Cosco Capital Inc., the listed retail holding company of businessman Lucio Co, said it paid back P4 billion worth of debt as the company’s financial health remained positive despite the pandemic.
Cosco said in a disclosure to the stock exchange the P4-billion seven-year corporate notes involved six creditor banks including Land Bank of the Philippines, Rizal Commercial Banking Corp. Maybank Philippines Inc., Robinsons Bank Corp., Security Bank Corp. and United Coconut Planters Bank.
The term loan was used by the company for the acquisition of Liquigaz Philippines Corp. in 2014. In 2019, Cosco sold Liquigaz 2019 to Fernwood Holdings Inc. at over three times the acquisition cost.
“Even after payment of the loan, Cosco Capital continues to remain in a healthy liquid position,” the company said.
Cosco’s portfolio consists of interests in grocery retail, real estate and property leasing, liquor distribution, oil and mining and specialty retail.
Among its subsidiaries are Puregold Price Club Inc., S&R Membership Shopping, Ellimac Prime Holdings Inc. and Office Warehouse Inc.
Cosco reported a consolidated net income of P2.44 billion in the first quarter, up 7 percent from P2.3 billion in the same period last year. Consolidated revenues, however, declined by 8 percent to P40.4 billion from P43.9 billion.