Cosco Capital profit climbs by 7.8 percent in H1

MANILA, Philippines — Lucio Co’s Cosco Capital Inc. grew its first half net income to P5.6 billion, up by 7.8 percent as all business segments posted growth.

Consolidated revenues grew by 12.3 percent to P98.2 billion from P87.4 billion a year ago as Co’s holding company benefitted from the economic recovery despite the prevailing challenges in the business environment.

In the first half of the year, the group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 73 percent of total net income, followed by liquor distribution with 19 percent and commercial real estate segment with eight percent.

The grocery retailing group’s consolidated net sales for the first half, meanwhile, rose by 11 percent to P91 billion driven by higher comparative sales.

Similarly, the liquor distribution business through The Keepers Holdings Inc. recorded consolidated revenues of P6.5 billion, up 19 percent growth versus previous year on the back of a 10 percent growth in volume of cases sold for the period.

This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its pre pandemic levels.

Net income for the liquor segment rose by 18 percent to P1.16 billion  because of strong sales performance from imported brandy, wines, and specialty beverages.

Likewise, Cosco’s commercial real estate segment posted a 9.8 percent growth in rental revenue amounting to P952 million as business operations of its tenants portfolio  improved due to easing mobility restrictions and increased level of economic activities as well as full resumption of rental rates based on contracts.