Cosco Net Income Up 9.3% to PhP5.05B
Manila—(PHStocks)—Cosco Capital Inc. (PSE: COSCO), the retail holding firm of Lucio L. Co, reported an 11.5% growth in consolidated revenues to PhP90.84 billion and consolidated net income growth of 9.3% to PhP5.05 billion during the first nine months of 2016.
Net income attributable to equity holders of the parent company grew by 7.5% to PhP3.24 billion. The group’s grocery retailing businesses, Puregold Price Club Inc. (PSE: PGOLD) and S&R Membership Shopping Club, contributed 57% of total profits, followed by the Commercial Real Estate segment with 24% and the Liquor Distribution with 12%. The group’s Specialty Retailing segment, composed of Liquigaz Philippines Corp. (Liquigaz) and Office Warehouse Inc., accounted for 10% of net profit.
“The Cosco group is working hard to sustain its growth momentum and strengthen our existing business segments. Cosco Capital is likewise constantly seeking for opportunities for expansion and possible acquisitions to further grow our investment portfolio,” said Cosco Capital Inc. President Leonardo B. Dayao.
On a per segment basis, the group’s grocery retail segment grew its consolidated revenues by 16.9% to PhP78.7 billion, while consolidated net income increased by 13.8% to PhP3.65 billion. As of 9M 2016, the Grocery Retailing segment is operating a total of 317 stores nationwide.
Liquor Distribution’s revenues increased by 9.8% to PhP3.7 billion on the back of 16% increase in volume of cases sold during the year.
Office Warehouse Inc.’s revenues grew by 19% to PhP1.16 billion and is operating a total of 64 retail outlets. Liquigaz revenues declined by 26% to PhP6.74 billion mainly due to the continued depressed global LPG prices during the period.
The group’s Commercial Real Estate segment posted a 1.1% increase in revenues to PhP1.74 billion and an 8.5% increase in net income to PhP776 million.
