AllHome net income down by 59%

VILLAR-OWNED home center AllHome (HOME) posted a decline in net income at the end of the third quarter of the year.

HOME’s net income for the first three quarters of this year plunged by 59 percent to P398.59 million from P972.63 million in 2021.

The company also recorded lower revenues at P9.11 billion at the end of September, a 10-percent decline from P10.13 billion for the same period last year. This was due to higher selling, general and administrative expenses, finance costs and fire damage at its Alabang branch.

The specialty retail chain still reported increases in gross profit margins, up 36.15 percent in the first nine months of 2022 against 34.2 percent for the same period in 2021.

“There are still prevailing circumstances in the country that stem from the pandemic and AllHome’s nine-month 2022 performance show signs of this,” AllHome Chairman Manny Villar Jr. said. “The “revenge spending” phenomenon that marked the inevitable end of the pandemic has now shifted to travel and leisure with the lowering of restrictions on these activities.”

Villar also added that the company has continued staying its course, sustaining while continuing its improvement over prepandemic performance in 2019 and which improved their gross and net profit margins.

“This, of course, is on top of our constant pursuit of improvement in our operational efficiencies. It is because of this that we are confident going into the fourth quarter of 2022, one that is historically strong for AllHome,” Villar concluded.