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In a statement issued on Thursday, the listed retailer operating mostly in the Visayas announced its profit increased to P789 million from the P758 million reported for 2015, following a 7% uptick in net sales to P34.4 billion.

MRSGI managed to lift its bottom line, following a 24% jump in earnings during the fourth quarter to about P514 million from the P414 million registered for the comparable period in 2015. Net sales during the three months grew 7% to P10.67 billion.

The improvement offset the 90% year-on-year decline in MRSGI’s net income in the July-September period to P12.62 million from P132.97 million. The fourth quarter results pulled the year-to-date number 20% lower to P274.6 million from P344.3 million.

The company attributed the improvement in sales during the fourth quarter to the “accelerating impact” of operational initiatives and investments earlier in 2016. It operates 25 supermarkets, 13 hypermarkets and 12 department stores at present.

MRSGI has executed a supply chain and logistics modernization program throughout the year. Among others, it inaugurated a warehouse facility in Cebu and added new delivery trucks equipped with tracking devises.

“We are very pleased to have closed 2016 with a strong fourth quarter performance,” Metro Retail Stores Chairman and Chief Executive Officer Frank S. Gaisano said in the statement.

“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,” Mr. Gaisano added, with the company looking to sustain a double-digit growth into 2017.

Metro Retail Stores is a subsidiary of the Vicsal Group that includes Wealth Bank in partnership with Woori Bank of South Korea; Taft Property Venture Development Corp.; and HT Land, Inc. under a joint venture between Taft and Hongkong Land Limited.

Shares in Metro Retail Stores closed 11 centavos or 3.01% higher at P3.76 apiece on the Philippine Stock Exchange on Thursday. -- Keith Richard D. Mariano