Listed firm Cosco Capital Inc. said its net income in the first half of the year grew by 371 percent compared to the same period last year after the holding firm of retail magnate Lucio Co consolidated all of its assets in April of last year.
Consolidated net income in the first half went up to P2.3 billion from P488 million last year, when Cosco was still a purely mining company.
Revenues climbed to P40.6 billion in the first half from P6.3 billion previously.
“This out-of-range fluctuation is because the group’s results of operations included revenues from 14 companies in 2014 whereas 2013 presents Cosco as a mining company from January to May and as a group in the month of June only,” Cosco said.
Prior to the consolidation, Cosco was known as Alcorn Gold Resources Corp., a company engaged in exploration, development and production of oil and gas, and metallic and non-metallic reserves.
At present, Cosco and its subsidiaries’ current portfolio comprises business interests in retail (Puregold Price Club Inc.), liquor distribution (Premium Wine and Spirits Inc.), real estate and mining.