Cosco Capital profit rises 10% to P1.96 billion

MANILA, Philippines — Cosco Capital Inc., the investment holding firm of retail magnate Lucio Co. earned nearly 10 percent more in the first quarter as the group continued to benefit from the country’s sustained economic growth and the strong consumer sector.

Cosco reported a consolidated net income of P1.96 billion in the first quarter, a growth of 9.4 percent year-on-year, while net income attributable to equity holders of the parent company grew 8.2 percent to P1.25 billion.

The group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 58 percent to total profit, followed by the commercial real estate segment at 23 percent and liquor distribution at 14 percent.

The group’s specialty retailing segment, composed of Liquigaz Philippines Corp.  and Office Warehouse Inc., accounted for eight percent of net profit.

Cosco said the grocery retail segment posted a 12.2 percent year-on-year growth in consolidated revenues to P30.9 billion, while consolidated net income increased 11.7 percent to P1.43 billion.

For the first quarter, the group opened 10 new Puregold stores and one new S&R QSR.

The liquor distribution business posted a 46.4 percent growth in revenues to P1.71 billion, buoyed by a 28 percent jump in volume of cases sold.

For the specialty retailing business segment, Liquigaz Philippines Corp. generated a 24 percent increase in revenues to P3.73 billion mainly driven by higher sales volume and the gradual recovery in global LPG prices during the period, while net income stood flat at P101 million.

Office Warehouse, which currently has 83 store in operations to date, posted P499 million in revenues, up 13.4 percent year-on-year.