Dali reports P3.26 billion in losses over 3 years
Retailer Dali Everyday Grocery has incurred successive losses amounting to P3.26 billion three years since opening its first store in the Philippines, the company said in a financial statement filed with the Securities and Exchange Commission.
Hard Discount Philippines Inc., (HDPI), the corporate entity behind Dali, reported a P1.88 billion loss, which was a 110% increase compared to the P894.68 million loss reported in 2022.
Dali has incurred a total capital deficit amounting to P1.29 billion as of the end of 2023, records showed.
The HDPI said that its parent company has committed to providing the necessary finances or procuring the provision of such finances, to enable business continuity.
“Management believes that with the planned increase in equity, the commitment of and continued financial support from the parent company, and the projected improvement in net profit margin, the company will be able to generate sufficient cash flows from its operations to meet its obligations as and when they fall due,” HDPI said
To recall, the Department of Trade and Industry (DTI) issued a show cause order against store Dali Everyday Grocery due to alleged sanitary issues and non-compliance with business regulations.
Assistant Secretary Amanda Nograles said the DTI had issued the show cause order to Dali on May 29, 2024, which covers 13 instances of complaints by Malayang Konsyumer, a consumer group protecting buyers' rights.
Nograles disclosed that DTI also sought the help of the Department of the Interior and Local Government to identify the localities where Dali has sanitary issues. —NB, GMA Integrated News
This article Dali reports P3.26 billion in losses over 3 years was originally published in GMA News Online.
- https://www.msn.com/en-ph/money/economy/dali-reports-p3-26-billion-in-losses-over-3-years/ar-BB1pd1E7?ocid=00000000
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