COSCO Capital Inc., the listed retail holding firm of businessman Lucio Co, has acquired another regional mall which will raise the company’s commercial gross floor area to about 351,700 square meters (sqm) from 343,000 sqms.
Through its wholly owned subsidiary Ellimac Prime Holdings Inc., Cosco acquired the Bulacan-based Maunlad Mall on Wednesday.
“[The acquisition is] to grow the revenue and income bases for Cosco and to increase its rental selling space,” Cosco said in a disclosure to the stock exchange on Thursday.
Meanwhile, the company announced on Thursday that its first half net income reached P4.05 billion, up 26 percent from P3.19 billion a year earlier. Revenues increased to P52.74 billion from P40.59 billion.
“We are constantly working on more expansions and acquisitions across all businesses to cater to the growing demands of consumers,” President Leonardo Dayao said.
Retail business from Puregold and S&R stores contributed 82 percent of total revenues, followed by LPG distributor Liquigaz at 13 percent and five percent was from the liquor distribution and real estate leasing businesses.
In separate statements on Thursday, Puregold Price Club Inc. said its first semester net income increased by 21 percent to P2 billion from P1.65 billion. Operating revenues rose to P44.64 billion from P39.82 billion.
As of end-June, Puregold was operating 258 stores nationwide including nine S&R stores and 10 S&R New York Style Pizza stores.
Cosco has been active in acquiring existing malls.
Cosco is also interested in acquiring hardware, pharmacy and home improvement stores apart from newly-acquired school and office supplies retailer Office Warehouse Inc. and liquefied petroleum gas (LPG) distributor Liquigaz Philippines Inc.