COSCO CAPITAL EARNS P6.47 BILLION
Cosco Capital, Inc., the listed retail holding firm of tycoon Lucio L. Co, reported a consolidated core net income of Php 6.47 billion in the first nine months of 2020 versus Php 6.5 billion in the same period in 2019.
In the first nine months of 2020, the group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 64% of total core net income, followed by the Commercial Real Estate segment with 16% and the Liquor Distribution with 19%. The group’s Specialty Retailing segment, Office Warehouse, Inc., accounted for 1% of net profit.
The grocery retail segment grew its Consolidated Revenues by 10.1% to PHP 121.14 billion, while consolidated grocery segment net income increased by 10.9% to PHP 5.05 billion. The grocery retail group opened a total of 16 new Puregold stores, 2 new S&R Warehouse Clubs and 4 S&R QSR in the first nine months of 2020.
The Liquor Distribution business posted a 31.7% decline in revenues to PHP 5.03 billion, on the back of a 27% decline in volume of cases sold due to COVID-19 community quarantine and liquor ban. Net income for the liquor segment, however, increased by 4% to PHP 750 million due to strategic cost control of its distribution, marketing and promotion expenses.
The Commercial Real Estate segment posted 21.3% decline in revenues to PHP 1.26 billion and 33.5% decline in net income of PHP 625 million during the period due to COVID-19 lockdown and rental waiver and assistance to commercial tenants.
For the Specialty Retailing business segment, Office Warehouse, Inc.’s revenues decline by 33% to PHP 1.25 billion while net income decline by 51.7% to PHP 39 million due to store closure during the community quarantine restrictions.