Close  

Cosco Capital ’18 profit up 12.7% to P5.5B

/ 05:32 AM April 18, 2019

Retail tycoon Lucio Co-led Cosco Capital grew net profit attributable to equity holders of parent firm last year by 12.7 percent to P5.5 billion, riding on the growing economy and higher consumer spending resulting from the tax reform law.

Including earnings attributable to minority interest, Cosco’s net profit in 2018 rose by 12.4 percent to P8.8 billion, the company disclosed to the Philippine Stock Exchange on Wednesday.

ADVERTISEMENT

The group’s grocery retailing businesses Puregold Price Club Inc. and S&R Membership Shopping Club contributed 60 percent of total profit, followed by the commercial real estate segment with a contribution of 19 percent and the liquor distribution with 13 percent.

The group’s specialty retailing segment—composed of Liquigaz Philippines Corp. and Office Warehouse Inc.—accounted for 8 percent of net profit.

FEATURED STORIES

The grocery retail segment, flagship Puregold Price Club Inc. and S&R Membership Shopping Club, grew consolidated revenues by 13.2 percent to P140.9 billion, while consolidated net income increased by 11.6 percent to P6.52 billion.

The group opened a total of 30 new Puregold stores, two new S&R warehouse clubs and seven new S&R quick service restaurants in 2018.

The liquor distribution business posted a 31.3-percent growth in revenues to P8.7 billion, on the back of a 32-percent increase in volume of cases sold in 2018.

The growth is primarily driven by the increase in sales of Alfonso Light Brandy and Alfonso Brandy.

For the specialty retailing business segment, Liquigaz Philippines Corp. generated a 30-percent increase in revenues to P17 billion, mainly driven by increase in sales volume and the recovery in global LPG prices during the period. Its net income increased by 33.5 percent to P626 million.

Office Warehouse’s revenues grew by 15.5 percent to P2 billion. Office Warehouse currently has 88 stores in operations.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

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: Cosco Capital, Lucio Co, net profit
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 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.