Lucio Co’s holding firm posts 58% profit decline due to COVID-19

The 2019 net income includes a one-time gain realized from the sale of the group’s equity interest in Liquigaz Philippines Corp. amounting to P6.13 bullion.

Excluding this one-time gain on sale of investment, core consolidated net income rose 3.93% to P4.23 billion.

Consolidated revenues went up 11.87% to P85.7 billion, largely driven by the grocery retail segment.

Revenues of the group’s commercial real estate, liquor and wine distribution and specialty retail business segments experienced some declines particularly during the second quarter due to the strict community quarantine protocols.

The group’s flagship grocery retail business segment contributed P81.96 billion to the total revenues, up 15.1%.

The commercial real estate business chipped in P526.55 million, down 25.23% due to management’s decision to waive rentals from tenants affected during the temporary closures of all malls and commercial assets.

Revenues from the liquor distribution business dived 29.03% to P2.45 billion, largely due to the liquor ban imposed nationwide during the enhanced community quarantine lockdown that started mid-March.

Meanwhile, Office Warehouse Inc. pumped in P774.31 million, representing a decrease a decrease of 36.57% year on year.

Panguil Bay bridge now 61% complete

Construction of the 3.17-kilometer bridge that will reduce travel time between Lanao del Norte and Misamis Occidental is now 61 percent complete, according to the Department of Public Works and Highways (DPWH).