Lucio Co expects another banner year for his retail and LPG businesses
Cosco Capital Inc., the retail holding firm of tycoon Lucio L. Co., grew its nine-month net earnings by 5.6 percent to P3.42 billion, buoyed by higher contributions from its its liquefied petroleum gas business.
The group’s grocery retailing businesses under Puregold Price Club and S&R Membership Shopping Club, pumped in 58 percent of Cosco’s total net income. It was followed by the commercial real estate segment with 23 percent and liquor (12 percent).
The group’s specialty retailing segment, composed of Liquigaz Philippines Corp.(“Liquigaz”) and Office Warehouse, accounted for 12 percent of total earnings.
“We are pleased with our financial and operational results for the first nine months of the year. Our subsidiaries are continuously generating positive returns. We remain optimistic that 2017 will be a banner year for Cosco Capital on the back of a strong economy and robust consumption of the Filipino household.” said Leonardo Dayao, president of Cosco Capital.
Puregold/S&R reported a seven percent growth in net income to P3.9 billion as revenue increased 11.2 percent to P87.6 billion.
The liquor distribution business booked a 10 percent rise in revenue to P4.07 billion on the back of a 17 percent jump in volume of cases sold during the period.
Liquigaz, meanwhile, saw its net earnings jump 27.5 percent to P391 million as revenue expanded 33.6 percent to P9 billion owing to higher sales volume and the gradual recovery in global LPG prices. It added nine new stores to boost its network to 77 as of the end of September.
The real estate segment, on the other hand, managed to grow its income by only three percent to P801 million.