Cosco Capital Inc. reports a 9.3% increase in first-half net income to P7.6 billion, driven by robust performance in its grocery and liquor businesses amid a recovery in consumer demand.
Cosco Capital Inc., the listed holding company of businessman Lucio Co, said its first-half net income increased 9.3 percent to P7.6 billion from P6.97 billion a year earlier, driven by increased consumer spending that boosted its grocery and liquor businesses.
Consolidated revenues for the first half of the year rose 12.3 percent to P119.5 billion from P106.4 billion in the same period last year.
“The group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all business segments, which indicates the recovery of consumer demand,” Cosco said.
The company’s grocery retailing business, under Puregold Price Club Inc, accounted for 70 percent of total net income in the first half, followed by liquor distribution with 22 percent. The commercial real estate segment contributed 7 percent, while energy and mineral and specialty retail accounted for 2 percent.
Sales from grocery retail grew 11.6 percent to P98.5 billion, driven by higher basket size and increased foot traffic.
The liquor distribution business, through The Keepers Holdings Inc, recorded consolidated sales of P9.04 billion, up 17 percent year-on-year on the back of a 22-percent growth in the volume of cases sold.
Meanwhile, the commercial real estate segment posted a 15-percent increase in net income to P559 million, even as revenues climbed 1 percent to P618 million.
