Cosco Capital, Inc. and subsidiaries reported a 12 percent growth in consolidated net income to P5.59 billion in the first half of 2022 from P4.99 billion in the same period last year despite challenges from the lingering macro-economic impacts on business.

In a disclosure to the Philippine Stock Exchange, the firm said profit growth was mainly driven by a combination of management’s strategic initiatives and efficiency measures at all business segments that involved enhancements in the cost of goods sold and services coupled by sustained strategic costs and expense reduction and management.

The implementation of the reduced corporate income tax rate under the CREATE Law also contributed to the growth in the group’s consolidated net income.

Attributable net income amounted to P3.24 billion in the first half of 2022, 9.40 percent higher from the P2.96 billion registered in the same period last year.

Cosco’s consolidated revenue improved 8.49 percent to P87.44 billion for the first half of 2022 from the P80.60 billion generated in the same period last year.

The Grocery Retail and Liquor Distribution Segments largely delivered stronger sales performance and growth during the second quarter that lifted the overall revenue growth generated for the first half of 2022.

Coscos said this indicates the recovering consumer demands resulting from the continued easing of mobility restrictions as well as the corresponding economic recovery indicators amidst the current volatilities affecting the global business and markets.

The Commercial Real Estate segment posted some recovery gains in revenue as it also benefits from the continued easing of mobility restrictions allowing more tenants to gradually recover its business volume and enabling the gradual reduction in rental discounts and reliefs previously granted.

The Specialty Retail segment likewise benefited from the gains resulting from the sustained easing of community restrictions that enabled its continued store operations.