MANILA, Philippines — Earnings of Cosco Capital Inc., the listed retail holding firm of tycoon Lucio Co, increased by 10 percent in the nine months ending September on the back of strong operating performance across all its business segments.
Cosco reported a net income of P10 billion during the three quarters, up from P9.1 billion a year ago as revenues grew by 9.1 percent year-on-year to P164 billion.
Cosco said the group continued to benefit from the economic recovery amid the prevailing macroeconomic challenges.
The company said that the sustained and stronger revenue growth across all its business segments indicate a recovering consumer demand.
Cosco’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 69 percent of total net income during the nine-month period, followed by the liquor distribution with 22 percent.
The grocery retail group’s net income for the period inched up by 4.5 percent to P6.9 billion, with net sales amounting to P151.97 billion driven by store expansion and higher same store sales.
The net income for the liquor segment through The Keepers Holdings Inc. jumped by 20 percent to P2.17 billion amid the strong sales performance of its imported brandy segment.
The commercial real estate segment also delivered a strong net income growth of 13.3 percent to P761 million as business operations of its tenants portfolio improved due to increased level of economic activities as well as full resumption of rental rates based on contracts.
Cosco’s energy and minerals segment, meanwhile, generated earnings of P165 million and revenues of P335 million during the three quarters.
For the specialty retailing business segment, net income improved by 3.3 percent to P66 million despite a 3.5-percent drop in revenues to P1.6 billion.