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Gaisano-led Metro Retail Stores Group Inc. saw its net income grow by 24 percent to P977 million last year on improved margins and lower finance costs.

The company registered P35 billion in net sales, slightly higher than the P34.41 million recorded a year ago largely due to the opening of a new hypermarket and a new supermarket. Rental income amounted to P300 million.

Finance costs declined by 22.8 percent due to the payment of total outstanding loan of P950 million. The company had minimal loans for working capital last year and had no loans outstanding as of the end of December last year.

MRSGI ended the year with a total of 52 stores.