Cosco Capital reports 83% growth in net income

 Economy
Apr 102014
 

MANILA, Philippines – Cosco Capital Inc., the investment vehicle of Lucio and Susan Co, posted a strong income and revenue growth last year driven by the grocery business.

In a regulatory filing, Cosco Capital said its pro-forma net income hit P5.3 billion, up 83 percent from P2.9 billion a year ago, while pro-forma net income attributable to equityholders of the parent firm surged 120 percent to P3.3 billion from P1.5 billion.

“For its first annual reporting, after being transformed in May 2013 into a consumer-focused holding company, Cosco Capital recorded pro-forma total revenues of P77.2 billion in 2013 from P60.7 billion in 2012 or a growth of 27 percent,” the company said.

“Revenues of Cosco Capital were principally accounted for by Puregold Price Club Inc.,” the listed holding firm said.

Cosco Capital said that for the last seven-month period 2013, the firm recorded a net income of P3.7 billion.

Aside from Puregold, the company is also into liquor importation (Premier Wine & Spirits Inc.), commercial real estate, oil storage and oil exploration activities.

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Cosco Capital claims to be the country’s leading importer of liquor with exclusive distribution rights for some of the world’s top brands like Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.

Puregold profit up 46.5% to P2.64B

 Economy
Nov 152013
 
Puregold profit up 46.5% to P2.64B

MANILA, Philippines – Grocery chain Puregold Price Club Inc. said its earnings surged by nearly half in the nine months to September this year as its network expected through new stores and acquisitions. In a disclosure, to the stock exchange, the Lucio Co-owned retailer reported that its net income spiked 46.5 percent to P2.64 billion in the nine-month period, from P1.8 billion last year. “This was a result of the continuous strategic expansion of the group including major acquisitions in the previous year and in the first half of 2013,” Puregold said. Net sales hit P51.49 billion, up nearly a third from P39.13 billion in the same period last year, while cost of sales picked up at a slower pace of 29.5 percent to P42.57 billion from P32.87 billion. “New stores put up in 2012 were fully operating in 2013, increasing consolidated net sales for the nine-month period,” Puregold said. Operating expenses climbed 40.7 percent to P6.85 billion from P4.87 billion a year ago due to manpower costs in new stores “as well as rent expenses relative to new lease contracts, utilities expense, depreciation expense and taxes, all related to the establishment and opening of new stores,” Puregold said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The grocery chain is putting up at least 25 new stores every year in the next five years, focusing on unserved cities and municipalities nationwide. Puregold has counted close to 500 cities and first-class municipalities nationwide that it can tap for new Read More …