By James A. Loyola

Cosco Capital, Inc., the retail holding firm of Mr. Lucio L. Co, reported a 16.8 percent growth in consolidated net income to P6.27 billion in the first nine months of 2018.

In a disclosure to the Philippine Stock Exchange, the firm said earnings growth was driven by the continued economic growth and the higher consumer spending as a result of the tax reform law.

The group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 59 percent of total profits, followed by the Commercial Real Estate segment with 22 percent and the Liquor Distribution with 13 percent.

The group’s Specialty Retailing segment, composed of Liquigaz Philippines Corporation and Office Warehouse, Inc., accounted for 10 percent of net profit.

The Group’s grocery retail segment, Puregold Price Club, Inc. and S&R Membership Shopping Club, grew its consolidated revenues by 14 percent to P99.8 billion, while consolidated net income increased by 18.4 percent to P4.62 billion.

The group opened a total of 21 new Puregold stores, 2 new S&R Warehouse Clubs and 5 new S&R QSR in the first nine months of 2018.

The Liquor Distribution business posted a 40.4 percent growth in revenues to P5.7 billion, on the back of a 42 percent increase in volume of cases sold in the first nine months of 2018.

The growth is primarily driven by the increase in sales of Alfonso Light Brandy and Alfonso Brandy.

For the Specialty Retailing business segment, Liquigaz Philippines Corporation generated a 38 percent increase in revenues to P12.4 billion mainly driven by increase in sales volume and the recovery in global LPG prices during the period, while Net Income declined by 6.5 percent to P366 million.

Office Warehouse, Inc.’s revenues grew by 14.1 percent to P1.58 billion. Office Warehouse currently has 86 stores in operations.

The group’s Commercial Real Estate segment posted 8.2 percent increase in total revenues to P1.84 billion and 7.4 percent increase net income of P860 million in the first nine months of 2018.