Weak liquor business clips Lucio Co holding firm’s profit growth
Cosco Capital Inc. chalked up a net income of P2.21 billion in the first half, up 5.4 percent year on year on higher earnings from its grocery and other retailing businesses.
In a regulatory filing, the holding firm of retail magnate Lucio Co said revenues grew 11.28 percent to P66.08 billion due to sustained organic growth from its grocery retail segment’s aggressive store expansion program, acquisition of additional commercial real estate assets, and higher contributions from the liquor and retail segments.
The grocery retail business under Puregold and S&R Membership Club contributed P56.57 billion to total revenues, representing an increase of 10.81 percent year on year.
Office Warehouse Inc. chipped in P876.6 million to groupwide revenues, 18.47 percent higher than the year before mainly driven by its continuing store network expansion, enhanced product offerings and aggressive sales and marketing campaign.
Liquigaz Philippies pumped in P5.9 billion, representing an increase of 27.15 percent owing to improvements in global petroleum and gas prices.
Revenues from the liquor distribution business, however, declined 8.2 percent to P1.94 billion, mainly due to revenue reduction from its Fundador brandy category.