LUCIO Co-led retail holding firm Cosco Capital Inc. said Tuesday that first-half net income grew 15.5 percent to P6.97 billion from P6 billion in a year earlier on the back of strong operating performances by all business segments.
Consolidated revenues reached P106.4 billion, up 8.4 percent from the P98.2 billion.
“The group continued to benefit from the economic recovery amid the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand,” Cosco said in a stock exchange filing.
For its retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club were the biggest contributors to group net income, accounting for 71 percent, as the grocery retail segment booked consolidated net sales of P98.5 billion, 8 percent higher than the P91.2 billion recorded last year. This resulted in a net income for the segment of P4.95 billion.
Its liquor distribution business, The Keepers Holdings Inc., added another 20 percent to total group income on the back of a 19-percent revenue growth to P7.7 billion. The liquor segment posted a 23-percent net income growth to P1.43 billion.
The commercial real estate segment, meanwhile, saw a 9.4-percent increase in rental revenue to P613 million as its tenant portfolio grew. Net income advanced 5 percent to P486 million.
Energy and minerals segment netted P98 million on revenues of P172 million, while its specialty retailing business, Office Warehouse Inc., saw a 10.5-percent profit hike to P39 million.
Cosco shares on Tuesday were flat at P4.80 apiece.
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