May 22, 2013

Cosco Capital quadruples Q1 earnings

Cosco Capital Inc., the newly-structured investment holding firm of tycoon Lucio Co, quadrupled its earnings in the first quarter on the back of the strong performance of its retail businesses. Net income surged to P801 M from P193 M a year ago. The holding firm recorded a 51% growth in revenues to P17.1 B in the first quarter from P11.4 B a year ago.

In particular, Puregold Price Club Inc. more than doubled its profits to P962 M in the first quarter from P469 M last year while net sales jumped 49.8% to P16.09 B. The real estate business recorded a 382% growth in net income to P167 M, driven by a 116% gain in revenues to P403 M.

The liquor distribution business also enjoyed higher sales at P725 M, up 33% from a year ago. Oil storage unit Pure Petroleum Corp., which just started operations in November, posted P50  M in revenues and P45 M in operating income.

Cosco Capital is planning to conduct a $500-M sale of existing and new shares that will increase its public float and beef up liquidity. - WealthSec