MANILA, Philippines--Gokongwei-led retailer Robinsons Retail Holdings Inc. (RRHI) booked P1.77 billion in first semester net profit, down by 32.4 percent from the sale period last year as non-cash interest expense on lease liability ballooned following a shift to new accounting standards. RRHI reflected the year-to-date impact of adopting the new accounting standard on leases under Philippine Financial Reporting Standards (PFRS)16, under which a right-of-use asset is recognized and amortized over the lease term while interest expense is incurred on the lease liability. PFRS 16 adjustments are non-cash and have no effect on cashflow. Due to PRSF16 adjustments, RRHI's interest expe...
Keep on reading: Robinsons Retail nets P1.77B
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