Cosco 9-month profit up 18% to Php3.01 B

MANILA, Dec. 1 (PNA) — Cosco Capital Inc., the retail holding firm of Lucio Co, has reported a record net income to equity holders of Php3.01 billion for the first nine months of 2015, up 18 percent compared to Php 2.55 billion in the same period last year.

“All our operating business units are on track to achieve record profits for the year 2015,” said President Leonardo Dayao.

Cosco’s consolidated revenues in January to September 2015 amounted to Php81.45 billion, up 23 percent versus Php66.28 billion last year.

The Retail business segment from Puregold & S&R contributed 83 percent of the total revenues followed by Specialty Retail from Liquigaz, the second largest LPG player in the Philippines & Office Warehouse at 12 percent, and the rest coming from Liquor Distribution and Real Estate Leasing business units.

Puregold Group net sales increased by 13 percent to Php67.33 billion for the first nine months 2015 due to the strong consumer demand from its 245 Puregold stores and nine S&R Membership stores and 13 S&R QSR stores.

As of end September 2015, Puregold Group has a total of 267 stores with a net selling area of about 421,000 square meters.

Cosco’s consolidated net income for the first nine months 2015 amounted to Php4.62 billion up 15 percent compared to Php4.03 billion same period last year.

Net Income after taking out minority interest from the Retail business unit contributed 54 percent of the profits followed by Real Estate Leasing 24 percent, Liquor Distribution 13 percent and Specialty Retail with 14 percent.

The net income for the retail business increased by 6.5 percent, real estate leasing rose by 26 percent, liquor distribution grew by 6 percent, respectively, for the nine months 2015. (PNA)