7-Eleven's profit jumps on Chevron tie-up

The operator of the 7-Eleven chain of convenience stores said its profit jump last year surged on the strength of a strategic alliance, store expansion and the introduction of new products. In a disclosure to the local bourse, Philippine Seven Corp. (PSC) said its profit surged 84% to Php155.8 million (US$3.40 million) last year, from Php84.5 million (US$1.84 million) in 2008. The company said corporate-owned and franchise stores delivered a 13% increase in system wide revenues to Php7.1 billion (US$154.75 million) in 2009, from Php6.2 billion (US$135.14 million) the year before. PSC has tied up with Chevron Philippines Inc., in its bid to expand its network of stores in the oil firm’s service stations. (March 3, 2010)