Cosco Capital nets P4.49B | Inquirer Business
Close  

Cosco Capital nets P4.49B

/ 12:52 AM April 18, 2016

RETAIL tycoon Lucio Co-led conglomerate Cosco Capital Inc. grew its net profit last year by 12 percent to a record P4.49 billion, mostly driven by the strong performance of the flagship grocery business under Puregold Price Club.

“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.

ADVERTISEMENT

Cosco’s consolidated revenues last year rose by 18 percent to  P116.75 billion.

Puregold, the second-largest grocery retailer in the Philippines, and upscale chain S&R Membership Shopping contributed 83 percent of the total revenues, followed by earnings from Liquigaz, the second-biggest LPG (liquefied petroleum gas) player in the country, and Office Warehouse at 11 percent. The rest came from the liquor distribution and real estate leasing business units.

FEATURED STORIES

Puregold’s group-wide net sales increased by 14.7 percent to P97.17 billion last year, attributed to strong consumer demand from its 255 Puregold stores and 10 S&R stores and 16 S&R fast-food stores.

Including minority interest, Cosco’s consolidated net income for 2015 amounted to P6.99 billion, up by 12 percent compared to the previous year.

Net income after taking out minority interest from the retail business unit contributed 57 percent of the profits, followed by real estate leasing at 23 percent, liquor distribution at 15 percent and specialty retail at 10 percent. “All our operating business units have achieved record profits in 2015,” Dayao said.

The net income from the retail business unit increased last year by 11 percent while that from real estate leasing unit rose by 7 percent. The liquor distribution business unit grew by 9 percent.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Cosco Capital Inc., economy, Lucio Co, News, puregold
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.