Convenience store operator Philippine Seven has said the company expects to return to profitability by the end of 2003, after three years of losses.

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Philippine Seven president Yeong-Hsiang Yeh said he is confident the company would be able to post a net income of P30m (US$561,700), or 1% of its net sales, this year, reported Business World. Last year the company posted a net loss of P38.8m.

In the January to May period, the company narrowed its losses to P6m, compared to P45m in the year-ago period.

Philippine Seven has opened 16 new stores in the first five months of the year, and closed two unprofitable stores. The company plans to open a total of 32 new stores this year, bringing the number of 7-Eleven stores it operates to 200.

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