MANILA, March 17 (PNA) — Lucio Co’s listed retail conglomerate Cosco Capital Inc. on Tuesday said its profit soared by 20 percent in 2014 due to the strong consumer demand.
In a statement to the Philippine Stock Exchange (PSE), Cosco reported a record net income to equity holders of PHP 4.01 billion last year from PHP3.33 billion in 2013.
“I believe that 2015 will be another record year of profits for Cosco as all our operating business units have shown double-digit profit growth in 2014 and we are excited for more expansions and acquisitions across all businesses to cater to the growing demands of consumers,” said President Leonardo Dayao.
Cosco’s consolidated revenues in 2014 amounted to PHP98.75 billion, up 27 percent against PHP77.79 billion the previous year.
In 2014, the retail business segment from Puregold and S&R contributed 85.8 percent of the total revenues.
This was followed by specialty retail from Liquigaz and Office Warehouse at 8.8 percent, liquor distribution, 3.8 percent and real estate leasing, 1.6 percent.
Puregold’s net sales increased by 16 percent to PHP84.70 billion for the year 2014 due to the strong consumer demand from its 233 Puregold stores and nine S&R Membership stores.
Cosco’s consolidated net income in 2014 amounted to PHP6.24 billion, up 16 percent compared to PHP5.36 billion in 2013.
In 2014, the retail business unit contributed 73 percent of the profits, followed by real estate leasing 15 percent, liquor distribution 10 percent and specialty retail with two percent. (PNA)