MANILA, Philippines — Cosco Capital Inc. posted higher profit in the first quarter on the back of strong contributions from its major business segments.
The listed retail holding firm of Lucio Co reported a 7.6-percent jump in net income to P3.68 billion in the first quarter from P3.42 billion in the same period last year.
Thee group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 72 percent to total net income, followed by the liquor distribution with 19 percent, commercial real estate segment with seven percent and energy and minerals and specialty retail with two percent.
Cosco said it continued to benefit from the country’s economic recovery amid the prevailing macroeconomic challenges.
The company saw stronger revenue growth across its business segments during the quarter, indicating the recovering consumer demand.
Revenues rose by 11.5 percent to P56.7 billion from last year’s P50.9 billion, driven by robust operating performance from major business segments.
Cosco’s grocery retail segment grew its net income by 6.5 percent to P2.6 billion as revenues jumped by 10.8 percent year-on-year to P52.4 billion.
Net income for the liquor segment registered an increase of 14.3 to P690 million, driven by the strong sales performance from the imported brandy segment.
The commercial real estate segment recorded a net income of P273 million, up by 5.3 percent year-on-year.
Earnings booked by the energy and minerals segment decreased by 13.8 percent to P58 million, while that of the specialty retailing business segment improved by 2.6 percent to P30 million.
