By: BusinessWorld
COMPANIES led by businessman Lucio L. Co reported strong profit growth in the first quarter, with his retail holding firm Cosco Capital, Inc. posting a 10.9% increase in consolidated net income to P2.7 billion.
In a disclosure on Monday, Cosco Capital said its consolidated revenues were up by 2.8% to P40.68 billion from P39.57 billion in the same period of 2021.
“The company continued to benefit by way of a better bottom line results from a combination of the gross margin enhancements thru stronger suppliers supports, sustained strategic cost and expense management as well as the income tax savings from the implementation of the CREATE Law,” it said, referring to Republic Act No. 11534, or Corporate Recovery and Tax Incentives for Enterprises Act.
The group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 68% to the total core net income.
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