Puregold, S&R drive up Cosco Capital’s profits
Lucio Co’s retail holding firm, Cosco Capital Inc., grew its net income by seven percent to P7.5 billion last year.
In a disclosure to the stock exchange, Cosco Capital said its consolidated revenues expanded by 11 percent to P129 billion, with its grocery retailing businesses accounting for 59 percent of total profits.
Cosco Capital’s retail business consists of Puregold Price Club Inc. and S&R Membership Shopping Club.
“Our strength in retailing shows through the continued growth in our grocery, liquor, and office supplies and technology products retail businesses,” Cosco Capital president Leonardo Dayao said.
The company said its grocery retail segment grew its revenues by 16 percent to P113 billion, with the segment’s consolidated net income growing by 11 percent to P5.5 billion. As of the end of 2016, the company’s grocery retailing segment had a total of 329 stores nationwide.