion, up by P2.1 billion over 2015 for all-stores.

"This trajectory reflects the accelerating impact of various operational initiatives and investments that were launched earlier in 2016, in preparation for the fourth quarter and for 2017," the Visayan retailer noted.

The company ramped up its supply chain and logistics modernization program over the course of the year.

"These positive results show that our investments and operational improvements are and will continue paying off, allowing us to better serve our ever expanding market," Chairman and CEO Frank Gaisano said.

The company is looking to sustain this growth trajectory this year, with initiatives in place to boost sales and improve store-by-store profitability.

The company currently has a 50-strong store network, which covers 25 supermarkets as well as 13 hypermarkets and 12 department stores.

Metro Retail is the retail unit of Vicsal Group which includes Wealth Bank, which is jointly owned by Woori Bank, Korea's second largest bank; Taft Properties; and HT Land, a joint venture between Taft and Hong Kong Land.

Shares of the company closed at P3.73 apiece on the Philippine Stock Exchange yesterday. (FREEMAN)