MANILA, Philippines - Cosco Capital Inc., the retail holding company of businessman Lucio Co, has acquired RFC Mall, which is located along Alabang Zapote, Las Piñas City.
The newly acquired mall would add to the existing 35 properties of Cosco with a total gross leasable area of around 343,000 square meters.
Cosco president Leonardo Dayao said the acquisition of the mall is part of its expansion program, aimed at building three community malls in one or two years.
“Our operating business units will sustain its growth in 2015 and we will continue to embark on more expansions and acquisitions across all businesses to cater to the growing demands of consumers,” Dayao said.
In the first quarter, the company’s profits grew nearly a fifth on the back of robust retail business.
Cosco’s net income reached P965 million during the first three months of the year, 18 percent higher than the P817 million recorded in the same period last year.
Consolidated revenues grew by 33 percent to P25.63 billion from last year’s P19.23 billion.
The retail business contributed 55 percent of the company’s profits during the quarter, followed by real estate leasing with 24 percent, and liquor distribution and specialty retail with 13 percent each.
On a year-on-year basis, Cosco said net income increased 12 percent while income from real estate leasing and liquor distribution rose 17 percent and nine percent, respectively.