COSCO Capital Inc., the holding firm of businessman Lucio Co, said net income in the first three months of the year increased by 12 percent, propelled by strong consumer demand.
In a disclosure to the Philippine Stock Exchange, Cosco said net earnings from January to March rose to P1.08 billion from P965 million in the same period last year.
“Our company is well positioned to capture the growth from the strong consumer demand and we believe that we can achieve another record year of profits in 2016,” Cosco president Leonardo Dayao said.
Cosco’s consolidated revenues in the first quarter also increased by 12 percent to P28.79 billion from the P25.63 billion recorded in the same period last year.
The retail business segment consisting of Puregold Price Club Inc., the second largest grocery retailer in the country, and S&R membership shopping generated 86 percent of total revenues.
Specialty retail outlet Liquigaz, the second largest LPG player in the domestic market, and Office Warehouse together accounted for 9 percent of total revenues, while the remainder was contributed by its liquor distribution and real estate leasing business units.
Puregold Group’s net sales increased 20 percent to P24.76 billion in the first quarter, buoyed by strong consumer demand at its 255 Puregold stores, 10 S&R Membership stores, and 16 S&R QSR (quick service restaurants) stores.
As of end-2015, Puregold had a total of 298 stores, including the 17 stores from NE Bodega and Budgetlane that were acquired during the year.
Net income after taking out minority interest from the retail business unit contributed 55 percent of the profits, followed by real estate leasing 22 percent, liquor distribution 12 percent and specialty retail with 11 percent.