Cosco Capital Corp., the retail holding company of Lucio Co., saw a 4.65% rise in net income in 2023 due to strong performance in liquor and other retail businesses. Consolidated revenues also grew by 8% year-on-year.
Cosco Capital Corp. , the listed retail holding company of businessman Lucio Co. , saw its net income attributable to equity holders of the parent company rise 4.65 percent in 2023 to P7.38 billion as the strong performance of liquor and other retail businesses offset the lower contribution from the supermarket business.
“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,” Cosco said. The grocery retail group booked a 7.4-percent decline in net income to P 8.6 billion even as sales climbed 8 percent to P 199 billion.The company said same-store sales growth of its supermarket business normalized starting in the second quarter as consumer revenge spending plateaued.
The liquor distribution business through The Keepers Holdings Inc. booked a record net income of P2.9 billion, up 30 percent from a year ago, resulting from the strong sales performance of imported brandy, spirits, wines,and specialty beverages.
Cosco Capital Corp. Net Income Retail Lucio Co. Liquor Supermarket Revenues Business Segments
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