Cosco Capital reports P3 B profit in Jan-Sept

MANILA, Philippines - Cosco Capital Inc, the retail holding firm of businessman Lucio Co, reported a net income of P3 billion in the nine months to September, up 18 percent from the P2.55 billion recorded a year ago.

“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 14 percent,” the company said.

Cosco Capital attributed the growth to the strong performance of all business units.

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

Nine-month revenues rose by 23 percent to P81.45 billion, bulk of which came from Puregold and S&R.

Puregold and 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, meanwhile, contributed 12 percent while the rest came from the company’s liquor distribution and real estate leasing business units.

In terms of net sales, the Puregold Group reported a 13 percent increase to P67.33 billion on the back of strong consumer demand.

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