Business and Economy
Cosco nets P3.45B at end-June ’17
MANILA— Cosco Capital, Inc. reported a net income of PHP3.45 billion in the first semester this year, up 7.0 percent from net income during the same period in 2016.
In a disclosure with the Philippine Stock Exchange Monday, magnate Lucio Co’s retail holding firm had consolidated revenues of PHP66.1 billion in first half of the year, up by 11.3 percent in H1 2016.
“All of our subsidiaries continue to generate positive and sustainable returns for our company,” Cosco Capital President Leonardo Dayao said in a press statement.
Its grocery retailing units — Puregold Price Club Inc. and S&R Membership Shopping Club — shared 57 percent to Cosco’s profit in the first semester of the year.
In a separate disclosure, Puregold said its consolidated net sales in H1 2017 increased by 10.8 percent to PHP56.6 billion due to strong consumer demand from new and existing Puregold stores, S&R stores, and S&R New York Style Pizza stores.
Puregold group ended H1 2017 with 345 stores — 288 Puregold stores, 12 S&R membership shopping warehouse, 28 S&R New York Style QSR, nine NE Bodega Supermarkets, and eight Budgetlane Supermarkets.
For this year, Puregold targets to open 25 Puregold stores and two S&R warehouses.
Moreover, Cosco’s commercial real estate business contributed 24 percent to the total profit, while its liquor distribution and specialty retailing units shared 12 percent each to Cosco’s profit.
Its liquor distribution segment posted a 5.3 percent growth in revenues amounting to PHP2.5 billion.
Cosco’s specialty retailing business, which is composed of Liquigaz Philippines Corp. and Office Warehouse, Inc., closed H1 2017 with PHP6.88 billion worth of revenues.
“We look forward to the coming years as each subsidiary continues to expand and develop new markets for its products and services,” Danao noted.