Cosco Capital profit rises 374%
Cosco Capital Inc., the conglomerate of grocery and logistics magnate Lucio Co, saw its profit jump 374 percent to P2.313 billion in the first half of 2014, from last year’s P488 million.
Revenue, meanwhile, ballooned by 549 percent to P40.590 billion in the first six months from the P6.257 billion reported in the same period last year.
Cosco was a mining firm from January to May 2013, before it became a conglomerate in June. When the group included the operational results and revenues of 14 companies in 2014, and compared the figures with those of the previous year, it resulted in what it called an “out-of-range fluctuation,” the company explained.
Cosco Capital used to be Alcorn Gold Resources Corp. and engaged in mineral and oil development and exploration before it was converted into a holding company.
At present, the group has interests in liquor distribution, mining, real estate and retail.
At the end of June, the retail segment’s consolidated net sales rose 16.8 percent to P38.5 billion from P33 billion last year, as the new stores put up in 2013 became fully operational, the company said.
The consolidated net income from retail in the first half, however, slipped 6.6 percent to P1.656 billion, from P1.772 billion last year. Retail’s consolidated gross profit, nonetheless, grew by a tenth to P6.4 billion during the first half, from P5.8 billion last year.
The real estate segment posted a 6-percent hike in first half revenues to P927 million from last year’s P874 million. Net income from real estate thus climbed 23 percent to P389 million at end-June from P316 million last year as revenues grew while operating and interest expenses decreased.
As for the liquor distribution business, revenues in the first half went up by 8 percent to P1.517 billion, from P1.402 billion last year. Its profit grew to P201 million at end-June from last year’s P173 million.
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