Upson International Corp., the country’s largest retailer of personal computers and information technology products, reported a modest bottomline growth in the first quarter of the year.

In a report to the stock exchange on Monday, Upson said its January to March net income reached P112.62 million, only 2.18 percent higher than the P110.21 million posted a year ago.

The company also disclosed that its sales revenues grew by 14.17 percent to P2.4 billion from the P2.09 billion registered in the same period last year.

Revenues from start-up costs

Upson president and CEO Arlene Sy pointed out that the company expects to generate revenues from “start-up costs and other operational priorities associated with the branch rollout.”

“The resulting improvements in profit margins per newly set up branch become more evident after a year,” Sy added.

Currently, Upson operates 212 branches, and another 24 branches are under construction or in the process of lease contract finalization.

To close 250 branches by yearend

Upson targets to close 250 branches by the end of the year as part of the company’s five-year roll-out plan, which aims to have a total of 450 operating branches by the end of 2027.

“We remain confident that our growth momentum will continue throughout the year as we strive to further enhance our market presence to more underserved markets and deliver value to our customers,” Sy said.

Upson operates such retail outlets as Octagon Computer Superstore, Micro Valley and Gadget King, as well as concept and specialty stores like Acer, HP, Brother, Octagon Mobile and Silvertec.

Upson is a retail company that operates several retail outlets such as Octagon Computer Superstore, Micro Valley, and Gadget King, as well as concept and specialty stores like Acer, HP, Brother, Octagon Mobile and Silvertec in select locations.

Upson raised P1.65 billion from its initial public offering last April.