Cosco Capital reports 83% growth in net income

MANILA, Philippines - Cosco Capital Inc., the investment vehicle of Lucio and Susan Co, posted a strong income and revenue growth last year driven by the grocery business.

In a regulatory filing, Cosco Capital said its pro-forma net income hit P5.3 billion, up 83 percent from P2.9 billion a year ago, while pro-forma net income attributable to equityholders of the parent firm surged 120 percent to P3.3 billion from P1.5 billion.

“For its first annual reporting, after being transformed in May 2013 into a consumer-focused holding company, Cosco Capital recorded pro-forma total revenues of P77.2 billion in 2013 from P60.7 billion in 2012 or a growth of 27 percent,” the company said.

“Revenues of Cosco Capital were principally accounted for by Puregold Price Club Inc.,” the listed holding firm said.

Cosco Capital said that for the last seven-month period 2013, the firm recorded a net income of P3.7 billion.

Aside from Puregold, the company is also into liquor importation (Premier Wine & Spirits Inc.), commercial real estate, oil storage and oil exploration activities.

Cosco Capital claims to be the country’s leading importer of liquor with exclusive distribution rights for some of the world’s top brands like Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.