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Friday, March 29, 2024

GT Capital, Cosco recorded higher profits in first quarter

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Conglomerates GT Capital Holdings Inc. of the Ty family and Cosco Capital Inc. of retail businessman Lucio Co posted positive earnings in the first quarter as core businesses delivered strong results.

GT Capital said in a disclosure to the stock exchange first-quarter net income rose 7 percent to P4.4 billion from P4.1 billion in the same period last year year.

This was driven by Metropolitan Bank & Trust Company whose net income amounted to P8 billion and Toyota Motor Philippines which realized a net income of P2.1 billion in the first three months.

“Our financial results show the growth momentum from last year carried over into the first three months of 2022. At these levels, we have already surpassed our first-quarter 2019 pre-Covid core income by 18 percent,” GT Capital president Carmelo Maria Luza Bautista said.

“This is a very encouraging indicator. Despite the headwinds of inflation, higher interest rates, market disruptions caused by the pandemic, and the more recent geopolitical events, we are confident that our recovery momentum is sustainable,” he said.

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Cosco Capital also reported a 10.9-percent growth in first-quarter net income to P2.7 billion from P2.44 billion a year ago. Consolidated revenues reached P40.68 billion in the first quarter, up 2.8 percent from P39.57 billion in the same period of 2021.

The group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 68 percent of total core net income, followed by the liquor distribution with 17 percent and commercial real estate segment.

Puregold reported 6.5-percent increase in net income to P2.15 billion, while revenues climbed 2.1 percent to P38.5 billion. This was driven by the increase in customer traffic across supermarkets amid the gradual reopening up of the economy and continued easing of the community restrictions and business disruptions.

The liquor distribution business under The Keepers Holdings Inc. recorded a 23-percent increase in sales to P2.17 billion, on the back of a 17-percent growth in volume of cases.

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