COSCO Net Income Up 18% to PhP3B in 9M2015

Manila—(PHStocks)—Cosco Capital Inc. (PSE: COSCO), 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, an 18% growth compared to PhP2.55 billion in the same period last year.

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

Cosco’s consolidated revenues in the first nine months amounted to PhP81.45 billion, up by 23% year-on-year. For the first nine month of 2015, the Retail business segment from Puregold (PSE: PGOLD) and S&R contributed 83% of the total revenues followed by Specialty Retail from Liquigaz, the second largest LPG player in the Philippines; Office Warehouse at 12%; and the rest coming from Liquor Distribution and Real Estate Leasing business units.

Puregold Group net sales increased by 13% 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 sqm.

Cosco’s consolidated net income for the first nine months 2015 amounted to PhP4.62 billion up 15% compared to PhP4.03 billion same period last year. Net income after taking out minority interest from the Retail business unit contributed 54% of the profits followed by Real Estate Leasing 24%, Liquor Distribution 13% and Specialty Retail with 14%.

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