MANILA, Philippines - Cosco Capital, the investment vehicle of retail magnate Lucio Co, booked higher earnings in the first three quarters of the year as with its traditional businesses posting double-digit profit growth and its recent acquisition of Liquigaz already bearing fruit.
In a statement, the company said net income climbed 16 percent to P4.32 billion in the January to September period while revenues rose 14.13 percent to P78.32 billion.
During the nine-month period, the company said operational efficiencies led to sales revenues outpacing costs across all business segments.
“Our emphasis on holding the line on costs while substantially growing revenues has been really paying off so far this year,” said Cosco Capital president Leonardo B. Dayao.
Retail giant Puregold Price Club Inc., 51 percent owned by Cosco Capital, posted 16.1 percent more revenues in the three quarters and 13.8 percent higher earnings.
The company’s real estate business, meanwhile, recorded a 19-percent profit hike year-on-year to P565 million as positive contributions from NE Pacific Shopping Centers Corp. and the opening of Fairview Terraces Mall strengthened the group’s rent-based income.
The wine and liquor business likewise contributed P361 million in net income, up 32 percent from last year, buoyed by an increase in sales volume.
Cosco’s recent acquisition of Liquigaz Philippines Corp. also finally made its impact to the company’s bottom line, contributing P68.6 million in net income.
Liquigaz Philippines is now 90 percent owned by Cosco-owned subsidiary Canaria Holdings Inc. following the acquisition that cost about $80 million.
“Our mainstay businesses have done well and we are pleasantly surprised by the strong contributions realized from the new businesses under the Cosco umbrella,” Dayao said.