Investors lapped up shares of bilyonaryo William Belo’s Wilcon Depot (WLCON) after posting better-than-expected profit.
WLCON jumped nearly nine percent to P27.65 on P152 million in total trades with P30.6 million in net foreign buying.
The country’s largest DIY store nailed a 49 percent increase year on year in profit to P1.86 billion in in the first half of 2022.This represents 59 percent of the expected full year income of WLCON.
Investors cheered WLCON’s rising sales and wider margins as it was able to rein in growth in expenses during the period. Sales have accelerated with turnover nearly doubling quarter on quarter.