Cosco Capital Inc., the retail holding firm of retail magnate Lucio Co, on Friday said it grew its net income mainly from strong consumer spending.
In a disclosure to the Philippine Stock Exchange, the company said that its consolidated net income grew by 12 percent to P6.99 billion last year versus P6.24 billion a year earlier.
“With continued economic growth and strong consumer sentiments, we believe that we can achieve another record year of profits in 2016,” Cosco President Leonardo Dayao said.
Net income attributable to equity holders increased by 12 percent to P4.49 billion from P4.03 billion.
Consolidated revenues jumped 18 percent to P116.75 billion from P98.79 billion.
Its retail business segment, Puregold and S&R, were the main revenue contributors that brought in 83 percent of total revenues, followed by specialty retail from Liquigaz, the second largest LPG player in the Philippines.
Office Warehouse contributed 11 percent, while liquor distribution and real estate leasing accounted for the rest.