COSCO Capital, Inc. generated P2.44 billion in consolidated net income for the January-to-March period, up by six percent from P2.3 billion year on year despite the decline in consolidated revenues.

In a regulatory filing on Monday, the listed holding firm of Lucio L. Co said, without disclosing figures, that the company’s consolidated revenues went down “brought by the continuing impact of the COVID-19 (coronavirus disease 2019) pandemic experienced by all the business segments of the group.”

The company’s grocery retailing business composed of Puregold Price Club, Inc. and S&R Membership Shopping Club contributed 70% to its total core net income.

Cosco Capital’s grocery retail business reported a 14.61% net income growth to P2.02 billion on cost-cutting initiatives and efforts to improve front margins, while consolidated revenues declined by 7.9% to P37.7 billion due to slow customer traffic.

“The grocery retail group continued to implement its organic expansion strategy despite the prevailing environment and opened a total of 10 new Puregold stores in the first quarter of 2021,” Cosco Capital said.

Its liquor distribution division contributed 15% in total core net income. The segment’s net income declined by two percent to P228 million, while revenues went down by 4.4% to P1.77 billion.

Cosco Capital’s real estate segment made up for 14% of its total core net income. The division’s net income fell by 32.2% to P200 million due to lockdown restrictions and rental waivers/discounts, while its revenues shaved off 20% to P428 million.

Meanwhile, specialty retailing business Office Warehouse, Inc, accounted for one percent of Cosco Capital’s net profit. Office Warehouse saw its net income decline by 8.3% to P18 million, while its revenues dropped by 20.9% to P424 million due to store closures during lockdown restrictions.

Shares of Cosco Capital at the stock exchange went up by 2.92% or P0.14 on Monday, closing at P4.94 apiece. — Keren Concepcion G. Valmonte