Lucio Co's Cosco Capital posts record profit in 2014

ABS-CBN News

Posted at Mar 17 2015 09:05 PM | Updated as of Mar 18 2015 05:05 AM

MANILA – Lucio Co-led Cosco Capital Inc. on Tuesday said its profits reached a record high of P4.01 billion in 2014.

Co’s retail holding firm said its net income to equity holders grew 20 percent last year from the P3.33 billion posted in 2013.

Cosco President Leonardo Dayao is confident that the company will sustain its growth this year due to its continued expansion and acquisitions.

“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,” Dayao said in a statement.

Cosco’s consolidated revenues last year reached P98.75 billion, up 27 percent from the P77.79 billion in 2013.

In 2014, the firm’s retail business segment from Puregold & S&R contributed 85.8 percent of the total revenues followed by specialty retail from Liquigaz.

Office Warehouse contributed 8.8 percent while liquor distribution amounted to 3.8 percent.

The company said its net sales for Puregold jumped 16 percent to P84.70 billion for the 2014 due to the strong consumer demand from its 233 Puregold stores and 9 S&R Membership stores.

The Puregold Group has a total of 248 stores as of end-2014.