The Market Monitor Minding the Nation's Business
By Riza Lozada
Cosco Capital Inc., the retail holding firm of Lucio Co, reported a net income of P3.01 billion for the first nine months representing an 18 percent improvement from P2.55 billion profit a year ago.
Consolidated revenues reached P81.45 billion growing by 23 percent from P66.28 billion last year.
The retailing segments, Puregold and S&R, have combined shares accounting for 83 percent of total revenues.
The specialty retailing businesses, Liquigaz and Office Warehouse, have combined contributions of 12 percent to the sales, with the latter ranking second largest Liquified Petroleum Gas (LPG) player in the country and the former a leading office supplies provider. Also strong sales were reported by Cosco’s liquor distribution and real estate leasing arms.
Puregold Group net sales increased by 13 percent to P67.33 billion for the first nine months attributed to the strong consumer demand in its 245 Puregold stores and nine S&R Membership stores and 13 S&R stores.
As of the end of September, the Puregold Group has a total of 267 stores with a net selling area of about 421,000 square meters (sqm).
“All our operating business units are on track to achieve record profits for the year 2015.” said President Leonardo Dayao.
Cosco’s consolidated net income for the first nine months 2015 amounted to P4.62 billion up 15 percent compared to P4.03 billion same period last year.
Net Income after taking out minority interest from the retail business unit contributed 54 percent of profits followed by real estate leasing with 24 percent, liquor distribution 13 percent and specialty retail with 14 percent.
The net income for the retail business increased by 6.5 percent, real estate leasing rose by 26 percent, liquor distribution grew by six percent respectively during the period.