JG Summit posts P844-M profit in Q3

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Credit: Read the original article from Manila Times.

Listed JG Summit Holdings Inc. reported on Friday that its net income reached P844 million in the third quarter, reversing its P720-million loss in the first half of the year.

In a filing, the Gokongwei-led conglomerate credited the turnaround to the improved contributions of its petrochemicals and real estate segments, reduced losses of its airline subsidiary, and higher margins of its food and banking businesses.

For the first nine months, net profit stood at P124 million, while core net income hit P1.2 billion.

The holding company’s consolidated revenues slipped by 27 percent year-on-year to P167.3 billion from P230.41 billion as the topline of its food, banking and office businesses tempered the decline in the gross earnings of its airline, mall, hotel and petrochemical units.

Universal Robina Corp. saw its net income climb by 7 percent to P7.5 billion in the first nine months on the back of better product mix and cost management and lower debt and interest expense. Its revenues were flat at P99.8 billion, driven by the slower recovery in consumer sentiment.

Robinsons Land Corp.’s net profit dropped by 31 percent to P4.4 billion in January to September from a year earlier, while Cebu Air Inc. incurred a P14.7-billion net loss and a 70-percent plunge in revenues to
P19.3 billion.

The JG Petrochemicals Group posted a P1.9-billion loss year-to-date and revenues of P14.5 billion, down 45 percent year-on-year.

And Robinsons Bank Corp. recorded a net income of P786 million, up 68 percent from last year’s figure while its nine-month revenues were up 14 percent to P6.9 billion.

JG Summit shares closed flat at P72 each on Friday.

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