Co-Led holdings firm books 14% higher profits

COSCO Capital, Inc. posted a 14.4% increase in its consolidated net income to P3.1 billion in the first quarter from P2.7 billion recorded the same period last year, the company said in a regulatory filing on Wednesday

Thee listed retail holding firm of Lucio L. Co reported a 16% growth in consolidated revenues to P47.5 billion during the quarter from P40.7 billion due to contributions from all its business segments.

“The group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of higher revenue growth across all its business segments which indicates the recovering consumer demand,” the company said.

“Better bottom-line results were due to a combination of the gross margin enhancements thru stronger supplier support, sustained strategic cost and expense management leading to a slower growth in expenses versus revenues,” it added.

Its grocery business Puregold Price Club, Inc. and S&R Membership Shopping Club contributed 78% to net income for the three-month period.

Its grocery business saw net income jumped to P2.4 billion, up 12% from the same period last year. Its top line, likewise, went up by 15% to P44.4 billion driven by higher sales during the quarter.

“Topline growth momentum continued as consumption was robust even as inflationary pressures persisted,” it said.

Puregold booked P30 billion while S&R Warehouses recorded P14.4 billion in revenues during the period, up 12% and 23%, respectively.

Its liquor distribution unit The Keepers Holdings Inc. reported a net income of P420 million, up 26.5% from the previous year due to strong sales performance from its imported brandy, wines, spirits, and specialty beverages.

The Keepers amounted to 13% to the total net income for the three-month period.

Consolidated revenues amounted to P2.9 billion a 33.6% jump from the same period last year driven by a 30% growth in the volume of cases sold.

“This was driven principally by the continued robust performance of Alfonso, which has already surpassed its pre pandemic levels, premiumizing market and on-premise channel rebound,” the company said.

Elimac Prime Holdings, Inc. grew by 9% in net income for the period to P247 million from P227 million the same period last year. Its rental revenues jumped by 8.7% to P488 million due to easing mobility restrictions.

It contributed 9% to total net income for the quarter.

Meanwhile, its specialty retail unit, Office Warehouse, Inc. reported 74% surge in net income for the first quarter to P28 million from P16 million the previous year. Revenues from the company amounted to P556 million, up 42.5% due to strong business recovery. — Adrian H. Halili