Cosco H1 surges 15%
Cosco Capital Inc. grew its profit for the first half of the year by 15.47 percent to P6.96 billion from P6.03 billion last year.
Revenues increased by 8.38 percent to P106.41 billion compared to P98.18 billion.
Profit less minority interest was at P4.09 billion, up 15.71 percent from P3.53 billion last year.
“The strong revenue performance across all the business segments were reinforced by a combination of management’s strategic initiatives and efficiency measures at all business segments,” the Lucio Co-led holding firm said.
Cosco said its grocery retail business posted sales of P98.5 billion, up 7.97 percent from P91.23 billion last year.
Profit hit P4.95 billion, up 5.02 percent from P4.4 billion.
The commercial real estate segment, meanwhile, posted revenues of P1.0 billion, up 5.78 percent from P952.44 million in 2023.
Profit rose by 16.02 percent to P537.63 million from P463.40 million.
The liquor distribution business posted sales of P7.72 billion, up 19 percent from P6.5 billion, on the back of a 22 percent growth in volume in terms of cases sold.
Profit grew by 23.19 percent to P1.43 billion from P1.16 billion.
Cosco said its specialty retail business posted sales of P995.35 million, down 4.32 percent from P1.04 billion last year.
Profit improved by 10.5 percent to P39 million.
CLI nets P1.7B
Cebu Landmasters Inc. (CLI) said profit in the first semester increased by 24 percent to P1.7 billion from P1.37 billion.
Revenues grew a similar 24 percent to P11.31 billion from P9.15 billion.
“Growth was driven by progress across all segments and a one-off lot sale. Key drivers are ongoing progress in construction for sold-out projects, and an increase in new units qualifying for revenue recognition. Additionally, there has been a substantial increase in hotel and leasing revenues,” the Cebu-based developer said.
CLI said it launched four new projects for the period worth P8.3 billion, with reservation sales hitting P11.6 billion, reflecting strong market demand and rapid project sell-out rates.
“Cebu Landmasters is poised to sustain this growth trajectory over the next few years with more projects opening in the coming months and as we further expand to new market areas,” said Jose Soberano, CLI chairman.
“There has been steady demand for our residential projects as shown by the fast market absorption of our newly launched developments. Demand continues to outweigh supply in the VisMin regions, with our projects selling out within days after market introduction, such as Velmiro Heights Davao, which fully sold out in practically less than two days after market introduction. This is a clear indicator that we are offering a compelling product priced competitively, for the right market,” he added.
Alliance Select grows profit
Alliance Select Foods International Inc. said profit for the first half of the year grew 161 percent to $351,000 compared to last year’s $134,482.
Revenues amounted to $39.6 million, up 55 percent from $25.55 million.
“Gross profit reached $4.3 million, 160 percent better than the first half of 2023,” the company said.
Alliance Select attributed the improvement in revenues from an increase in export and local sales and an expanded customer base.
“Better supply costs and manufacturing overhead contributed to the improved GP and higher net income before tax,” it said.
“Unfavorable freight charges and interest rates impacted bottom line, but these were offset by favorable fish prices and improved production cost due to higher plant utilization. These positive developments propel us to continue expanding our business and enhancing efficiencies,” said Jeoffrey Yulo, Alliance Select chief executive officer.
