Recovering consumer demand lifts Cosco’s profitCosco reported a net income of P10 billion during the three quarters, up from P9.1 billion a year ago as revenues grew by 9.1 percent year-on-year to P164 billion. The company said that the sustained and stronger revenue growth across all its business segments indicate a recovering consumer demand. Cosco’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 69 percent of total net income during the nine-month period, followed by the liquor distribution with 22 percent. Cosco’s energy and minerals segment, meanwhile, generated earnings of P165 million and revenues of P335 million during the three quarters. For the specialty retailing business segment, net income improved by 3.3 percent to P66 million despite a 3.5-percent drop in revenues to P1.6 billion.

Source: Philippine Star November 13, 2024 10:37 UTC