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COSCO Capital, the retail holding arm of Philippine retail tycoon Lucio Corp., plans to expand into renewable energy, seeing it as an opportunity to further grow its business empire.
Leonardo Dayao, president of COSCO Capital, said this would be in line with the government’s renewable energy push and contribute to the country’s economy, but detailed plans have not yet been revealed. The company reported that revenue from January to September increased by 4.8% year-on-year, with total comprehensive revenue reaching 150.3 billion pesos, a year-on-year increase of 10.5%. The grocery retail business, liquor distribution and commercial real estate accounted for 72%, 20% and 7% of total net profit respectively.
The performance of different departments of the company shows a growth trend, among which the renewable energy plan has attracted attention as a long-term profitable business.
(Source: philstar Image source: freepik)
