Cosco Capital earnings dip in July-September

COSCO Capital, Inc. reported a 7% drop in its net income attributable to equity holders of the parent during the third quarter.

In a regulatory filing, the retail holding firm of billionaire Lucio L. Co said its attributable net income stood at P1.22 billion for the July to September period, from P1.31 billion during the same months last year. This brought the nine-month tally to P3.23 billion, up 7.5% from a year ago.

Consolidated net income was flat at P1.9 billion for the third quarter, but rose 9.3% to P5.05 billion for the January to September period.

Consolidated revenues accelerated by 6.8% to P31.26 billion in the third quarter, pushing nine-month revenues 11.5% higher to P90.84 billion.

“The growth in consolidated revenues has been largely driven by a combination of the Group’s sustained organic growth from its grocery retail segment’s aggressive stores expansion program, acquisitions of additional commercial real estate assets by its real estate segment augmented by improved capacity utilization of the oil storage business unit, sustained growth in revenue contribution from one of its major brandy brands recently acquired by a competitor,” Cosco Capital said.

By segment, the grocery retailing business, composed of Puregold Price Club, Inc. and S&R Membership Shopping Club, saw its consolidated net income contribution jump 13.8% to P3.64 billion in the nine-month period.

Meanwhile, real estate segment contributed P776 million to Cosco Capital’s net income, 8.5% higher than a year ago.

The liquor distribution segment posted a consolidated net income contribution to about P380 million during the first nine months, 0.7% lower than the same period last year.

Liquigaz Philippines Corporation contributed 27% lower net income contribution to P307 million, as revenues slid 26% due to depressed global oil prices. Office Warehouse, Inc.’s consolidated net income contribution went up 25% to P54.9 million as it opened more stores.