Gokongwei’s JG Summit registers flat Q1 profit


JG Summit Holdings Inc. of the Gokongwei family posted flat income for the first quarter of the year after Super Typhoon Yolanda damaged some of its malls in November last year.

During the first three months of 2014, the consolidated net income of JG Summit stood at P4.88 billion, up a slight 0.4 percent from the P4.86 billion in the first quarter of 2013.

This, according to the company, was due to extraordinary losses of P215 million.

Its banking unit Robinsons Bank reported a 91 percent decline in net income to P30.74 million from P341.7 million on lower revenues.

JG Summit’s balance sheet, however, remains healthy, with consolidated assets of P482.9 billion as of March 31, 2014.

Consolidated revenues grew 12.2 percent to P43.3 billion from P38.51 billion.

Universal Robina Corp., the company’s snack and beverage arm, recorded a 31.2 percent increase in income to P3.2 billion from P2.61 billion, while attributable income by the group’s property arm Robinsons Land Corp. dropped 13 percent to P1.03 billion due to the typhoon’s damage to its malls.

In contrast, JG Summit Petrochemicals Corp. managed to reduce its net loss to P278.85 million in the January to March period, from P296.13 million a year ago.


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