Grocery, strong liquor sales boost Lucio Co holding firm’s Q1 earnings
Cosco Capital Inc. said its net income rose 8.22 percent in the first quarter to P1.25 billion on higher contributions from most of its businesses, particularly liquor.
The group’s grocery retail segment under Puregold Price Club and S&R Membership Shopping Club, sustained its growth momentum with its net earnings 11.7 percent to P1.43 billion.
Revenues expanded by 12.2 percent to P 30.9 billion, driven by steady same-store sales growth and the opening of 10 new Puregold stores and 1 new S&R QSR.
As for the liquor distribution business, revenues surged 46.4 percent to P 1.71 billion on the back of a 28 percent jump in the volume of cases sold.
The commercial real estate segment reported a 10.7 percent increase in net income to P284 million as revenues increased by 10.1 percent to P608 million.
For the specialty retailing segment, Office Warehouse Inc. grew revenues by 13.4 percent to almost P500 million. It currently has 83 store in operations.
Liquigaz Philippines Corp., on the other hand, reported flat earnings at P101 million despite a 24 percent jump in revenues to P3.7 billion.