Cosco 1Q Net Income Hits PhP965M

Manila–(PHStocks)–Cosco Capital Inc. (PSE: COSCO), the retail holding firm of Lucio Co, has reported a record net income to equity holders of PhP965 million for the first quarter 2015, up by 18% from the same period last year.

“Our operating business units will sustain its growth in 2015 and we will continue to embark on more expansions & acquisitions across all businesses to cater to the growing demands of consumers,” said Leonardo Dayao, president of the company.

Cosco’s consolidated revenues in 1Q 2015 amounted to PhP25.63 billion, up 33% versus PhP19.23 billion last year. For the first quarter of 2015, the Retail business segment from Puregold (PSE: PGOLD) and S&R contributed 81% of the total revenues; followed by Specialty Retail from Liquigaz, the second largest LPG player in the Philippines; and Office Warehouse at 14%; with the rest coming from Liquor Distribution and Real Estate Leasing business units.

Puregold net sales increased by 12.5% to PhP20.69 billion for the first quarter 2015 due to the strong consumer demand from its 233 Puregold stores, and nine S&R Membership stores and six S&R QSR stores. In 2014, Puregold Group has a total of 248 stores with a net selling area of about 405,000 sqm.

Cosco’s consolidated net income for the first quarter 2015 amounted to PhP1.49 billion, up by 17% from the same period last year.

The net income for the retail business increased by 12%; real estate leasing rose by 17%; and liquor distribution grew by 9%.

Cosco has a strong financial balance sheet with more than PhP9.5 billion in cash and a debt to equity ratio of only 42%.