Cosco Capital Inc. registered profit of P4.99 billion in the first half of the year up 17.59 percent from last year’s P4.23 billion “amidst the decline in consolidated revenues brought about by the continuing impact of the pandemic.”
The grocery retail segment – Puregold Price Club, Inc. and S&R Membership Shopping Club – experienced a 7.1-percent decline in consolidated revenues to P 76.2 billion mainly driven by a decline in customer traffic in its Puregold supermarkets due to continuing impact of the pandemic.
“Despite the prevailing environment, the grocery retail group continued to implement its organic expansion strategy and opened a total of 15 new Puregold stores in the first half of 2021,” Cosco said.
The liquor distribution business posted a 34.8 percent increase in revenues to P4.3 billion, on the back of a 39 percent growth in volume of cases sold.
The commercial real estate segment meanwhile posted a flat revenues at P824 million as it continued to implement its policy of extending rental waivers/discounts and assistance to affected commercial tenants.
Office Warehouse Inc. revenues increased 1.8 percent to P789 million.
