Retail in Asia

In Shops

Duty Free Philippines net income up 28pc from a year ago

Duty Free Philippines Corporation (DFPC) on Thursday reported an unaudited net income of PHP138 million (USD3.23m), reflecting an increase of 28 percent over a year ago as it boosted sales by 16 percent to USD222 million amidst robust international travelers market.

The state-owned company attributed the financial feat to a "dynamic new marketing strategy, coupled with a strong economic outlook for the country and an upsurge in tourist arrivals throughout the year, contributed to the continued fulfillment of its mandate of supporting and promoting Philippine tourism."

During the Christmas season, DFPC posted an 18 percent increase in total sales for December 2011, as compared to the same period last year.

(Source: Manila Bulletin)