Cosco nets P10.7B, up 6.6% on stronger demand
Cosco Capital Inc. said on Wednesday its bottom line for the nine months to September rose by 6.6 percent as local consumption regained strength.
In a disclosure, the retail holding firm of tycoon Lucio Co said its consolidated net income reached P10.7 billion from P10 billion a year ago.
The firm’s top line also realized an 11.5-percent growth to P182.9 billion from P164 billion a year earlier.
“The group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand,” the company said.
The group’s grocery retailing business—composed of Puregold Price Club, Inc. and S&R Membership Shopping Club—provided the biggest chunk, or 68 percent, of the profit.
This segment saw its consolidated profit improve by 5.6 percent to P7.3 billion from P6.9 billion, thanks to an increase in foot traffic and basket size.
Revenues also jumped 10.6 percent to P168 billion against the previous P151.9 billion.
The liquor distribution business, which provided 22 percent of the bottom line, also saw a 12-percent rise profit, to P2.43 billion.
Segment revenues likewise climbed 14.4 percent to P13.4 billion, driven mainly by Alfonso, a leading imported brandy in the market.
Cosco Capital’s commercial real estate operations, meanwhile, recorded a 10-percent gain in earnings. This hit P838 million from P761 million.
This segment’s rental revenues, however, fell 2.3 percent to P895 million during the period.
Income from the energy and minerals business’ was P162 million, while revenue was at P429 million.
The specialty retailing business segment’s profit barely moved at P65.7 million. But revenues went up slightly to P1.61 billion from P1.59 billion a year ago.
