Philippines: Cosco Capital hikes income in 6 months

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Strong revenue performance across all business segments boosted the earnings of Lucio Co's Cosco Capital Inc. in the first half despite the lingering macroeconomic challenges.

Cosco posted a 15.5-percent increase in consolidated net income to P6.96 billion during the first semester from last year's P6.03 billion.

Net income attributable to equity holders of the parent company reached P4.09 billion, up by 15.7 percent year-on-year.

Cosco generated revenues of P106.41 billion, 8.4 percent higher than last year's P98.18 billion as a result of a combination of management's strategic initiatives and efficiency measures at all business segments.

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

Cosco's grocery retailing businesses, Puregold Price Club Inc. and S and R Membership Shopping Club, contributed 71 percent of total net income, followed by the liquor distribution with 20 percent, commercial real estate segment with seven percent, energy and minerals with 1.5 percent and specialty retail with 0.5 percent.