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Philippines 7-Eleven doubles first half net income  

Philippine Seven Corp. (PhilSeven), the local licensee of the 7-Eleven chain of convenience stores, posted a net income of Php130.8 million (US$2.88 million) in the first half, more than double the Php52.75 million (US$1.16 million) profit in the same period last year, on higher system-wide sales. In a financial report submitted to the Philippine Stock Exchange, PhilSeven said revenues grew 31.29% to Php4.07 billion (US$89.72 million), largely due to increased spending during the national and local elections, an improving economy, and good weather conditions. New franchise operators also boosted the store base and resulted in higher franchise revenues Out of the total store base, 40% are company-run, while the rest are franchise-operated. From its existing 500 stores, the company is aiming to double its branch network over the next three years. PhilSeven is targeting to open 100 new stores this year and another 130 by 2011. Last year, the company opened a record 90 new stores with 7-Eleven franchises growing to almost 60% market share. Several StarMart convenience stores in Caltex retail outlets were also converted into 7-Eleven stores. (August 23, 2010)