Cosco Capital Inc., the holding company of businessman Lucio Co., said Thursday net income increased 6.2 percent in the first nine months to P5.4 billion from a year ago, driven by the liquefied petroleum gas business.
“We are pleased with our financial and operational results for the first nine months of the year. Our subsidiaries are continuously generating positive returns. We remain optimistic that 2017 will be a banner year for Cosco Capital on the back of a strong economy and robust consumption of the Filipino household,” Cosco Capital president Leonardo Dayao said.
The group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 58 percent of total profit, followed by the commercial real estate segment with 23 percent and the liquor distribution with 12 percent.
The group’s specialty retailing segment, composed of Liquigaz Philippines Corp. and Office Warehouse Inc., accounted for 12 percent of net profit.
Puregold and S&R saw their consolidated revenues rise 11.2 percent to P87.6 billion, while consolidated net income went up 7 percent to P3.9 billion.
The group opened a total of 17 new Puregold stores, 1 new S&R membership club and eight new QSR in January to September.
The liquor distribution business posted a 9.7-percent growth in revenues to P4.07 billion, on the back of a 17-percent increase in volume of cases sold during the period.
Liquigaz generated robust earnings with a 33.6-percent increase in revenues to P9 billion, driven by an increase in sales volume and gradual recovery in global LPG prices, while net income after tax increased 27.5 percent to P391 million.
Office Warehouse Inc.’s revenues grew 19.4 percent to P1.4 billion and added nine new stores during the nine-month period, bringing the total to 77 retail outlets.