Cosco Capital Inc., the listed retail holding firm of Lucio Co, posted Tuesday a 21 percent increase in second-quarter net income to P3.55 billion, with steady growth in consumer demand despite macroeconomic challenges.Consolidated revenue in the April-June quarter rose by 9.6 percent to P55.55 billion.
For the first half, Cosco Capital consolidated net income grew by 16 percent to P6.97 billion as revenue increased 8.4 percent to P106.4 billion.
Cosco Capital said its grocery retailing businesses, including Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 71 percent of the total net income in the first half this year. Liquor distribution added 20 percent, commercial real estate 7 percent, energy and minerals 1.5 percent, and specialty retail 0.5 percent, the company said.
The grocery retailing saw first half net sales increase by 8 percent to P98.5 billion, driven by store expansion and higher comparative sales. Puregold Stores experienced positive same-store sales growth of 1.9 percent, while S&R Warehouse clubs saw a 2.4 percent increase, driven by higher ticket sizes. The grocery retail group’s net income improved by 13 percent year-on-year to P4.95 billion.
The Keepers Holdings Inc., Cosco Capital’s listed liquor distribution arm, reported a 19 percent rise in first half revenue to P7.7 billion on the back of a 22 percent rise in case volume, primarily driven by the strong performance of Alfonso, the leading imported brandy. Net income rose by 23 percent to P1.43 billion in the first half.
The Commercial Real Estate segment saw a 9.4 percent increase in rental revenue, amounting to P613 million, driven by improved tenant business operations and the resumption of rental rates based on contracts. Net income grew by 5 percent to P486 million.
The Energy and Minerals segment recorded revenues of P172 million and a net income of P98 million for the first half.
For the Specialty Retailing business, Office Warehouse, Inc. reported a 4.3 percent decline in revenues to P994 million but net income improved by 11 percent to P39 million in the first half.
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