Cosco Capital Inc. of Lucio L. Co reported a 273% surge in first semester earnings to P9.9 billion, buoyed by the sustained organic expansion of its business units as well as one-time gain from the sale of Liquigaz.
Excluding the gain from the divestment of Liquigaz, core net income went up 8.6% to P2.67 billion.
The grocery retailing businesses under Puregold Price Club Inc. and S&R Membership Shopping Club, accounted for bulk or 54% of Cosco’s total earnings, followed by the commercial real estate segment with 23% and liquor 17%.
The specialty retailing segment under Office Warehouse Inc. contributed 2% of net profit.
Revenues from the grocery retail segment increased by 11.3% to P 71.1 billion. The group opened a total of 12 new Puregold stores, 1 new S&R Warehouse Club in the first quarter of 2019.
The liquor distribution saw a 20.8% expansion in net income to P457 million as revenues soared 215% to P4.5 billion on higher volumes. The number of cases sold increased by 31%, primarily driven by the continued strong sales of Alfonso Light Brandy and Alfonso Brandy brands.
As for its real estate segment, net income grew 11.4% to P637 million on the back of a 4.6% increase in revenues to P1.27 billion.
The specialty retailing business under Office Warehouse Inc. reported a 67% jump in profit to P54 million as revenues rose 20.9% to P 1.22 billion on strong same-store sales growth of more than 15%. With its continued organic expansion since its acquisition, Office Warehouse now has 91 stores in operations.