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Cosco makes P6.47 B in 9 months

Cosco Capital, Inc., the retail holding firm of tycoon Lucio L. Co, reported an almost flat consolidated core net income of P6.47 billion in the first nine months of 2020 as against P6.5 billion in the same period last year. 

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 percent of total core net income.

This was followed by the Commercial Real Estate segment with 16 percent and the Liquor Distribution with 19 percent. The group’s Specialty Retailing segment, Office Warehouse, Inc., accounted for 1 percent of net profit. 

The grocery retail segment grew its consolidated revenues by 10.1 percent to P121.14 billion, while net income increased by 10.9 percent to P5.05 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 percent decline in revenues to P5.03 billion, on the back of a 27 percent 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 percent to P750 million due to strategic cost control of its distribution, marketing and promotion expenses.

The Commercial Real Estate segment posted 21.3 percent decline in revenues to P1.26 billion and a 33.5 percent drop in net income to P625 million during the period due to Covid-19 lockdown and rental waiver and assistance to commercial tenants.  Office Warehouse’s revenues decline by 33 percent to P1.25 billion while net income fell 51.7 percent to P39 million due to store closure during the community quarantine restrictions.


Source: Manila Bulletin (https://mb.com.ph/2020/11/15/cosco-makes-p6-47-b-in-9-months/?utm_source=rss&utm_medium=rss&utm_campaign=cosco-makes-p6-47-b-in-9-months)

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